We get asked this question a lot, so we thought we would clarify what exactly a buyer’s agent in Melbourne or buyer’s advocate is, and why you need one in today’s market. Chances are if you’ve ever been to an auction in Melbourne or if you’ve ever watched a finale of The Block on channel 9, then you’ve probably seen one in action. They are a property buyer’s secret weapon!
A buyer’s advocate is a real estate professional that exclusively represents a buyer to buy residential real estate. They must either be a licensed estate agent or an agent’s representative. Most buyer’s advocates have been a sales agent at some point so they know the ins and outs of the real estate process and how sales agents operate.
If you were to hire a buyer’s agent in Melbourne they would meet with you to discuss your property needs and from there create a client brief, which is essentially a detailed list of exactly what you are looking for in a property. This will usually include budget, timing, location, property type, number of bedrooms and size amongst other items. Then from there the research begins. A buyer’s agent would use their property systems, local knowledge and contacts/network to find a list of the most suitable properties for their client. This would include properties on and off market. An off market property is a property that is not advertised for sale, however the vendors might be testing the market or open to offers at a certain price. This is a great way to secure a property without competing with the masses.
Once a list of properties is compiled the buyer’s agent then inspects every property and creates a shortlist from there with an in-depth analysis on the shortlisted properties. With this information in hand the client (buyer) would decide which property they want to proceed with and from there the buyer’s agent would assist with the due diligence on the property and use their expert negotiating skills to secure the property for the best price for their client.
Now that you know what a buyer’s advocate does, why do you need one? Put simply, to save you time and money. It is estimated that most buyers take in excess of 100 hours to find a suitable property to buy. That’s almost every Saturday for 6 months spent going through opens and auctions! Most people don’t have that much time available to put towards finding the right property, so many take shortcuts and purchase the wrong property or pay more than the property’s worth to save them time.
Yes it’s true, you would have to pay a buyer’s agent in Melbourne for their service, however they are not as expensive as you might think and with the money they save you on purchasing a property for the right price they pay for themselves and more. This is because they know how to determine value on a property, they know how to decipher real estate agent talk to determine the best buying strategy, and they have access to information that the general public does not. With their years of experience and expertise in dealing with agents, valuing properties and negotiating, they put in place tailored strategies to secure you the best property for the best price.
At Luxton Property Group we have been buying property for over a decade, we have a superior buying service at a more affordable price. Request a call today to speak to one of our expert property buyers for a no obligation discussion on how we can assist you.