Do Australian Property Buyers Need Agents
Updated: Sep 3, 2019
Many real estate markets around the world utilise separate seller's and buyer's agents to make the transaction as seamless as possible for all involved. While there are exceptions, the Australian property market works on the basis that the seller has an agent but the buyer acts for themselves. While this can be beneficial in certain situations, having an agent in your corner when buying property can be incredibly valuable.
A buyer's agent or advocate is a professional with the local knowledge and experience needed to look after your interests and negotiate on your behalf. Buyer's agents are common in the United States and gaining popularity all the time in Australia. When you have a good agent on your side, they can make the process of finding a new home easier, less stressful, and more affordable. From the initial property search through to the evaluation, inspection, and negotiation process, a buyer's agent is on your side, but at a cost.
While prices and fee structures vary significantly between buyer's agents, they generally cost around two percent of the property price plus GST. While this is not an insignificant amount, professional agents can save you a lot of money, and more than a few headaches, along the way. With many people buying two, three or more properties in their lifetime, developing a close relationship with a professional agent can be a very clever move.
A house or apartment is probably the biggest asset you will ever own. The costs involved are significant, and so are the associated risks. A buyer's agent has working knowledge and experience, which means they can offer valuable advice regarding market trends, growth patterns, and locations. These are people who are deeply involved with the property market every single day, which gives them a much better chance to accurately read market conditions and find the best deals on the ground. At the end of the day, the costs involved with making a bad real estate decision can be much higher than the costs involved with hiring a buyer's agent.
Using the services of a buyer's agents is not all about mitigating risk and saving money, however, they can also help to save you time and reduce your stress levels along the way. Buying a home is a complex endeavour, with an agent able to help you make clear and accurate decisions without emotional attachment. This is a significant advantage, with the fear of missing out on your favourite property often leading to anxiety and overpaying. Buyer's agents can also be incredibly valuable to anyone who wants to enter the competitive auction market.
A buyer's agent offers real value when it comes to finding a property, valuing it correctly, and securing the deal. While there's nothing they do that you can't do yourself, they have the experience and working knowledge required to make the best decisions possible at the most critical times. Their industry contacts can expand your options, their experience can help you with tax and legal matters, and their detached practical know-how can be used throughout the negotiation process.
There are a growing number of quality buyers agents in Sydney and around Australia. Blue Zinc often uses Oasis Skeen. Please email us here for an introduction or to arrange a (obligation free) coffee chat.