Are Buyer’s Agents worth it?
If you are looking for a real estate property or a luxury home in and around Brisbane or on the Gold Coast, you may be asking yourself questions like “Are buyer's agents worth it?” and “Do I need a buyer’s agent?”.
These are questions that many buyers give thought to. But before we answer these questions in more detail, it is worth considering what they do, day-to-day.
A buyer’s agent sources properties for sale and advises his or her clients on the best options for them in the markets they are searching. Regardless as to whether it is for your first home or if you are a seasoned investor, a buyer's agent can help in the search.
A big advantage of having a buyer’s agent is the time they can save and the expertise they can bring to the purchase.
They can help with the initial search for the property. They can also bid for properties at local auctions. They can even bring expertise regarding Due Diligence, looking at Flooding, Noise, Zoning and other factors to consider.
A buyer’s agent’s industry knowledge and familiarity within the relevant market helps buyers make informed decisions, minimising the chances of a nasty surprise later on.
The value that a buyer’s agent brings simply comes from time spent within the real estate industry and also within the geographical area of their expertise.
They also have access to multiple listing services, and sometimes to off market listings, this means in most real estate markets they can generally provide you with a shortlist of purchase options.
When you have shaped your shortlist even further, and you are ready to make an offer on a property, your buyer’s agent will be on hand to take the next step.
In fact, a good agent is also a skilled negotiator who is more than happy to haggle for the best possible deal that meets your needs and budget.
For most buyers, hiring a buyer’s agent can reap huge benefits. This is the case for local, interstate and international buyers.
Buyers from out of town who are keen on purchasing a property will benefit from their agent’s local real estate knowledge, professional network and negotiating tactics.
In Australia, real estate law can vary from state to state. For example, here in Queensland rules around pricing disclosures for auctions are unique compared to the southern states.
Having someone on the ground who knows the market well can eliminate some of the stress that can be involved in these types of decisions.
Here are a few factors you need to consider when looking for a buyer’s agent:
● Professional fees: Buyers typically pay a buyer’s agent an initial engagement fee and a commission based on a property’s sale price.
● Experience and track record: Your buyer’s agent must have a valid real estate licence. Hire an experienced and qualified agent with a proven track record so he or she can find the property you are after.
● Credibility: Ensure your buyer’s agent has accreditation through legitimate industry bodies such as the Real Estate Institute of Queensland (REIQ).
Now that we’ve laid out the facts, is a buyer’s agent worth it?
Absolutely. These buyer’s agents make life easier and can source the best possible buy for you, within your budget.
Buyer’s agents really appeal to those who do not have the expertise or time to buy confidently.
Take foreign investors, for example.
Foreign investors who want to buy real estate in Australia will benefit from the expertise of a buyer’s agent. In fact, the use of buyer’s agents are hugely popular among these types of buyers.
Since agents have extensive knowledge of the industry, they can help international clients find residential or commercial real estate property that suit their needs and budget. Once they have landed on a preferred property, buyer’s agents can step up the negotiations for their clients on their behalf. International clients typically don’t have the time to research local real estate legislation or market options, so having a buyer's agent guide them can prove invaluable.
Whether you’re looking for residential or investment property, our dedicated team at Base Buyers Agency can help turn your dreams into reality. Did you also know we are a commercial buyer’s agents in Brisbane who can give you the best possible support while navigating the Southeast Queensland real estate market?
If you want to purchase property in the Brisbane or Gold Coast area, consider partnering with a reputable property buyer’s agent who will guide you throughout the process.