it’s a Q that we are starting to get A LOT more.
As buyer’s agents become a more mainstream way of purchasing a home here are a few thoughts when it comes to considering if one would be a good fit for you.
Pros:
1️⃣ Expert Guidance: Do you know what schools are going into the suburbs surrounding Newcastle? Do you know the development plans for every suburb surrounding Brizzy? Me neither but that’s why a buyer’s agents exist. It’s their job to help guide you to the right area!
2️⃣ Access to Listings: Not every property will come up on realestate.com.au they are called ‘off-market’ properties. Someone may choose to sell off the market for a myriad of reasons but buyer’s agents have access to a multitude of properties that you may not have access to yourself.
3️⃣ Negotiation Skills: Negotiating a fair price and favourable terms can be tricky. Buyer’s agents are skilled negotiators who can advocate for your interests and potentially save you money. Remember they are there to work for YOU.
4️⃣ Streamlined Process: From scheduling viewings to coordinating inspections and paperwork, agents handle the logistical details, saving you time and hassle. If properties are going to grow 8-10% this year. You DON’T want to be looking for the next 12 months and paying THOUSANDS more in 12 months.
5️⃣ Market Insights: Buyer’s agents can help you understand market trends, property values, and neighbourhood dynamics, empowering you to make informed decisions.
Cons:
1️⃣ Cost: Buyer’s agents will change in one of two models. A base fee (somewhere between $10-$20,000) or a % of the purchase price (normally around 1.5% of the purchase price.) This is a significant cost in purchasing your home so you need to weigh up if the above ⬆️ PROs justify that cost.
2️⃣ Potential Conflict of Interest: There have been instances where buyer’s agents have had connections with developers and received a kickback from developers to prioritise selling their properties first. This is illegal but it is something you need to keep your eyes on!
3️⃣ Limited Control: Can you handle allowing someone else to make these decisions for you? Not everyone can let someone else control the process. Don’t waste your $$ if you are going to just take control back!
4️⃣ Personal Preferences: Some buyers prefer to take a more hands-on approach and enjoy the thrill of searching for properties themselves.
5️⃣ Finding the Right Fit: Not all buyer’s agents are created equal. Every buyer’s agent will know specific areas. You need to find one that can help you achieve your goals!
Ultimately, whether to use a buyer’s agent boils down to personal preference, budget, and individual circumstances. While they can offer numerous benefits, it’s crucial to weigh the pros and cons carefully before making a decision.
