Its My Home : 2015
IT’S MY HOME - Summer 2015 | 42 People are time-poor. These days we’re all extremely busy, often working 40- plus hours a week on top of a packed diary of social and family activities. Looking for that ideal home or investment, and understanding what’s available on the market at which prices, takes a lot of time. It typically takes over 100 property inspections to really know an area, therefore even if you manage to see 10 each week, that’s two to three months spent looking at a minimum. Buyer’s agents can do that leg work for you and discard 80 to 90 per cent of the properties that don’t meet your needs, leaving you to inspect only the select few that do meet your criteria. Good properties always sell well. While you might think you’re a unique individual, many buyers are often looking for similarly-priced properties in similar areas that are close to work, schools, transport and leisure facilities. Therefore, when a good property comes up which ticks all the boxes, there is often a large amount of competition for it regardless of the state of the local economy. That increased demand means there will likely be less chance of you securing it when you do find it, and if you can win at auction it’s often for an inflated price. Buyer’s agents can assist you to find that property sooner and secure it before the demand gets too high. Buyer’s agents know about off market sales. Many properties get sold without ever hitting the general market, and are not seen on the classic www.realestate.com.au or www.domain.com.au websites. These are called silent sales, and there are several reasons why a vendor might wish to sell a property without it going on the market. A vendor might: • not want the neighbours knowing their property is for sale • be going through a divorce and want privacy and speed • have found their next property and need to move quickly • only need a certain figure to progress on in life • not have the budget for a full advertising campaign. Sales agents will often bring silent sales to buyer’s agents they know and trust, as they’re aware they have a list of pre- qualified buyers that are keen to move forward. It’s harder for sales agents to give silent sales to the general public, as they need to deal with many more people, and they don’t know who is serious and who is just a serial looker. Buyer’s agents have negotiation experience. If the average buyer only buys a property once every three to five years, and a professional buyer’s agent buys daily or weekly, who do you think is more experienced in negotiation? Any skill takes practice - the more times you negotiate, the more you experience the different ways a negotiation can go. Over time you learn to avoid the classic mistakes, and will have a much better chance of securing a property at a more favourable price. Buyer’s agents are unemotional and factual. As buyer’s agents are not going to live in the property and transact multiple times, they are often less emotional about the transaction than owners when purchasing property. It’s therefore much harder for the sales agents to put emotional pressure on them to pay more money. Buyer’s agents will buy properties based on comparable sales prices of other properties that have sold recently, and are more likely to remain focused and objective throughout the process. Buyer’s agents have insider knowledge. As buyer’s agents deal with sales agents every day, they generally build up a trusting relationship. They will have transacted many properties together and built a mutual understanding of how they like to do deals. A professional sales agent would not want to damage a long-standing relationship with a buyer’s agent as it could mean the buyer’s agent no longer uses or trusts them. While the sales agent can still sell properties to the general public, it generally takes much more time and effort to deal with many individual transactions from multiple buyers, who may be unsure or indecisive. Sales agents will often give vital information to buyer’s agents that they may not share with the general public, such WHY USE A BUYER’S AGENT?