What is a Buyers Agent and why are they so crucial in today's market

What is a Buyers Agent and why are they so crucial in today's market?

Buying property is a major experience, filled with excitement, desire, and joy.

But in many instances and without professional guidance, stress and fear can consume much of your precious time, money, and energy - even for seasoned buyers who might own an investment property or two.

Particularly during the current market, with the auction clearance rate at an all-time high in NSW, it is evident that there are more buyers than there are sellers.

In the current market, most deals are being done " off-market". In fact, 50% of NSW buyers are using buyers agencies as they can't access stock. If you are strolling through realestate.com, 70% of the time you will be unsuccessful at buying your ideal property as you're up against 100's of other people.

So, whether you’re a first home buyer, downsizer, or investor, hiring a professional buyer’s agent will help you big time.

Let’s start with what is a buyers’ agent.

A buyers’ agent is the opposite of a real estate agent because they work on behalf of the person buying the property, not the seller. They liaise and negotiate with agents to get you the best price and terms. They can also be utilised as a means to build your property portfolio and wealth creation strategy via property.

They are licensed buyers agents, and their job is to work for you and protect your interests.

They help you buy the right property for your needs, at the right price, on the right terms, and with unbiased advice.

Why pay money for something you can do yourself?

Good question… I’ll give you 5 reasons a good buyers’ agent will help you;

  1. Experience

It’s right there in the title; a buyer’s agent knows how to do exactly that ­- buy! Because your buyer’s agent is a seasoned professional. They know what to look for and what to ask – they’ve seen it all before. They add a constructive, dispassionate layer to the buying process, helping filter emotion and getting down to brass tacks. Even if you think you know what you’re doing… they’re doing it every day. They know when things are too good to be true, when to hold and when to fold.

  1. Authentic local insight

Just as a good selling agent should help you sell your property for top dollar because they know the local market ins and outs, a buyer’s agent also knows the areas they operate in and will be able to advise you honestly and accurately.

They’ll know if a property is overpriced for the area, or if there are developments in the suburb next door that make it a smart investment. They’ll know the reality between the numbers on the page.

A firm grip on the past means an educated forecast for the future. And while no one can know what’s going to happen, you’re better off in the hands of someone with an informed opinion.

  1. Their social network

A good buyer’s agent will have strong relationships with local agents, solicitors, builders, mortgage brokers building inspectors, property managers, tradespeople, and more. Appoint one and you’re not just getting their know-how, you’re getting their whole team’s.

For example, if you’re purchasing land with the intention of building a house, duplex, etc. a buyers’ agent will have connections with builders who they can work closely with and ensure a reasonable price and quality build.

If you’re buying an investment property, many buyer’s agents will also organise property management for you. This can make for a smooth transition from purchase to rental.

Their industry contacts widen your options – they have access to every property for sale and a good buyers’ agent even has access to silent – “off-market sales” that you may never find out about.

  1. Shift the stress

Having an expert manage the busy work of buying a property is a blessing. When you’re tied up with life and work, the last thing you need is to be fussing about fine print or coordinating schedules, knowing a missed appointment or a late email might cost you the property you’ve set your sights on.

And forget spending weekends stressing out over going to open homes, poring over local property data or reading into the media’s conflicting predictions. Working with a buyer’s agent means you have an ally working for you, during business hours. They’re a buffer from the white noise of the property market that helps you focus on what you really need to know and deal with. They’ll do all the research needed to make sure you’re buying at the right time and in the right place. They’ll also filter out irrelevant information that’s being thrown at you and explain to you what the market is actually doing, so you’re not stressing over nonsense.

  1. Buyer’s agents are expert negotiators

Negotiating is a big part of the buying process and you need experience. Buyer’s agents know how to handle every aspect of negotiation, from communicating with selling agents and their vendors, to knowing when to go hard or pull back. You don’t want to go into a negotiation and come out feeling that you missed an opportunity or overpaid for a property you’re not completely sure of. Just like a vendor has a professional selling agent negotiating on their behalf, a buyer’s agent will always represent you with confidence. Many home purchasers feel the landscape is stacked in favour of the sellers because that’s who the agents work for, which is why more and more homebuyers are turning to buyers’ agents for help. Choosing a good buyers’ agent helps level the playing field.

Save yourself money! At Bolt & Hunter we are negotiation specialists, we do this every day and understand how to negotiate strongly on your behalf not only on the purchase price but also terms of the deal which are just as important. Our expertise and access to over 5000 agents mean that we can ease the stress, save you money and get you into the home of your dreams. If you'd like to talk to us more about how we can help you, please reach out.



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