How a Buyer's Agent Can Help You Buy The Right Home

Assess your purchasing criteria

Firstly, a good buyer's agent determines what you would like to achieve with a property purchase as this is fundamental to developing a strategy that’s right for you. For example, do you need a property for tax deductions, future land development? Turn over a quick dollar buy flipping the property or buying a dream home.

Taylor a strategy to your criteria

A buyer’s advocates help's you formulate a realistic strategy eg:

• ‘Yield Based Strategies’ where the majority of your investment is in the actual ‘bricks and mortar’ that offer stronger rental, bigger depreciation, low maintenance and low capital growth.
• ‘Capital Growth Strategies’ in more sought after areas where the majority of the cost of the property is the land value and where the opportunity for capital growth is greater.

Search the market for the best property

A good buyer's agent conducts an extensive suburb search choosing the best available properties. The client will be presented with a ‘short list’ of properties and prioritise the best opportunities. The agent will then physically inspect the short listed and choosing a select few. The client will have the option

Asses the property
The next step is physically assess the property in greater detail searching for any ‘potential problems’ or hidden cost's, factoring them in to the overall cost.

Establish the market value of the property

This step will make sure you don't pay to much for a property. A buyer’s agent will take a look at comparable sales data to help us assess the property’s true worth.  The agent will help the buyer understand the difference between the asking price and its true market value.

Closing the deal

Once the potential property ticks all the boxes based on the original criteria the buyer's agent will submit a written offer to begin negotiation. A great buyer's agent will utilise all the tricks of the trade, ensuring the deal is closed at the best possible price. Importantly, a good out come for the buyer will see a number of conditions that protect's them eg: finance / building and pest clauses, early lease clauses, release of deposit or property repair clauses etc. 

Why I need a buyer’s agent?

Buyer's agents are experienced real estate agents that work only for property buyer's. There are many set backs that could have major financial implications that a buyer needs to consider when purchasing hence a buyers agent is the 'expert in your corner.'

Some reason why I recommend a buyers agent: 

1.  In a hot real estate market, new listings move out the door quickly. Having access to property's that are yet to be listed could give you the buyer a great advantage. 

2. Ever had an opportunity to bid at an auction? The feeling is quite nerve racking. A buyer's agent is not emotionally attached to the property hence will never over spend and tick to a winning strategy. 

3.  Hiring a sharp negotiator that knows the market vale of a property. This will ensure the buyer does not pay to much for the property. 

4. Maximise capital growth buy selecting a property in the right area with promising capital growth. 

5. A skilled buyer's agent spots real estate buying opportunities across a whole market rather than a single suburb. 

Buying your first home or investment can be a difficult process that many find over whelming, hiring a buyers agent can increase your chances of owning property portfolio that will help you achieve your financial goals sooner. For a consultation free meeting on getting into the property market contact us via email or call us on 1300 00 WISE.

Mark Ribarsky.

Senior buyers agents at Wise Real Estate Advice.