All The Benefits of Using A Buyers Agent
Ever wondered exactly what results you’ll get by using a buyers agent to buy your next property?
In Australia until recently the use of a professional buyers agent to undertake one’s search and property purchase was uncommon.
Sydney house hunters have long been resigned to the stresses of endless weekend inspections and annoying agent phone calls, not to mention having to negotiate with seasoned professionals trained in the art of extracting the highest possible price for their client- the seller. In the last few years however Australians are increasingly following the trend of their US counterparts to engage a buyers agent to find, negotiate and secure residential owner-occupied and investment property. Why?
The competition for the best property in the most desirable suburbs has intensified, with a significant percentage invisible to the average house hunter (what we call off market property).
Also consider that property prices have spiked- and along with higher prices comes the increased cost of making a poor purchase decision. That could be overpaying, or purchasing a property with hidden problems, or buying in a street which will see inferior capital growth compared to the rest of the area.
Finally, we have evolved to become time-poor specialists who realise the value in hiring another professional to do what they do best.
Hiring a buyer’s agent does make sense but what can you expect for the fees that you pay, and how will you assess the overall value of your buyer’s agent’s services?
What To Expect From A Good Buyer’s Agent
A good buyer’s agent will first ask a lot of questions to understand your requirements, or brief in detail, then they will tailor their services and fees to your exact needs. This may be as simple as attending an auction to bid on your behalf, or appraising a property you have found, or otherwise conducting the entire search campaign all the way from day one to contract settlement.
Bid At Auction
If you love property as much as we do, and have devoted the time to source and research that perfect property, perhaps you just need an expert to secure it for you at auction, or assess the price and negotiate on your behalf.
‘Bid at auction’ service is just that- it buys you a hired gun on the big day. An experienced buying professional will bid, deploying one of many strategies they have available, which they believe is best on the day to secure the property for you for the lowest price possible whilst taking into consideration other bidders, and the auctioneers style. If you use our services, we have attended so many auctions that it’s highly likely we are familiar with the auctioneers methods, which works to your favour.
Appraise, and Negotiate
An appraise and negotiate service will see you provided with an assessment of the property price of a property you have found for sale. At Unicorn, we deploy a twenty point appraisal process we have created in house to leave no stone unturned when looking for potential problems, as well as potential upside too. Our appraisal will give you an indicative range of comparable market value as well as the likely selling price range – based on recent comparable sales, market momentum, and the level of interest in that particular property. You will ultimately decide the maximum price you should pay, with the full confidence that even at this price you are purchasing comfortably in the range of value. We will deploy our negotiation expertise and leverage our relationships to negotiate a purchase by private treaty that will fall in your range.
Everything Done For You
A complete “full service” search really should be just that. Different buyers’ agents use various means to source properties that match your brief. The best buyers agents will go beyond public listings to use real estate agent outreach, professional data tools, community and developer outreach. At Unicorn we go even further and will deploy doorknocking, cold calling and letterbox drops to identify and make potential properties available. Dozens of physical inspections will follow, accompanied by research to uncover problems and pitfalls, as well as to understand market value. You’ll be shown shortlisted properties, usually via a combo of video walkthroughs and pics, so you can choose which you’d like to follow up and inspect yourself. A top buyers agent will know how to show you only the property that ticks all your boxes, and sometimes that may be unconventional- but a buyers agent will also show you how an easy low-cost renovation can leave you with the property you dreamed of, still within your budget.
They’ll deal with selling agents, so you don’t have to. An expert buyers agent will be your voice of reason- guiding you to avoid psychological pitfalls like analysis paralysis, FOMO, buyers remorse and more. Expert at negotiation, you may even find your buyer’s agent mediating between you and your spouse when emotions are running high and tough decisions need to be made! Here at Unicorn we have certainly done our fair share of marriage counselling.
A top buyers agent will have a team of professionals including building inspector, engineer, solicitor, mould and damp specialist, and handyman to do all the heavy lifting, and will coordinate them all on your behalf. They’ll coordinate contract and strata review and make sure everything is acceptable for your signature. They will have all the pieces of the puzzle together in the right place.
There’s no doubt a good buyer’s agent can save you a lot of time and heartache, but what about the hard numbers?
But How Much Money Will You Save?
Here at Unicorn Buyers Agents in the first half of 2020 we have achieved for our clients an average discount of 4.3% across home and investment purchases in the $900k to $3m price range – gauged against the closest comparable properties selling at the time. This equates to a 3x to 4x return on our fees. In real dollar terms, a client makes average savings in the order of $24,000 to $85,000, after fees.
With these typical results it’s easy to see the benefits of hiring us. Unicorn Buyers Agents will save you not just time and stress, but serious amounts of money too. The question then becomes- how can you afford not to have us working for you?
So there you have it, the benefits of a buyers agent spelled out!
Want to learn more about how we can find and secure your ideal property in Sydney’s competitive market? Click here to find out the truth about off market property and unconventional methods we use to find the best hidden gems.
Do you have questions? I’d love to hear about your property aspirations and understand if i’m in a position to help you. If you’d like to book a free 20 min discovery call you can do so below. I look forward to hearing from you.
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