Planning to buy a new home but have no idea how to begin? Do you feel overwhelmed by the idea of bidding at an auction, or maybe don’t have the time to do all the preparation? Buyer agents can ease the anxiety and stress of buying a new home.
WHAT IS A BUYERS AGENT
More commonly used in the US, where a survey by the National Association of Realtors showed 63 per cent of buyers used an agent, buyer agents are professionals whose job is to look for and buy property on behalf of the buyer. They are not real estate agents and have no connection with the seller or the agency representing them.
DO I REALLY NEED ONE?
What you are really asking is: what can a buyer agent offer me that I can’t do myself? Well, for beginners, a buyer agent is an objective party in the process – they won’t let their decisions become clouded by emotion. It won’t be a case of ‘love at first sight’ with an agent; they will do their research thoroughly and objectively and present you with all the facts.
Unless you are an expert negotiator, the idea of having to bid or make offers on properties probably gives you cause for anxiety. Your agent will be skilled and experienced in all aspects of negotiation, bidding, contracts, financing and the settlement process. They will also be able to help you in finding someone to manage that property, should it be for investment purposes.
Buyer agents possess valuable market knowledge, including the ability to identify new or upcoming ‘hotspots’. By the time an area is publicised as a hotspot, it is probably too late for the average home buyer to get into the market. Buyer agents make it their job to be ahead of the game, identifying key market trends and up-and-coming areas well ahead of the average punter.
GREAT, NOW WHERE DO I FIND ONE?
A good place to begin is through an industry association, such as The Property Buyer’s Agents Association of Australia or the Real Estate Buyers Agents Association of Australia. These associations tend to filter out anyone who is disreputable or unprofessional: their members must be licensed, insured and must belong to an approved real estate association in their state.