If you’re entering the Australian property market, you’re probably considering hiring a buyer’s agent for the job. When you have a buyer’s agent by your side, it will be much easier for you to enter the market and find suitable properties for your needs.
That said, there are also some drawbacks to hiring a buyer’s agent. This doesn’t mean you shouldn’t hire an agent for your property purchase. However, it’s important to consider these drawbacks before you hire one.
So, let’s take a look at some of the main pros and cons of hiring a buyer’s agent. When you’ve read the entire article, we assure you that you’ll better understand whether hiring a buyer’s agent is right for you.
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What Is a Buyers Agent?
Buyers agents represent property buyers entering the real estate market. These professionals are like the opposite of real estate agents and selling agents, as they work to protect the best interests of the buyer. So, they’ll be there to help you find a home or investment property, schedule viewings, and even negotiate the right price for the property.
Typically, buyers agents charge a percentage or a flat fee depending on the property transaction. While they will add to the costs of the buying process, rest assured that elite buyer agents bring a lot of advantages to the table.
So, if you’re looking to enter the property market, you definitely want to consider hiring a buyer’s agent for yourself.
Pros of Hiring a Buyers Agent
Buyers agents offer many benefits. If you enter the real estate industry with a buyer’s agent, rest assured that you’ll have a competitive advantage over those that don’t have a team of buyers agents. Not only will the best buyers agents stay with you throughout the entire buying process, but they’ll also make sure you find the right property at a fair purchase price.
To give you a better idea of why you’ll need a buyers agent when entering the market, here are some more benefits that buyer’s agents offer.
A Convenient Purchase Process
The biggest advantage of hiring buyer’s agents is that they will simplify the buying process for you. You can expect a lot of advantages whether you’re entering the Sydney property market or the Melbourne property market. There’s so much competition, options, and available properties that it’s easy to get overwhelmed.
But when you have a buyer’s advocate with you, rest assured that everything becomes much easier. Buyer’s agents are there to help property buyers find the perfect property for their needs. They can also offer practical advice and recommend investment strategies, and they won’t stop working until you find the ideal property for your needs.
This takes a lot of the load off of the property buyers’ shoulders. So, when buying your next investment property or first home, make sure you have a buyers advocate by your side.
Access Off-Market Properties
Another key benefit of going through a buyers agency when looking for your first home or new investment properties is that you gain access to an exclusive market. Click here to read more about The Biggest Mistakes Made by Sydney Property Investors.
Most of the best buyer’s agents have a wide network of people who sell real estate. So, they’ll be able to tap into this market and ask about any off-market properties that may be available. That way, you get to view and purchase properties that aren’t available on the public market.
In Australia’s competitive market, it can be hard to find a suitable property. Most of the time, properties are purchased before you can even schedule a viewing. This is why you need a good buyer’s agent when entering the market.
Get the Best Price for a Property
When you hire a buyer’s advocate, you have someone on your side when negotiating with the real estate agent. You might run into trouble when negotiating the purchase price with various real estate agents, as price negotiations are a very delicate task that requires a lot of local knowledge and communication skills.
The wrong move or offer can cause the selling agent to cancel the transaction or sell the property above the current market value. When you have a buyer’s agent, they’ll be able to handle this phase for you. This gives you a much higher chance of finding the best price for a property.
Gain Useful Investment Knowledge
Your agent will give you advice throughout the purchasing process. They’ll let you know which properties are good, what areas to consider in the local market, and more. This won’t just help you find a property sooner but also increases your chance of finding a good investment.
Save Time & Money
Lastly, a buyer’s agent saves you time and money. The buying process can be very expensive, and without the right guidance, you might find it really hard to find the right property. When you have a good agent, they’ll ensure you don’t waste your time whenever you try to enter the market.
Cons of Hiring a Buyers Agent
There are some downsides to hiring a buyers agent. Before you hire one for yourself, it’s best to understand the drawbacks and create realistic expectations of the process.
To start, buyer’s agents typically charge a high fee for their services. So, if you plan on hiring an agent for your purchase, be ready to pay their fees. That said, rest assured that you get your money’s worth whenever you hire qualified and licensed professionals for the job.
If you don’t select the right agent, they may not have the network or skills to find you the right property. Instead, you might have a list of unsuitable properties you don’t want to buy. This is why it’s very important to ensure that you hire the best agents available.
Entering the property market is hard, whether you’re looking for your first home or beefing up your portfolio with an investment property. However, hiring a buyers agent can make the process much easier. While there are some drawbacks to hiring one for your property purchases, you can rest assured that the benefits outweigh them greatly! So, before entering the property market, you may want to consider hiring an agent.