What Is A Buyers Agent?
A Buyers Agent; also known as a Buyers Advocate work with people who wish to purchase a property. Unlike a Real Estate Agent who works for the person selling the property; trying to get the highest possible price for the vendor; a Buyers Agent works hard to obtain a property for the purchaser at the lowest possible price. Whilst they generally assist those that are looking at purchasing an investment property; Buyer’s Agent’s will also work with owner occupiers as well.
What Does A Buyers Agent Do?
A Buyers Agent in basic terms acts upon the sellers instructions and sources suitable properties based on these instructions. In-depth analysis is conducted on the suburb as well as the property itself. The following are just some of the criteria usually covered in the report:-
- Proximity to public transport
- Proximity to shops, entertainment hubs
- Employment opportunities
- Rental vacancy rates (for those looking to invest)
- Capital growth of the property as well as the suburb
- Potential rental return
The Buyers Agent will then negotiate with the Real Estate Agent on your behalf and try and get the lowest possible price for the property. If the sourced property is going to auction; the agent will also attend the auction and bid on your behalf.
Does It Cost?
Yes Buyers Agents do charge a fee for their service as they usually do not receive any commissions or payments from the real estate agent or developer from which they source the property. Fees and charges vary from agent to agent so it is best to shop around to ensure that you get the best bang for your buck however remember; you get what you pay for!
Here are a few Buyers Agents that we work with:-
In closing; South West Lending Solutions highly recommend that you obtain a pre-approved loan before engaging the services of a Buyers Agent to ensure that you can afford to borrow the required funds to purchase your property