Buyers are left to fend for themselves when it comes to purchasing a property, often having to negotiate a price against an experienced and savvy real estate agent.
For many, this is a formidable challenge. You might only ever negotiate a six- or seven-figure deal two or three times in your life. For an agent, this is what they do every day, and that gives them a huge advantage.
As a result, more prospective buyers are hiring their own agent to not only cope with the cut and thrust of price negotiation but to help them find their dream home.
A buyer’s agent not only locates the most suitable properties but validates the quality of each one, organises buildings inspections and takes on the task of negotiation.
This not only accelerates the speed of your search but saves you many fruitless weekends driving to houses and auctions.
Using a buyer’s agent doesn’t mean you’re delegating responsibility. This relationship works best when you participate in some of the critical elements of successfully finding a new home.
Taking time to understand how to work with a buyer’s agent will give you not just the best result but give you a more relaxed experience.
To help you understand if a buyers’ agent is right for you, below are nine tips.
- Set your goals – Decide what type of home you want. Is it an apartment, townhouse or a detached house? Which suburbs appeal to you? Do you want a big garden, or will you sacrifice that for a nice view? How many bedrooms do you want? And what’s your spending limit? Square away these essential questions before finding an agent.
- Obtain finance pre-approval – You risk wasting your time without having your finance pre-approved by your lender. Many agents won’t take you on until you’ve got this in place or will make it their first priority to help you organise your funding.
- Choosing your agent – Your ideal agent will be an expert on your target suburbs. They are not only able to locate the most suitable properties quickly but understand local price trends and have the experience to negotiate a great deal as well as a great working relationship with selling agents in the area.
- Work with your agent – If you’ve spotted a great property, tell your agent. Don’t ring the listing agent directly. Why? Firstly, you’re doing your agent’s job. Secondly, they know how to make an approach without compromising your future negotiating position.
- Stay in your price bracket – Resist the temptation of asking an agent to look at properties that are beyond your spending limit.
- Don’t treat the internet as gospel – If you find a home on a property portal, refer it to your agent and ask them to either consider it, or provide their reasons why they felt the property isn’t suitable for you. They are in the best position to confirm the relevant details and local buying and price trends.
- You snooze, you lose – Act quickly on any property put before you by your agent. There is an increasing number of buyers in the market right now. If you see a property you like, and your agent shares your enthusiasm, don’t delay in making a bid. For sure, it’s a big decision, but you can miss out if you wait too long.
- Bid cautiously – Your agent will tell you to never start with your highest bid and if you see issues with the property, then factor into your bid the cost of putting these right. Your agent will make sure this is clearly explained when negotiating with the seller. They will also bid for you if you’re uncomfortable with the process.