How to Get the Best Buyer's Agent in Brisbane
Owning property in Australia is a great source of pride for many residents. According to statistics, under 30% of Australian households out rightly own their property. Moreover, the number of renters is increasing yearly, putting homeowners among the Australian elite.
Committing to buying property is a considerable risk and investment. As per the latest trends, the median sale price of a house in Brisbane is about $533,000. If you fail to take the proper steps to secure your next home or investment, all this might be money washed down the drain.
That’s why you need to work with the best buyer’s agent Brisbane has to offer. Read on to learn who a buyer’s agent is, how they’ll make your property purchase easier, and how you can spot the right one.
Who is a Buyer's Agent?
A buyer’s agent is a hired professional who works on your behalf as a property buyer, ensuring you’re getting the best deals for the perfect home or property investment. The agent researches, finds, and negotiates the right property for you.
A buyer’s agent solely represents your interests as a buyer in a real estate transaction, opposite to what a real estate agent would do. The latter have their interests aligned with the seller.
In the long run, a buyer’s agent saves you tons of time and money. You don’t have to worry about the army of other interested buyers trying to knock you off the deal, endless paperwork, and the possibility of being frauded.
Also, a buyer’s agent will link you with other professionals needed to complete the real estate purchase, move into your new home, or start yielding your new investment. These include real estate lawyers, reliable mortgage lenders, removalists, and home inspectors.
When Do You Need a Buyer's Agent?
More Australians are turning to professional Brisbane buyers agents to acquire property. On average, 10 to 20% of current property acquisitions are through these professionals. But when do you actually need one?
The typical pointers include:
- You’re time constrained. Therefore, you don’t have time to find, property research, and negotiate property deals.
- You need to make the purchase quickly
- You’re a poor negotiator
- The property you’re interested in is unique and hot in the Brisbane property markets
- You want to invest based on data and numbers
- You’ve been searching for a long time and are undecided
- You’re interested in a far location where you can’t frequent for inspections
- You’re planning on getting a property in an auction.
You might also need a buyers agent’s help when hunting for distressed sales or off-market properties.
Distressed Sale
Distressed sales are a rare but hugely profitable find. They are properties being sold quickly because of various emergencies affecting the seller, such as urgent loan repayment, divorce, or quick capital to stabilise their finances. Often, the seller will sell the property at a loss since they’re time constrained.
Typically, these properties will need a little brushing up before you can settle in and use them as intended. The costs are often minimal in such cases, ranging from a fresh coat of paint to new carpets.
Using a buyers agent increases the odds of landing a great deal for a distressed sale. That’s because most buyer’s agents have contacts in will/estate, divorce, and foreclosure. These include real estate agents, solicitors, bankers, and executors.
If you want to purchase a distressed sale, you should first ask your buyers agent candidate whether they specialize in distressed sales, what contacts they have, recent sales, and their buying process of securing a deal for a distressed sale.
Off-Market Properties
Off-market properties are properties that haven’t been listed on the marketplace. They’re often cheaper to buy and one of the best ways to save money while purchasing property through a buyer’s agent in Brisbane.
That’s because the sellers don’t have to pay advertising or real estate agent fees, which balloon the cost of most properties.
Off-market properties are also often not for sale at that moment. The buyer’s agent negotiates a direct deal between the owner and the buyer without involving a real estate agent.
Discovering off-market properties requires a lot of work. You must have intricate knowledge of the local area’s property landscape, knock on several doors, engage the local community, and perform a few letterbox drops, the latter being one of the most effective ways to find prospects.
The Pros and Cons of Working with Buyers Agents
Buyers agents are your best bet at getting a great property deal. However, they come with their fair share of advantages and disadvantages that you might want to weigh.
Buyers Agent Pros
They Spot Red Flags Early
Brisbane property market update has become more dangerous for individuals searching for great property deals online. Reports indicate that March 2022 marked the highest online real estate scamming figures in 15 months. Between January 2021 and March 2022, cybercriminals had made away with $4.3 million from unsuspecting victims.
Spotting these red flags is difficult not unless you have industry experience purchasing hundreds of properties with an extensive portfolio. A buyers agent in Brisbane will spot the red flags early and give you a sense of security as you navigate the murky real estate waters.
The Brisbane property market has seen steady growth in recent years, with strong demand from both local and international buyers. The city’s growing population, diverse economy, and attractive lifestyle offerings have contributed to a buoyant market, particularly in popular suburbs close to the CBD and waterfront areas. While there has been some moderation in price growth and transaction volumes in the wake of the COVID-19 pandemic, the market remains relatively robust, with low vacancy rates and continued investment in infrastructure and development projects. As with any property market, there are variations in performance across different segments and locations, but overall Brisbane is a promising market for those looking to invest in real estate.
They're Committed to Representing You
A buyer’s agent’s allegiance is only to you, the buyer. They’re legally bound to protect your interests during property research, negotiations, and the deal’s closure. The agent will bargain the best price from the seller, negotiate contingencies, facilitate home inspection, and assist you through the closing paperwork.
Buyers Agent Cons
Added Cost
Brisbane Buyers agents cost money to hire. That’s why some buyers and sellers skip using agents to save a little bit of money. Typically, the seller will pay the buyers agent a commission, which ranges from 2.25% to 7% of the property’s value.
This commission is often wrapped up in the house’s price, meaning, despite the final remuneration duty for the buyers agent falling on the seller, you’ll technically pay for it through a higher sale price for the property.
For a buyer, debating whether you should pay a buyers agent depends on how much risk you want to take purchase property without professional help or guidance.
Difficulty Finding the "Perfect" Agent
The success of your property purchase depends heavily on the kind of buyer’s agent you get. A professional, well-experienced agent will save you more cash and land better deals than an inexperienced one.
But here’s how you can deal with this predicament.
How to Choose the Best Buyers Agent Brisbane
Choosing the right buyers agent Brisbane has to offer is not purely rocket science. Here’s what you can do to land experienced buyers agents.
A Brisbane buyers agent is a professional who provides expert advice and assistance to individuals and businesses looking to purchase property in the Brisbane property market. These agents work exclusively on behalf of the buyer, helping them to navigate the complexities of the buying process, from property selection and due diligence to negotiation and settlement. They bring a wealth of local market knowledge, as well as experience in property valuation, contract negotiation, and legal requirements, to ensure that their clients secure the best possible deal. By engaging a Brisbane buyers agent, buyers can save time and money, avoid costly mistakes, and benefit from access to off-market properties and other exclusive opportunities. Whether you are a first-time buyer or an experienced property investor, a Brisbane buyers agent can provide valuable support and guidance throughout your property purchase journey.
They Must Have a lot of Local Knowledge and Strong Industry Experience
Several buyers agents offer a complimentary consultation. The complimentary consultation allows you to assess the agent’s experience and knowledge of the local property landscape.
Your goal is to target Brisbane buyer’s agents with a wide range of expert knowledge. For instance, they may be a qualified property investing advisor who can offer expert advice on strategy, a home buyer or investment specialist who can understand your needs and provide appropriate property investment options, a licensed builder who can inspect the property and perform pest inspection, or someone with extensive knowledge in property management.
They Must be Qualified
Every buyer’s agent in Brisbane must be licensed to represent their clients. However, there’s little regulation controlling the type of advice that they can give. Here’s where your due diligence comes in.
A buyer’s agent must have qualifications that accredit them to give a particular type of advice. These include:
• QPIA – Qualified Property Investment Insider is a three-year accreditation course that finance and property professionals take to ensure they can offer unbiased, informed, and professional advice to help you achieve your property goals. The Property Investment Professionals of Australia offers the course. QPIA maintains an official public list of QPIA-certified agents in your local area on its website.
• REBAA – Most professional buyer’s agents in Brisbane are part of the Real Estate Buyers Agents Association of Australia. It’s a membership program offered to real estate buyer’s agents in Australia, with rules, processes, and procedures they must adhere to. REBAA conducts extensive research on a buyer’s agency where the agents fully disclose their processes and procedures. REBAA ensures the agency adheres to a professional code of conduct. The association also has a public list of active members.
• Builders and building contractor license – Buyer’s agents who offer building, renovation, and development advice must have the appropriate license that certifies they can provide such advice. For instance, the Queensland Building and Construction Commission (QBCC) provides this license to buyer’s agents in Queensland. QBCC also maintains a public list of licensed builders and building contractors. Other Australian states have their own building regulatory authority where you can check the buyer’s agent’s license for builders and building contractors.
Ask About Previous Clients and Their Property Portfolio
It is vital that you ask the buyer’s agent about their previous clients, get to know their experiences, and scrutinize the agency’s property portfolio. A reputable agent will not be afraid of connecting you with their previous clients not unless they have a history of bad experiences and are poorly reviewed.
Moreover, you should rely more on reviews from third-party sites, such as Google Reviews, that the buyer’s agent or agency has little control over. That way, you’ll be sure that you’re reading authentic customer experiences and not reviews made up by the agency.
When it comes to their property portfolio, ask how many purchases they’ve been able to secure and over what period. You should avoid paying too much attention to awards since some can be in-house, self-nominated, and not a reflection of authentic customer experiences.
As part of their portfolio, they should explain how they saved each client money and how they were able to pinpoint the best property for the client based on their needs. This will allow you to assess whether you’ll get real value for the fees they charge.
Ask About Their Fees
The buyer’s agent must be upfront about their fees from the get-go. Since they’re supposed to represent your interests, buyer’s agents should not receive a benefit from the sale of the property or any other partner involved in the transaction.
These include mortgage brokers, developers, banks, real estate agents, and solicitors.
Therefore, the first question you should ask the agent is whether they’ll receive any incentive from an external party. These incentives should not necessarily be monetary, as long as they can influence decision-making and the given advice.
Non-monetary incentives include education, holidays, staffing, and marketing.
Besides ensuring no conflict of interest, you must establish whether the buyer’s agent will want payments as a fixed fee or a percentage of the purchase price.
Most clients prefer a fixed fee over the counter-intuitive percentage-based remuneration, where the more you pay for the property, the more they earn. That might beat the purpose of having a buyer’s agent negotiate lower prices for you.
However, there are scenarios where a percentage-based fee might be more appropriate.
Learn How They Go About their Buying Process
Buying property is a complex exercise. A good buyer’s agent in Brisbane will break down their process for you so that you can understand how they land at the right property and the step they take at every stage.
Most reputable agents will have this process well-written and outlined in a document they can share before you commit to their services.
The buyer’s agent should also inform you whether they’re part of a team or work independently. Some agencies run large operations requiring several staff, giving you less one-on-one contact with the buyer’s agent. Such an experience may not be favorable to everyone.
Get the Services of a Reputable Brisbane Buyer's Agent
Buying property is one of the bravest decisions you can make. Choosing to work with a buyer’s agent Brisbane is the wisest route you’ll take. Contact Amassed Buyer’s Agent in Brisbane today and land yourself the right home or property investment.
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