5 REASONS TO HIRE A BUYER’S AGENT
You’ve spent the last 10 years of your life working hard and sacrificing so you can save up and achieve “The Great Australian Dream”. Buying a home is a huge milestone in every person’s life. A home is more than just a place to find shelter and safety from the elements. It is an investment that can potentially pay out large returns in the future. Thus, it is an investment decision where you should seek out valuable advice. That is just one reason why you should hire a Buyer’s Agent.
A Buyer’s Agent is a licensed real estate agent who represents the buyer in a real estate transaction. Whether you are a first- time home buyer or not, hiring a Buyer’s Agent will always be a smart decision when it comes to real estate property investment.
Here are a few reasons why you should hire a Buyer’s Agent:
1. CONSULT ON THE PROPERTY MARKET
Many first- time buyers rely on the Internet for information. While there is a wealth of information available on the Internet, not all of these are reliable.
Some of the information you come across could be outdated. Second, if you reach out to the listing agent identified on the website, you will be consulting with a person who represents the seller of the property.
A Buyer’s Agent will give you updated information on the properties that may interest you in the market. He or she will orient you on the latest trends in the real estate market including home financing. The Buyer’s Agent can advice you if it is the right time to buy or not.
He or she also has your best interests in mind and will look for properties that meet your needs and budget.
2. SEEK ADVICE ON YOUR ABILITY TO INVEST
Even if you believe you have set aside enough money to afford a house, the size of the investment in real estate is very significant. It will probably be the largest investment you will ever make in your life.
You have to make sure you can afford a home without compromising the future needs of your family. A Buyer’s Agent will be a reliable adviser because he or she has gone through several clients with similar experiences.
A Buyer’s Agent can help you assess your current and future stream of income in case you consider applying for a home loan. In fact, it is common for Buyer’s Agents to advise clients to get pre-approved for a loan just to be reassured of their ability to finance the home.
3. PROVIDE YOU WITH LISTINGS TO MEET YOUR NEEDS AND WANTS
One of the first things a Buyer’s Agent would do is to sit down with you and identify your wants and needs in a home or a neighborhood.
You have to be very specific with your Buyer’s Agent. Tell the Buyer’s Agent how many rooms you want, the size of the garage, the number of toilet and baths, the availability of a garden and other details on your prospective home and neighborhood.
An experienced Buyer’s Agent can provide you with listings on homes and neighborhoods that meet your wants and needs. He or she can schedule the site visits and appointments at your convenience.
A Buyer’s Agent can even arrange for transportation and prepare an itinerary so you can visit as many houses as time would allow.
If the houses and neighborhoods shall prove to be beyond the limit of your budget, the Buyer’s Agent will sit down with you and reassess the situation. The idea is to arrive at a compromise so you can have a home that would meet most of your wants and still stay within the budget.
4. ASSIST YOU IN THE BUYING PROCESS
The buying process in real estate can be tedious and confusing at times. There are documents to be submitted, fees and payments to be discussed. You have to be aware of tax laws on property purchases in the area you are planning to acquire a home from.
You also have to be certain that you will be getting your money’s worth on the house you intend to purchase. It may look good outside and inside and the owner could appear condescending but that doesn’t mean the house is everything that it seems to be.
A Buyer’s Agent has the experience and contacts to make sure you will get what you plan to pay for. He or she can arrange for the house to be inspected by a licensed Architect, Interior Designer and engineers.
The findings of the professionals including recommended repairs and improvements should be factored in the cost of buying the house. At the very least, these repairs and improvements should be negotiated with the home owner.
Auctions are good venues to find great property. But the environment can be chaotic, intimidating and confusing to those who have not participated in one. Buyer’s Agents have participated in hundreds of auctions.
The experience they have had over the years has given them a keen understanding of the psychology of an auction. They can advice you on how much to bid and when.
5. ASSIST YOU DURING THE NEGOTIATION PROCESS
Negotiations in the sale of a property can be difficult. There are many parties whose respective interests are at stake. These parties include the seller, the listing agent, you and your Buyer’s Agent.
The Buyer’s Agent has the best vantage point in negotiation because he or she has been on the different sides of a real estate transaction. A Buyer’s Agent has been a listing agent for the seller of a property and could be a present home owner who knows what it is like to negotiate for your own place.
He or she knows how to maneuver the negotiations so you can be in the best position to get the price you want. A reputable and trusted Buyer’s Agent will also advice you if the final offer price is worth taking or best left at the negotiation table.
Will hiring a Buyer’s Agent cost you money? Yes, as with all services time and effort must be compensated. But the fees payable to a Buyer’s Agent can be negotiated well before service can commence.
The standard practice is for the listing agent to include the Buyer’s Agent in the commission. If that is not the case, you could also agree on a fixed rate depending on the final amount of the sale.
But the savings and convenience of hiring a Buyer’s Agent will justify the cost of the services.