Ever thought about the alternatives to hiring a licensed buyer’s agent or advocate? You could get an education in real estate to know more about the industry. But this idea is not really practical. To achieve the same level of knowledge a buyer’s agent has can take more time than most people have. The resources available simply aren’t enough. When you decide to buy a property it’s all systems go. Not everyone has the spare time to do all this research while juggling a career or raising a family or doing both at the same time.
Some investors find themselves making bad decisions on account of their lack of knowledge to make wise investments. That gap is what buyers agents fill with their wisdom and experience. It cannot be underestimated when considering potential investment options. Without a buyer’s agent you’re likely doomed from the beginning no matter how much research you do beforehand. So with that being said, it’s best to focus your efforts on choosing a buyer’s agent to help guide you through the property buying process.
What to look out for when choosing a buyer’s agent
Experience
The textbook knowledge you receive in education may not be enough to help when it comes time for the real world. The experience of being out there and trying things firsthand is more valuable than any course or workshop could give you. What happens at these workshops can’t really compare with having a first-hand exposure to something that has an impact on your future decisions. To find the best buyer’s agent that will meet all of your needs, it is important to ask about their educational background, investment expertise, and experience.
Local knowledge
One of the most challenging aspects for buyers looking to find their next property is finding a knowledgeable buyer’s agent. It’s not really possible for a buyer’s agent to know every property available in the country. But they should definitely know what’s going on in the suburbs you’re interested in purchasing a property in.
Does your potential buyer’s agent understand the present conditions of the local markets you’re interested in? The agent’s job is to know where you need help. For example, a buyer’s agent in Melbourne should be knowledgeable about that city and neighborhood specifically. But not Sydney or any other place outside of Victoria.
How independent are they?
Do you know a ‘buyer’s agent’? They are agents who will work for the buyer, not the seller. That way they can give unbiased advice and won’t have any bias in what properties to recommend because it doesn’t affect their commission or business with that particular property. Imagine how different your real estate experience would be if this was common practice.
Some buyer’s agents receive commissions from certain sales of houses but don’t charge clients anything else on these types of transactions—in other words, ‘free services.’ These so-called buyers’ representatives instead make money by being sellers themselves when recommending specific homes to purchase based on whether they stand to gain more as an agency than just selling one house at market.
A genuine and licensed buyer’s agent will charge you a fee for their service, but they should be able to independently source property in the established market place that suits your budget. If it is an asset that produces good returns with sufficient room for future profit growth, then this may just become one of the best investments you’ve ever made.
Negotiating skills
Your buyer’s agent should help you find the best property for your needs and during a fast-paced market, will employ various strategies to ensure that you purchase at fair market value. The idea is not necessarily convincing the owner into selling it to you; but instead, getting them an offer they can’t refuse so long as it’s favorable in regards to price, terms and also meets your criteria for investment properties.
Access to a large number of properties
A buyer’s agent should know what’s hot on the market and can recommend properties that are off-market or pre-market. Silent listings should also be included in a buyer’s agent’s repertoire. A silent listing is essentially a property where an owner has yet to advertise their property for public auction because they haven’t put it up there for anyone else’s eyes but theirs. When you add these properties to the list of properties publicly listed, your buyer’s agent should have access to a large number of properties for you to look at.
Being diligent at their job
Buying property can be a long-term investment, but it’s also essential to move at the right pace. This is why you need a buyer’s agent who will remind you of your financial goals when things get emotionally driven. Your agent has a vital role in due diligence and keeping everything moving forward!
You have a lot on the line when buying your next property. You need to choose an investment that is right for you and will make you happy, but also one with good returns so it’s not just another pit stop in life. Don’t just settle for whatever comes along or what’s available at the time. Pick a diligent buyer’s agents Melbourne specialist who will cover all the essential details for you while looking for your dream property.
Final words
So what kind of buyer are you? Do you want something new, or something old-fashioned? Is this going to be your forever home, or will it become an investment property in the future? These are all extremely relevant and important questions to ask.
To get answers to all of those questions it’s best to chat with a real estate professional like a buyer’s advocate. Get in touch with one today and start making your plans for a property purchase.
