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Why more buyers are enlisting Buyer’s Agents

Across these last 5, almost 6 years of being in business, I’ve noticed that the number of property buyers choosing to appoint a buyer’s agent has increased, exponentially.

The Management Agency has been lucky enough to work directly with buyer’s agents and many of my clients have come to me having been referred by buyer’s agents, having just utilised their services for their property purchase. Speaking with buyer’s agents, it’s clear that many owner-occupiers and first-home buyers are engaging buyer’s agents to navigate the search and purchase process. Added to that, many buyers are finding that they need a buyer’s agent’s assistance to be able to successfully negotiate and purchase in a competitive market that hasn’t had a great deal of supply over the last 12 to 24 months.

Simply put, buyer’s agents work with a brief from their clients, and most offer differing levels of service. This can range from the complete search from start to finish or just managing the negotiations or specific aspects of the search and purchasing process, for example, simply bidding at an auction on their behalf.

To put things in perspective, a few of the properties I manage have never even been physically inspected by their respective owners, well not yet anyway. These purchasers have entrusted their buyer’s agent to be their eyes and ears but of course, technology helps here too with the use of Facetime, video, and virtual inspections.

Many buyers who have chosen to use a buyer’s agent swear that they would never purchase a property any other way and that engaging a good buyer’s agent to oversee the process has helped to remove emotion from the purchase. Not only do these buyers have a fresh set of eyes and perspective looking at the property but they also have someone knowledgeable delving into strata and building reports along with considering the potential for capital growth and rental returns

From what I have gathered, a good buyer’s agent will advise their client when not to buy a specific property, as I’ve seen firsthand in several circumstances. They also dig deep to answer any unknowns so that informed decisions can be made and the end purchase price is, therefore, reflective of what is on offer.

Whilst I have no plans to purchase any further properties in the immediate future, if and when I do I wouldn’t hesitate to engage a buyer’s agent and I certainly recommend this service having seen the value that it can bring to clients, in the short and long term.

So why are buyers choosing to use Buyer’s Agents…

  • Buyer’s agents have access to off-market listings, being in direct contact with sales agents that have listings that are not advertised to the public. Off-Market listings and sales are transacting much more regularly than people realise.
  • Buyer’s agents have a database of selling agents that they work with across many suburbs, not always limited to just one core area.
  • Buyer’s agents can do all of the physical inspections and legwork and buyers just go along to see the shortlisted properties. Their services really can be tailored though.
  • Buyer’s agents manage the negotiations and can bid at auction on behalf of purchasers.
  • Some clients attest to the belief that utilising a buyer’s agent to take care of the negotiation saved them thousands, some believe that the fee paid to their buyer’s agent was saved just in the negotiated sales figure. 

If you’d like to know more about buyer’s agents, the process, and differing levels of service, I know the perfect one, of course.

 

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– Antonio

Director & Property Manager