Seven reasons why you need a buyer’s agent (REIWA)
These days, more and more buyers are utilising the skills of a buyer’s agent to help them buy their next home or investment property.
So, when do you need a buyer’s agent and why? Here are seven signs you’re a buyer that should use the help of a buyer’s agent to make your purchase a success.
1. You’re a time poor professional
Many West Aussies struggle to maintain a healthy work/life balance at the best of times, so when searching for your next home, the last thing you want to do is spend hours scouring the internet to learn the current real estate lingo and make sure you are completely across property trends.
By the time you find your preferred property, research the area and finally feel comfortable it is potentially the right fit, someone else could have snapped it up, meaning you need to start your search again.
When you add a buyer’s agent to this scenario, this wasted time and disappointment of missed opportunity turns into getting your foot in the door first.
2. You’re buying remotely
You’re moving to Perth or you just want a local base for when you come to Perth from your farm. Or maybe you have kids starting Uni in Perth and they’ll need a place to stay.
Buying a property without your own trusted agent viewing it is just plain risky. However, flying back and forth to view different properties, while you’re handling the stress of a job change and packing to move just seems unrealistic.
It just doesn’t make sense to waste time and money searching for a property when you can let a professional be your eyes. More so, you’re savvy enough to know you can’t learn about a whole city in a week, or not enough to buy the right property anyway.
A local buyer’s agent knows local areas inside out and dedicates their time to finding you the right property, within your budget and criteria.
3. You’ve been searching for a while
Not only are you sick of sifting through endless property listings to check if a new one has popped up, but you have checked every property that matches your criteria and even after expanding your horizons, there is absolutely nothing on the market that is right for you.
This, plus the fact you are dreading going to yet another home open, as you are worried it won’t be what you are after, are sure signs that you need a buyer’s agent to help you click reset and work with you to find the right property, faster.
4. You’ve missed out
Only just missing out on a home that you have fallen in love with makes it tough to start looking again. If this has happened to you three or more times, it’s certainly enough to make you give up, however instead get a buyer’s agent to assist, as that dream home is out there.
Some people get so frustrated when they have missed out on a few properties, they end up paying too much simply to ensure they get the next property.
You need a buyer’s agent on your side to ensure all your ducks are in a row to have the best chance and equally important, to make certain you are thinking clearly and don’t pay too much or settle for the first home that comes along.
For example, Fred wanted to buy government housing that was being sold “as is”, with great scope to add value through cosmetic renovations. Fred had access to well-priced trades for his renovations, had a good sense for what improvements would lift the rental and the value and could get the work done quickly.
These projects were perfect for him, but Fred was missing out repeatedly. While he could estimate renovation costs well, he wasn’t getting his property offers right and had become frustrated. His last offer was $30,000 under the price the home actually sold for and prices were edging up with each new sale in the current heated market.
Fortunately, Fred did not react the way many buyers do, either giving up or overpaying at his next offer, just to get a property. Fred enlisted a buyer’s agency, who used their market knowledge, industry contacts and research to establish where the end price would likely be.
The buyer’s agent was also able to implement a buying strategy that gave Fred his best advantage and quickly secured a property for him in the face of competition and without overpaying.
5. The properties are overpriced
When searching through listings, all the properties you like are asking just a bit more than your budget and are slightly out of reach. Not only are you unsure if you can go in with a lower price but you don’t know where to begin when negotiating the best price.
Here’s where a buyer’s agent’s access to data, analysis and comparisons comes into its own. They can help you check what your preferred property is worth and negotiate to get it at the best price.
6. You are nervous about dealing with agents
Some people are nervous when dealing with different selling agents because while they provide you with the necessary information to help you make the right decision when buying a home, it can be daunting when negotiating an offer as they essentially work for the seller.
Using a buyer’s agent not only limits the interactions that you could have had with different agents to just one person, but they negotiate on your behalf to ensure you get the best possible outcome.
7. When you don’t know where to start
Not every buyer is prepared and plans out that they want to buy a home in how ever many years ahead. In reality, many people find themselves in a position to buy spontaneously, and this can be daunting if you don’t know where to start.
For example, you may have had advice that now is a good time to buy and your accountant says you can afford it or you want to upgrade if you can. In this instance, your buyer’s agent will send you to have your finance assessed and a budget identified, so you know what you can afford.
From here, they will discuss your goals and aspirations, then devise a plan and a strategy for your property and go out and find it for you.
Whatever your needs are, having a professional on your side is something sellers have always had available. But it’s only recently that buyer’s agents have been around so buyers can have someone in their corner, batting for them. After all, you wouldn’t have your opposition’s lawyer represent you if you had to go to court, you’d have your own.
If you want to learn more about property investment strategies, request our 4 Strategies Download.
You will have Australia’s Buyer’s Agent of the Year on your side, using our experience and skills to ensure you get the home you want at the best possible price.
Established in 2004, Property Wizards works with local, interstate and overseas buyers seeking to buy property in the greater Perth metropolitan area.