BUYERS’ agents, also known as buyers’ advocates, are licensed real estate professionals who represent the interests of property buyers.
The role of a buyers’ agent is to help clients navigate the often complex process of purchasing real estate, providing expertise and advocacy to secure the best possible outcome. They also can help take some stress out of the shopping process.
A key responsibility of buyers’ agents is to conduct a thorough property search and create a shortlist of options that match their clients’ criteria. Utilising their market knowledge and extensive resources, they identify properties that meet the client’s needs and preferences.
Following this, they conduct detailed evaluations and due diligence on potential properties. This process includes assessing the true value of properties by considering market conditions, property conditions, and future growth prospects.
Often, they organise inspections and coordinate with building and pest inspectors to ensure the property is a sound investment.
Negotiation is another critical aspect of a buyers’ agent’s role. They engage in discussions with sellers or their agents to secure the best price and terms for the buyer, leveraging their experience and understanding of the market to achieve favorable outcomes.
In scenarios where properties are sold at auction, buyers’ agents represent their clients during the bidding process, employing strategies that enhance their chances of success.
Managing the administrative aspects of the purchase is also within the purview of buyers’ agents. They ensure all necessary paperwork is completed correctly and on time, coordinating with solicitors and other professionals involved in the transaction to facilitate a smooth process.
A diverse range of clients typically employs buyers’ agents. First-time buyers, who are new to the property market and need guidance, find their services invaluable.
Property investors also frequently utilise buyers’ agents to make informed decisions and maximise their returns. Busy professionals, who have limited time to search for and negotiate on properties, benefit significantly from their expertise.
The costs associated with hiring a buyers’ agent in Queensland can vary. Common fee structures include fixed fees, which are agreed upon before the service begins and can range from a few thousand dollars to a percentage of the property purchase price.
Alternatively, commission-based fees, typically ranging from 1-3 per cent of the purchase price, may be charged.
Before engaging a buyers’ agent, it is important to ask pertinent questions to ensure they are a good fit.
Potential clients should inquire about the agent’s fees and what services are included, ask for references from past clients, and determine the agent’s experience in the local market.
It is also useful to understand how the agent finds and evaluates properties and how they communicate with clients throughout the process.
Hiring a buyer’s agent can help streamline property purchases.
