Let's be frank. Not every buyer will need the assistance of a Buyers Agent for their next property purchase. Buyers Agents are experienced professionals and charge accordingly for their services.
We suggest not to waste your time or money working with a Buyers Agent if:
- You are an experienced investor and have already learned from your successes (and mistakes), you would probably be better off putting all of your money into the next deal.
- You are a keen data nerd and love burying your nose in property reports and local government area planning papers; why pay someone to do what you enjoy and are good at yourself?
- You have an extensive network of real estate professionals in your chosen location and can source under-market value and off-market properties. If this is the case, perhaps you should think about becoming a Buyers Agent yourself and helping others!
With this in mind, what types of buyers can benefit from engaging a Buyers Advocate, whereby the value they provide is far greater beyond the fees that they charge?
Here are our top 5:
1. New investors
When you're new to property investing, it's easy to get trapped over analysing and never taking action. Without the experience of past purchases as a reference point, it can be difficult to identify real opportunity (or overpricing) when you see it.
First-time investors often come unstuck because they simply don't know what they don't know. Consequently, they cannot dig below the surface of a potential investment when evaluating whether the numbers really stack up.
If this sounds like you, engaging a Buyers Agent can be a great way to get started quickly. By leveraging the expertise and skills of a professional buyer who has the runs on the board, you'll gain confidence knowing that you're building your property portfolio the right way from the outset.
2. Investors looking to adopt a sophisticated strategy
Sophisticated property investors can use a range of strategies to grow their equity and overall property portfolio very quickly. These strategies can at times be complicated and therefore involve more risk. Doing comprehensive property due diligence and planning is a critical part of the process.
If you are new to a particular strategy such as subdivision, development or renovation, for example, working with a Buyers Agent can keep you out of trouble and substantially boost your equity in the process.
3. Time-poor professionals
The reality is that it takes time to buy a great property. If you're a busy professional working long hours, it's unlikely that you'll have the time to do the research required to select the best opportunity.
A Buyers Agent can do the legwork on your behalf, saving you time, allowing you to focus on your area of expertise, whether that be your career or business.
4. The 90% of investors who get stuck at only 1 or 2 investments
The vast majority of investors get stuck at just 1 or 2 properties and never reach a position of financial freedom. This happens because they adopt the wrong strategies, buy in the wrong areas, or simply build their portfolios in the wrong order. Any of these mistakes means that you will run into a glass ceiling, unable to progress.
Working with an experienced Buyers Agent who has solutions for these everyday investor issues will help you quickly overcome any hurdles, assisting you in creating and growing a portfolio that will set you up for retirement.
5. Homeowners who don't want to compromise
Across the nation, many tightly-held locations are difficult to get a foothold in. With a long queue of homebuyers lining up to lay roots in these desirable addresses and not many sellers wanting to move out, blue-chip suburbs in and around Sydney and Melbourne are particularly prone to this supply imbalance.
Exacabing the problem further for 'mum and dad buyers' is that increasingly, some of the best homes don't even make it to market but are rather sold prior through off-market channels.
If this sounds like your experience and you are sick of waiting for your dream home, not to mention competing with countless other buyers over a low number of listings, engaging a well connected local Buyers Agent is worth considering.