A real estate buyer's agent is often an unexplored option that can payoff considerably if you're trying to purchase a home. Having a fully accredited professional with years of personal experience who knows the market value and can negotiate on your behalf not only saves you time but can also result in large cost savings. In some cases, the fee payable to the real estate buyers agent can be as little as 10% of the potential cost saving.
What Do Real Estate Buyer Agents Do?
1. They know fair market value and can negotiate a superior purchase price
2. They have extensive connections to local real estate agents and builders. This can increase the range of potential properties by accessing the silent sales market.
3. They can attend auctions and bid on your behalf. Having an experienced buyer's agent on your side with the skills and experience to deal with the auction process can eliminate stress and save you money at the same time.
4. They have extensive connection with the financial community and can assist with securing a tailored financial package that can save you time and money off the life time value of your mortgage.
5. They can help to expedite the settlement by connecting you with qualified professionals to deal with stamp duty and legal requirements.
6. They can offer expatriates a complete service including property purchase and rental after the finalization of the sale.
What you should consider when appointing a buyers agent
1. Check that the buyer's agent has professional indemnity insurance. Should something go wrong during the property purchase or negotiation you need to make sure you have adequate legal protection and recourse.
2. Check that the buyer's agent is a fully accredited real estate agent with sufficient experience in the sector of the market you are dealing with. This will ensure that he has the skills and qualifications to provide a professional service.
3. Check that the agent is a reputable member of associated industry bodies. This provides evidence that the individual is a committed and credible buyer's agent.
4. Investigate the cost structure employed by the real estate buyer's agent. Steer clear of any fee structure that ties the agent's fees to the purchase cost of the property. This provides little or no incentive to negotiate a better deal on your behalf.
5. Check the individual's track record. Proven testimonials from satisfied customers within the target market and price range add credence to the candidate's suitability.
6. Check that the agent in question has a registered place of business and fully qualified staff to assist them. This indicates professional standing and commitment to the job requirements.
7. Check that the individual in question is well regarded within the local market and has strong ties to the real estate industry. This provides evidence that the individual in question can access the silent sales market.