Benefits of a buyer’s agent
INDUSTRY INSIGHTS
Rose & Jones Director and Buyer’s Agent Oliver Dunstan reveals the benefits of engaging a buyer’s agent and what to expect.
What is a buyer’s agent?
Whilst a new concept for most, the role of an exclusive buyer’s agent or advocate has existed in the Australian property market since the 1990s and is commonplace in other markets around the world.
In simple terms, a buyer’s agent is engaged by prospective purchasers to represent their best interests in a property transaction, by assisting with the sourcing and acquisition of different property types for either investment purposes or for those looking for their next home.
Essentially, their role is to secure the right property for the best possible price and terms on behalf of their client. A common misconception is that only the wealthy should, and can afford to, utilise the services of an expert buyer’s agent, however, their skill set can help any buyer type across all price points, even first home buyers.
Some buyer’s agents specialise in either the residential or commercial sector, some cover both, and there are agents and agencies who cover specific regions or areas, and others that offer a nationwide approach, typically assisting investors.
“a buyer’s agent is engaged by prospective purchasers to represent their best interests in a property transaction,
by assisting with the sourcing and acquisition of different property types for either investment purposes
or for those looking for their next home.”
What does a buyer’s agent do?
Different agents or agencies will offer varying service types and associated fee structures, with the most common service offering a ‘Full Service’ type where the agent assists the purchaser from start to finish.
This should involve searching and sourcing options for their consideration, leaning on industry relationships and local insights to generate opportunities that the typical buyer might not gain access to, inspecting properties on the client’s behalf and carrying out extensive due diligence on those that meet their requirements.
Analytical research should form and provide clear assessments of value when considering a property, as well as advice around rent potential and outgoing costs for those looking for an investment asset.
Other research items like development searches, flood and fire risk assessments, as well as the usual building and pest reports and contractual requirements, should all be overseen and handled on behalf of the client to ensure they are educated and making informed decisions.
An experienced buyer’s agent will establish the most appropriate path to try to secure any property, whether it be a private treaty sale, auction campaign or off-market negotiation. A buyer’s agent will work with their clients through to settlement, assisting with any post-contract obligations and handling pre-settlement inspections.
Broadly speaking, the benefits of engaging a buyer’s agent include:
• access to off-market properties
• thorough research and negotiation
• potential savings off the purchase cost.
To explore these benefits further visit: roseandjones.com.au
To get in touch with Oliver Dunstan call 0451 950 651 or email oliver@roseandjones.com.au
