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Written by Michal Park – Senior Adviser
I recently had the brand new experience (for me anyway) of engaging a Property Buyers Agent to assist with the purchase of real estate. Property Agents are really gaining traction and for all the right reasons. I have friends who would never buy without using one. In fact, I asked a friend what his top 5 reasons were for engaging a Property Buyers Agent and this was his response. I couldn’t have said it better myself!
5 top reason for NEVER using realestate.com.au again!
- Exclusivity – I have to remind myself when justifying the Buyers Agent’s fee is that I would have NEVER had the opportunity otherwise. Without the fee the opportunity wouldn’t exist therefore that property would never have been in the mix, look at the fee as exclusive access to opportunities that wouldn’t be public. Consider this when you think you are paying overs for a property, as if this was a public sale chances are it would over the overs!
- Competition – Even if you do pay overs for a property through a buyers agent (chances are you may) you will never be in competition with other buyers or run the risk of being outbid by an emotional buyer with a ridiculous offer, better terms, etc. You don’t have to refresh realestate.com.au every Tuesday afternoon hoping to find every new listing for the week and get an offer in before everyone else. I’ve seen 100+ groups through individual open homes in the past few weeks, chances of winning that through auction are slimmer than ever.
- Negotiations – Your buyers agent should know your max, so let them work for you. You don’t have to play games such as telling them your max is actually 50k more than what you are implying, no games, this is how much you pay now go work for me. They will take care of ALL negotiations, from first offer to final!
- Mutual Understanding – I find people selling through a buyer’s agent are often of the same understanding as those engaging buyers agents to buy for them, they want to bypass the drama’s associated with marketing and open homes. The entire process comes a little more relaxed hence the terms are more flexible to suit both parties, vendors selling through buyers agents tend to never be in a hurry as their motivation to sell isn’t of the same mindset as it would usually be (vendor purchasing another property subject to sale of current for example).
- Set and forget – Establish your brief and sit back and wait for the call rather than buying in FOMO of getting stressed and anxious about attending open homes every weekend and buying something because you are over the process.
I want to expand on point 4 – Mutual Understanding. In my case, there were multiple offers put forward to purchase the property and mine was actually not the highest offer. The attraction for the vendor was my terms and I am convinced I would not have been able to get this deal over the line without the Buyers Agents’ assistance and knowledge. The fact that he knew the vendors agent gave me a real advantage and ultimately resulted in the ideal outcome.
The actual settlement was a different story, but we’ll leave that for another day 😉
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