The new buzz word in property is “Buyer’s Agent”. This is a relatively new industry and most people don’t know what a buyer’s agent is, let alone know if they actually need one. So let’s start by explaining what a Buyer’s Agent does and how a Buyer’s Agent differs from a Real Estate selling Agent.
Contrary to popular belief a Real Estate/Selling Agent works exclusively for the seller. The selling agent will pursue buyers on behalf of the seller of a property. They have no interest in looking after a buyer besides getting the best possible sale price for the seller. A Buyer’s Agent is a representative for the prospective buyer. They care about their clients wants, needs and try to secure either a home or investment property at the best possible price and with the most favourable conditions. So the Buyer’s Agent and Selling Agent effectively go in to battle for their clients.
So what does a Buyer’s Agent actually do and how does it help you?
A buyer’s agent provides you with an expert & objective opinion. With in-depth knowledge of streets, suburbs and prices that can change on a weekly basis. The research and experience in the property market that may take you months or years to learn, the buyers agents already has at their fingertips – your buyer’s agent should have a firm grasp on the market. “Having an expert on the buyer’s side can not only help with the negotiations but can give the buyer an advantage over other buyers” says Nicky Cadry of BuyEast.
Another benefit of a buyer’s agent is to save you time. Spending countless hours checking the newspapers and websites to list properties that may or may not work for you, time spent on your weekend inspecting and then receiving dozens of calls from selling agents the week after, week after week, means you may end up being fatigued and buying out of frustration rather than looking for the right opportunity. A Buyer’s Agent shortlists and pre inspects the right properties and then fields all the selling agents’ calls for you. Above and beyond this, a good buyer’s agent will have strong strategies for negotiating before auction or bidding at auction on your behalf and this should all be included in their fee. “We get ahead of the queue to ensure our clients are at the head of the pack” says Mark of BuyEast.
The real estate game is all about who you know. Yes you may have one mate in the industry, but Buyers Agents should have hundreds. With developed relationships and extensive networks, buyer’s agents have their ear to the ground 24-7 to ensure you get the right property as fast as possible and at the best possible price. With an experienced buyer’s agent on your side the entire process should be smooth and enjoyable. The rules of the property game in Sydney have changed and Buyer’s agents are a necessity if you want to invest or secure your new home.