Buying a residential, commercial, or investment property is likely to be the biggest purchase you’ll make, so it pays to understand how the real estate game works and how to best approach it.
The team at Credabl sat down with specialised Licensed Valuers and Licensed Buyers Agents from Acumentis Advisory in Western Australia to discuss and understand a little further a few important points regarding buyers agents and how they could help you purchase property.
What is a Buyers Agent?
If you’re not in the real estate profession, you probably haven’t heard of a Buyers Agent. Just like real estate agents who help you sell a property, a Buyers Agent, or Buyers Advocate, is a licensed professional who works for you and acts on your behalf to search, evaluate and negotiate a property purchase. They aim to ensure you’re as fully informed as possible and that you don’t overpay.
Don’t just get any Buyers Agent, ensure you engage a member of the Real Estate Buyers Agent Association of Australia (REBAA) who is licensed to act solely in your best interests.
Buyers Agents can offer either full or partial services to help you find the ideal property. Full service means the Buyers Agent manages the entire process for you, which includes:
A ‘wish list’ analysis to understand your requirements to determine your ‘needs’ versus ‘wants’
Search available listings
Inspect and short-list suitable properties
Evaluate recent sales data and provide a written appraisal
Oversee and arrange due diligence such as building inspections, pest, survey and engineering reports
Negotiate the property purchase price and terms
Oversee the contracts and exchange
Why use a Buyers Agent?
Buyers Agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers. They do not sell real estate. They are engaged independently and paid for by the buyer to act on their behalf. The key difference between a selling agent and Buyer’s Agent is who they represent as, by law, an agent cannot act for and accept a commission from both parties in the same transaction.
Buyers Agents offer a number of different service options, ranging from complete searches through to auction bidding and single property reports. Their aim is to ensure that the purchaser is as fully informed as possible and doesn’t overpay for the property. Having an experienced Buyers Advocate on side who is familiar with suburb values and the purchasing process also assists in maintaining objectivity when it comes to negotiating the best possible outcome.
Benefits of using a Buyers Agent
A few key ways a Buyers Agent can help you:
Gain an edge by having your own advocate who is representing your interests 100% throughout the purchasing process.
Understand the complexities and processes of buying by providing objective information, advice and support.
Save time by searching for and analysing property on your behalf. Having someone do this for the buyer often results in a more efficient and faster outcome.
Negotiate to obtain the very best price and terms.
Source the correct property in the right location with better prospects for capital growth and/or rental yield.
Access databases and information not readily available to the public, including increased access to properties off market.
Eliminate stress by having one representative looking after your needs, rather than dealing with several different selling agents.
How do I choose a Buyers Agent?
Choose your Buyers Agent carefully. Many real estate agents profess to be Buyers Agents as well. You cannot act for both the seller and the buyer. What you should ask is do they sell real estate and are they a member of the REBAA as mentioned above. Selecting the right agent is likely to result in you making the right purchase at the right price, saving you both time and money. The results achieved by a Buyers Agent will benefit you in the long-term and should amount to substantially more than the fee.
Another important question to ask a Buyers Agent is whether they are truly “exclusive” or “independent”. If they accept sales commission from vendors or developers, then they cannot be classified as “independent” as they are acting in the interests of the seller. Independent buyer’s agents do not sell real estate or accept any fees for doing so.
If you’re looking to purchase a residential property, commercial, or investment property, it may pay to get in touch and see if we can help you understand your circumstances and best option.
Our team nationally are also connected to many Buyers Agents that specialise in various States and have extensive experience working with medical professionals. We’re always happy to make an introduction to assist you in your home buying journey.
The Credabl team is available to chat live on our website www.credabl.com.au or you can call one of our specialist lenders on 1300 27 33 22.
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