What Is A Buyers Agent and Why Should I Use One?
The Difference Between a Real Estate Agent and an Exclusive Property Buyers Agent
An exclusive Property Buyers Agent is an experienced Real Estate Professional who is commissioned (or hired) to represent a property buyer during the transaction (or acquisition) of a property. Furthermore, an International Buyers Agent is a specialist in acquiring properties or real estate for foreign investors seeking to enter overseas property/real estate markets OR expats wishing to relocate back home or to a new Country.
However, a Buyers Agent differs from a Real Estate Agent in the fact that an Exclusive Buyers Agent represents ONLY the best interests of the buyer. A Buyers Agent Does Not Sell Property for the seller.
A Real Estate Agent on the other hand usually represents the seller (and in some cases the buyer) during the acquisition of a property. This inadvertently causes a huge conflict of interest if you do choose to use a typical Real Estate Agent when seeking to buy property because:
- A Real Estate Agent (or Agency) is typically paid a commission by the seller based on numerous factors – one of the main factors being the amount in which the Real Estate Agent is able to sell the property for. Therefore a Real Estate Agent’s main priority and objective is to sell a property for the highest possible price so they will be paid a larger commission for their services. This is obviously not a good situation for the buyer to be in as a property buyer’s main priorities and objectives are exactly the opposite. A Property Buyer is typically trying to buy a property at the lowest possible price in order to achieve the best possible financial investment for themselves.
- In some cases, a Real Estate Agent might be working to fulfill the needs of two ‘opposing’ sides (buyer and seller) during the entire Real Estate purchase process. This fact alone makes it extremely difficult for a Real Estate Agent to put in the same amount of dedication and commitment (as an exclusive Buyers Agent) into finding the best possible price for the property buyer – while still maintaining a good sales price for the Seller.
As you can see, these two factors we have just outlined above are definitely important things you need to consider and evaluate before committing yourself to using the services of any type of Real Estate Agent when searching for or buying a new property.
What Does a Property Buyers Agent Do?
The typical duties and obligations of a Professional Property Buyers Agency (or Buyers Agent) during the purchase or acquisition of a new property can include, but are not limited to the following activities:
- Become an adviser, advocate and legal representative of a Property Buyer during the entire home buying process. A Buyers Agent can be legally appointed to represent a buyer for the entire duration of the home buying process. This means a Property Buyers Agent can legally approach property sellers, bid at Property Auctions and enter into price negotiations on behalf of the property buyer.
- Educate a client/property buyer on current market conditions. Buyers Agents have access to exclusive Real Estate Databases which show the statistics for a variety of different Real Estate Indicators including important data for both past and present Real Estate Market Conditions. An efficient Buyers Agency will use this information to formulate a totally personalized and financially beneficial property investment strategy for their client/property buyer.
- Detailed briefings about a Property Buyers objectives and expectations. Before anything takes place, a Buyers Agent will take the necessary time needed to determine a particular buyer’s personal objectives and expectations about buying a new property. A Buyers Agent will try to establish what is motivating a buyer’s decision to purchase new property in order to provide the best possible service for their clients.
- Extensive Property Search To Find Suitable Property Options. Buyers Agents are extremely resourceful (and efficient) in finding suitable properties for their clients – based on the specific requirements and requests of the client. A good Buyers Agent will utilize their own personal network of Real Estate associates and apply their own personal knowledge/experience to find the most suitable properties available on the market at the lowest possible price. In some cases, an experienced Buyers Agent will also be able to give you exclusive access to properties not yet listed on the market.
- Shortlist suitable properties and organize property inspections on behalf of the buyer. Buyers Agents can save their clients a huge amount of time and stress by researching/reviewing current properties on the market. Only the best and most suitable properties are then shortlisted for further review/inspection by the Buyers Agent and the property buyer.
- Organize professional building inspections for the property a buyer would like to purchase. After a buyer has selected a suitable property which they would like to put in an offer for (or purchase), a Buyers Agent can then arrange independent building, architectural and pest inspections of that property to make completely sure that it will be a great purchase for their client.
- Customized Concierge service (if required). A professional Buyers Agency can offer their clients a very personalized experience and will arrange a variety of different Concierge Services throughout the entire home buying process for their clients. These Concierge Services that a Buyers Agent can provide for a Property Buyer can include (but are not limited to) liaising with legal solicitors, conveyancers and local councils regarding the purchase of a new property, Airport transfers/accommodation booking for Interstate and International buyers, plus anything that will help make their clients feel comfortable, relaxed and confident throughout the entire property buying process.
- Frequent, detailed and upfront consultations with clients to keep a buyer totally informed. A new property purchase is an extremely big decision for anybody and a good Buyers Agent will always keep their clients frequently updated with the status of their situation. A Buyers Agent is always very detailed and upfront about the important information a property buyer needs to know during the acquisition process of a property. A Buyers Agent aims to keep their clients 100% confident throughout the entire property buying process.
- Pay particular attention to detail when closing a property deal to ensure all of the buyer’s interests are protected moving forward. A Buyers Agent understands the importance of properly finalizing the purchase of a new property so the new property owner (their client) can feel secure and satisfied with the purchase of their new property.
- A more personalized, positive and enjoyable process controlled entirely by the property buyer. A client/property buyer can choose to be as involved as they want to be throughout the entire property buying process. A good Buyers Agent can work autonomously by themselves to search, locate, evaluate and acquire property on behalf of a property buyer AND they are also able to adhere to any specific guidelines given to them by their clients. A Buyers Agent will always remain within a client’s budget when searching, making offers and bidding on behalf of the property buyer and a competent Buyers Agent has no trouble making important executive decisions on behalf of the property buyer that will ultimately benefit their client’s needs. A good Property Buyers Agent basically always works with their client’s best interest in mind.
Are You an International, Interstate or Local Property Buyer Seeking To Buy Real Estate on the East Coast Of Australia?
Then you should definitely take advantage of the superior options given to you by an experienced Buyers Agent/Agency over your typical Real Estate Agent.
To speak with your very own personal Buyers Agent about your current situation, click the following link and contact East Coast Buyers Agents.