What is a Buyers Agent?

A Buyers Agent is a licensed professional who acts on behalf of the buyer during the property transaction. Their role can vary, ranging from just bidding at auction, through to a full service offering which includes property research, shortlisting, evaluating properties and negotiating on your behalf with the vendor.

Save you time

A Buyers Agent can put in the leg work, so you won’t have to. You don’t have to attend countless open home inspections on weekends, scrolling through pages of listings online or speaking to salespeople. A good Buyers Agent will be able to provide you with a shortlist of properties based on the criteria you provide them with – make sure you provide what you actually want in a property, otherwise you’re wasting their time and your money.

Save you money

It is possible for your Buyers Agent to save you money. The cost of utilising their service is usually around 2% of the purchase price, for example a $800,000 purchase will mean that you’ll pay your Buyers Agent $16,000. Given their relationships and negotiating skills, they should be able to save you at least what they cost, in addition to the time you’ll save.

Knows the area

A great Buyers Agent should know the area they operate in, this will include having access to research on things like capital growth, rental yields, what infrastructure is planned and where there are any developments in the works. They should be able to look at two properties on the same street and help you determine which is going to meet your performance needs, evaluate the properties independently and help you choose the right one for your circumstances.

Access off-market properties

Sometimes a Buyers Agent will have access to properties available before they actually hit the market, this is due to their relationships with local real estate agents. Some properties never hit the public market, these properties are known as off-market properties. Some people may privately reach out to let a Buyers Agent know they are available, and sell them via this method rather than through the traditional advertising on property comparison websites.

Takes away the emotion

Buying a home, whether it be your first or fifth can be very emotional. It’s a lot of money you’re committing to, but it’s also a place that may be where you raise kids or a starting point to grow your portfolio – it’s hard to remain impartial and keep those emotions in check.

A Buyers Agent can help you with this, whether it’s negotiating on price, contract terms or even bidding at auction – they can do this in a cool, calm and collected manner and operate with your interests in mind.

Not just for investors

A Buyers Agent is a professional that you’ll want in your corner when you’re investing because of their relationships and intimate knowledge of the area, however you can also utilise their expertise when buying a home to live in.

Before you decide to use a Buyers Agent - make sure you check their licence and qualifications are up to date, you’ll also want to check in on their experience and knowledge of the area you’re thinking about buying in.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.