WHAT IS A BUYER’S AGENT?

Buyer’s agents, also known as purchasing agents or buyer’s advocates, are professionals that offer to buy property on behalf of another party – the buyer. People employ a buyer’s agent to help ensure they get the best price for their properties, which can potentially save them a lot of money. Fans of The Block would be familiar with its popular buyer's agents,  Nicole Jacobs, Frank Valentic and Greville Pabst.

WHY WOULD IT BE BENEFICIAL TO USE A BUYER’S AGENT?

Buyer's agents not only find properties that fit within your criteria as the buyer, they manage, vet, and purchase the property on your behalf. Therefore, once your buyer’s agent is armed with the type of property you’re searching for and your budget, they then use their expertise and local area knowledge to work their network of real estate agents, building inspectors, property managers and tradespeople to ensure they find properties that are up to par and within the property and purchasing requirements you as the buyer are looking for. 

What other benefits could make a buyer’s agent an attractive option for buyers?  

• They can take the stress out of purchasing a property, especially if you are time poor, have a busy schedule or unable to physically inspect and take appointments with agents.
• They can get the inside scoop and gain access to properties that may not even be listed yet through their great network of real estate agents. They can find hidden gems before they hit the market and negotiate a sale before others know about it, making the property buying process a lot quicker.
• Have the experience and knowledge to know when a property looks too good to be true and ensure that you avoid emotional buying that could result in paying too much for a property.
• They are fantastic negotiators, so they can go to bat for you when finalising a sale – something they do every day.

WHAT TYPES OF BUYERS MIGHT BENEFIT THE MOST FROM A BUYER’S AGENT?

A buyer’s agent can be employed by not only people searching for residential homes to live in, but they can also represent property investors, commercial buyers, businesses and developers.

As there is a fee involved in using a buyer’s agent, it may not be possible for all buyers out there to use one.

For example – first home buyers who do not have the ability to extend their budget to hire a buyer’s agent may not benefit from using one as much as someone who is looking for a high-end property with a budget that can account for the services of a buyer’s agent.

Along with luxury real estate buyers who want to ensure they are getting top properties at the best price, other types of buyers that would also benefit from using a buyer’s agent are:

• Interstate and overseas buyers – They cannot physically inspect and search for properties as they are not located in the area, therefore, a buyer’s agent can be your eyes and ears.
• Property investor – Investors who are looking to purchase multiple properties and build up a portfolio would use a buyer’s agent to ensure things run smoothly.