Finding a property – whether residential or commercial – can be an arduous process. Sifting through listing after listing in search of possibilities that tick off the must-haves on your checklist is time-consuming and draining at best. Add into the mix the uncertainty of the current real estate marketplace in Australia, and it can feel like an impossible task.
With a market influx due to the pandemic, working with a buyer’s agent is a great way to find and negotiate the best deals on real estate.
What is a Buyer’s Agent?
Buyer’s agents are licensed real estate professionals. They are responsible for locating and assessing properties that meet their clients’ requirements and can negotiate the purchase as an authorised agent for the buyers. The difference between them and a regular real estate agent is that they exclusively represent the buyer/s during the transaction.
Many buyer’s agents charge an upfront fee to the purchaser for their services. This is separate from the purchase price, so it is important to account for these fees in your budgeting process. Be sure to get the terms in writing via a buyer’s agent agreement before commencing work with the buyer’s agent to ensure both parties are protected.
Advantages of Hiring a Buyer’s Agent
The advantages of hiring a buyer’s agent in Australia make them a necessity for prospective property buyers.
- Buyer’s agents often have the inside scoop on available properties. Even before they are publicly on the market, a buyer’s agent can get wind of properties that soon will be up for grabs. Having this advanced information can provide the opportunity to negotiate a deal before other prospective buyers can get into the game.
- Being emotionally invested in a property can cause mistakes to be made, such as over-extending the budget. Buyer’s agents are aware of your goals and desires, but also have no personal stake in a property, so they are more apt to follow the game plan. Impulse buying and leaving clients on the hook for more than they can afford is never a concern with a reputable buyer’s agent.
- Buyer’s agents take the initiative to check out prospective properties before showing them to clients. They can check out the physical property, as well as the neighbourhood and surrounding area, to ensure there are no hidden “cons” before presenting it as an option.
- Securing domestic and commercial properties at the best possible price is a top skill of any trustworthy buyer’s agent. Their extensive understanding of the local real estate market allows them to ensure the property is negotiated as close to the buyer’s price point as possible. If they do their jobs well, there may be some money leftover in the budget.
Simply hand them a list of requirements for your ideal property, sit back, and let them work their magic.
Financing the Dream
Working with a buyer’s agent is just one way to help secure your next property. Generally prospective buyers will be asked to have a pre-approval in place before the agent begins looking for the ideal property. The team at Trilogy Funding have experience working with buyers agents and can help get your finances organised. Contact us today to schedule a no-obligation consultation.
About the Author
Since 2008, David Thomas has built a business aimed at servicing the needs of property investors, owner occupiers and small business owners. David is recognised as one of the top 10 independent mortgage brokerages in the country, David and his team have settled almost billions of dollars worth of residential and investment loans over the last decade.
Known for his straightforward, relatable style, David believes by educating people about property funding; they fare better in the market. By sharing his expertise openly, some of the people he educates will likely become his clients. It's a win-win approach.
David Thomas is a credit representative (Representative Number 506153) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237).