Do I really need a Buyer’s Agent?

Up until the late 1980’s people used to simply buy property on their own. Buyers Agents didn’t really exist in Australia.

Occasionally, people would get advice from their Accountant, or sometimes their Solicitor on what type of property they should buy, and where are the best areas, and some other general buying advice. Then they would go off on their own, grab the local paper (this was just before the internet, Domain and realestate.com) and dive straight in.

Some people bought well, some did not. However, over time, almost all these properties grew in value substantially, so they all made money in the end.

Times have changed. People tend to move properties more frequently, they have much more hectic lifestyles, and the Capital Growth most properties experienced in the last 20-30 years may not have the same growth in the next same timeframe.

Buyers definitely need to purchase more carefully, if they are to avoid some very expensive mistakes.

Buyers still have the choice of ‘doing it all themselves’, just like they did in the olden days, or they can engage the services of a Professional Real Estate Buyers

Agent, to assist with some or all of the buying process, to ensure they get the best possible result.

Here are some questions to ask yourself, to help you decide which option to choose;

How many properties have you personally bought before?
How many properties have you bought in the last 6-12 months (the market is constantly changing, along with the laws and processes in transacting property)
How many real estate agents do you personally know and make regular weekly contact and conduct business with?
Do you have access to properties that are not currently on the open market, and can you quickly decide its fair market value, and how much you should offer?
Are you familiar with all the specific tactics that a selling agent will use on buyers?
Are you familiar with the “Property, Stock and Business Agents Act 2002” and how, as a buyer, you can use this to your advantage?
How many hours per day can you dedicate to your property search?
Can you physically inspect between 50 and 100 properties of the type you are looking for?
Are you professionally qualified in any property field?
Do you have access to professional subscriptions of property data to assist with your research?
Have you been trained and understand how to use these types of data correctly, and understand their strengths and limitations?
Do you hold any qualifications in inspecting property and can identify defects?
Are you qualified in any building profession and have a thorough understanding of a renovation process?
Do you know how to add maximum value to a property, with minimal spend?
How many renovations have you personally managed?
What is the biggest value renovation you have personally successfully completed?
How costly do you think it could be to you, if you made a common error with your purchase?
Do you know how much a property in the area you are researching is increasing per annum/ per month?
How much will it cost you in Capital growth, if you take longer than a full time professional would take? (it upward trending markets, it can be very costly to ‘wait and see’)
Are you fully familiar with the whole sale, exchange and settlement process, and do you know how to ensure this critical process occurs to your benefit to literally save you tens of thousands of dollars?
Do you know how to assess a potential real estate investment?
Do you know what type of property will deliver the best yield in each specific area?
Do you have advanced software to be able to critically assess and compare all the variables of each property investment opportunity?
Do you have access to quality investment stock around Australia, not available to the general public?
Have you visited different cities and physically inspected these locations?

The seller of the property will most often engage a Real Estate Agent to sell their property, for the simple reason that the agent will most likely get them a better result, far greater than any fee they charge.

Having a fully licenced Real Estate Buyers Agent acting on YOUR behalf, will get you a better purchase result also. It will save you time, stress and money.