Buyer's agents are particularly beneficial for busy people: David Airey
Around most of Western Australia the property market is stable with modest price growth, good turnover and low levels of listings.
Interest rates are low and most rental markets are turning in favour of tenants. Of course there are regional exceptions and all this can be a bit confusing to buyers and investors who might be trying to decide where and when is a good time and place to purchase?
In this situation you might like to turn to a buyer’s agent.
Just as you would expect a selling agent to represent your interests when selling, a buyer’s agent will act with the same level of professionalism in helping the buyer achieve their goals.
There are several characteristics that you should look for when selecting a buyers’ agent but the three key areas include communication, expertise and negotiation skills.
First up, a good buyers’ agent should be an excellent communicator. They should take the time to fully understand your needs and budget when selecting an investment or your next home and prepare a brief relative to these requirements.
This means that the buyers’ agent has a good working knowledge of your expectations and should be able to deliver. Conversely, if your expectations are unrealistic, a good buyers’ agent should be able to explain this effectively and politely to set you on the right path.
They should also possess the expertise and knowledge required to conduct specific research that may affect the purchase of the property and any other relevant items that are important to you the buyer. For example, development potential, re-zoning and major planning projects in the property’s locality that may impact on value over time.
If schools are important they should know which schools are available to your needs.
Demonstrated negotiation ability is extremely important. The buyers’ agent should be able to negotiate the deal on your behalf with the seller, including the contract and settlement terms, as well as ensuring you are paying a fair price for the purchase.
Buyers’ agents, as with any professional, will charge a fee for their service which may be fixed or a percentage of the purchase price of the property. In either case you should ensure this is discussed and agreed at the start of the process.
Remember, sales agents can offer great value and information when purchasing a property but of course they are engaged by the seller and are legally obliged to work in the sellers’ best interest.
Whereas a buyer’s agent is working for you, the buyer, and can save you lots of time while helping you get you the kind of property you really want. It’s a particularly handy service for busy people.
David Airey is president of the Real Estate Institute of Western Australia.This article was originally published on reiwa.com.
