What is a Buyer’s Agent?
A buyer’s agent (BA) is a licensed professional agent that is paid by the buyer to research, source, analyse, evaluate and negotiate the purchase of a home or investment property for a prospective buyer. A BA is always working in representing the clients best interest 100% throughout the entire purchase process.
A good BA should offer a wealth of purchasing experience and have a solid history of successful property investment. They have intimate suburb and market knowledge and understand the pitfalls involved with purchasing. Acting as a neutral buffer between buyer and seller, they remain emotionally detached when assessing or negotiating on a property.
Ultimately, the selling agent is paid by the seller to achieve the highest price out of you - the buyer. Conversely, a BA is part of ’your team’ and represent their client's bests interests when negotiating the lowest price for your property. BA’s are experts in trend analysis and have intimate market knowledge.
They have access to a range of market analysis software and access to market reports from industry leading analysts and professionals. Their established network of agent’s allow access to off market properties not typically available to the average buyer.
According to Statista.com 86% of buyer’s in the USA use a BA to purchase property. The Stats are a lot lower in Australia although this trend is changing as buyer’s begin to realise the value of hiring a professional to represent them in a property transaction.
A good buyer’s agent has the potential to save you well above the fee that they charge during the sourcing and negotiation stage of the process.
What does a Buyer’s Agent offer?
Buyer’s agents save you money:
Property is the the biggest investment most people will ever make, so you shouldn’t be paying more than the property is worth. BA’s are able to identify which properties are worth their price tag and which ones may be over-priced or are likely to sell for more than their guide. They have access to off market opportunities allowing you to be first in on the best properties in a competitive market.
Buyer’s agents are experienced buyer’s:
A BA will navigate you through the complexities and processes from market research to negotiation and settlement. Avoiding the pitfalls that arise through the knowledge gained in years of purchasing experience. A good BA should be a passionate property investor and have the track record of a successful property investment portfolio.
Buyer’s agents avoid you stress:
Be assured that you have someone on your team representing your best interests throughout the entire purchasing process. Purchasing property should be a stress free experience and a BA’s job is to ensure everything runs smoothly through the entire process.
Buyer’s agents know the market:
Having access to multiple research platforms to analyse capital growth potential and rental yield prospects of each city, town or suburb. The ability to filter out 99% of potential investments to and focus on the best property to meet the needs of your goals.
Buyer’s agents save you time:
If you are struggling to find the time to dedicate to trawling the internet and attending home opens all weekend then outsourcing this task may be the best option for you.
BA’s dedicate all of their time in networking and sourcing properties for their clients.
Buyer’s agents are experts in negotiation:
This is a skill acquired through study and practice. A good BA has spent time learning the art of negotiation and has gained experience putting this practice into action numerous times.
The BA acts as a buffer between the buyer and the seller and remains emotionally unattached throughout the entire process. The knowledge and skill at this point has the potential to save the purchasing client more than the fees incurred for the BA’s service.