Buying a home or an investment property can be a daunting process. Knowing where to start and how to negotiate a good deal can leave some people feeling a little overwhelmed.
Purchasing a property can also be a time-consuming process, from finding the right location to negotiating a good price.
That’s where hiring a buyer’s advocate can come in handy. You can ease the stress of navigating the property market and save yourself time by making the most of their industry knowledge and expertise.
What does a buyer’s advocate do?
A buyer’s advocate is a real estate professional who will find out what you want in a property and do a lot of the legwork for you in the searching, inspecting, negotiating and purchasing phases.
They can save you time and money by providing you a shortlist of properties, attending auctions on your behalf or may even find you an off-market hidden gem.
Benefits of using a buyer’s advocate
Buyer’s advocates have access to current market data and an in depth knowledge of the area you’d like to buy in. So already, you’ve saved yourself time and are closer to securing your dream home or investment property.
Having a buyer’s advocate negotiate on your behalf also evens the playing field. Real estate agents are tasked with getting the best price for their clients, and you may end up paying above the market value of the property if you’re a little ‘green’.
A buyer’s advocate can also help in the decision making process by remaining objective, particularly when at auction and emotions are running high.
What are the downsides?
Using a buyer’s advocate can be costly. Some – although not all – buyer’s advocates cater primarily to high-end property buyers, interstate or overseas investors or commercial property investors.
Hiring the right buyer’s advocate can be tricky too. If they don’t understand your needs or have an appropriate real estate license, then you may be given poor advice or incorrect information.
How to choose a buyer’s advocate
To avoid potential issues, knowing how to choose a buyer’s advocate is important.
Ask about their experience, if they’re licenced or a member of an association such as the Real Estate Buyers Agents Association of Australia (REBAA).
You’ll also want to read their customer reviews, and perhaps even speak to some of their previous clients. Last, find out whether they earn a commission from vendors or developers, and make sure you get clarity on whether they charge a flat fee or a percentage of the property’s price.
Considering these factors will help ensure you find the right buyer’s advocate and secure your dream home – or investment property – with confidence.
Get in touch if you’d like our recommendations for switched on, ethical buyer’s advocates in the area.