BOOK A FREE CONSULTATION
According to statistics, 67% of Australian homes are occupied by the owner, with 32% being rented. These owner-occupied homes represent huge investments made by ambitious Australians hoping to get the most out of the real estate market.
But are their gains guaranteed and automatic? And did all of them buy the best value?
How much you earn or lose from real estate depends on several factors, the most significant being how much it cost to acquire the property. Even if you’re buying a home for your family, you don’t want to spend excessive money on a piece of property that should’ve cost you less.
That’s where a buyers agent comes in. If you live in Gold Coast, investing in its real estate market is a significant endeavor that can be highly profitable if you work with the right professional, such as Amassed.
Dive in and learn who a buyers agent is, how to choose the best one in Gold Coast, and how much it will cost you to have a professional manage your real estate acquisitions.
A buyers agent is a real estate agent who represents the buyer’s interests during the sale of a house or property. Their primary role is to search for and negotiate the best deal for the buyer.
Buyers agents represent investors and owner-occupiers. For investors, a buyers agent company uses data and data analysis to create a robust wealth portfolio that will yield the highest rental returns and capital growth.
Buyers agents work together with sales agents in a real estate transaction. The sales or seller’s agent represents the seller’s interests in the transaction.
The two negotiate the best deal possible to ensure both parties are satisfied with the transaction. Using a buyers agent is a great option when buying or investing in a dream Gold Coast property market you’re unfamiliar with. A buyers agent in Gold Coast will have up-to-date information about the real estate market in the region, the appropriate legislature, and a list of available properties for purchase by interested buyers.
A Gold Coast buyers agent must be a licensed real estate agent. All buyers agents undergo specialised training that qualifies them to practice in their respective territory or state.
The Office of Fair Trading issues licenses for buyers agents. You can also check whether a particular buyers agent is licensed by searching for them using the online license search.
Buyers agents differ from property finders who’re not necessarily licensed and operate at a narrower scope of only searching and gathering a list of properties but not negotiating for them.
Using a licensed buyers advocate in Gold Coast also gives you the advantage of having your own advocate in the property negotiation and laying a claim against the Fidelity Guarantee Account if the agent inexplicably defaults during the negotiation.
However, if you go for a reputable company such as Amassed, you’ll not have to worry about making claims for losses made by your buyers agent.
Despite taking the primary role of searching for property, buyers agents in Gold Coast do a lot more to ensure you’re landing the best value deal for your money. Some agents can even narrow down to offering one unique service you may need to secure your property.
The primary responsibilities of a Gold Coast property advisor include the following:
When working with a buyers agent such as Amassed, you’ll spend the initial part of your engagement discussing your requirements and expectations. The buyers agent will note requirements such as how many bedrooms you want, your ideal location, what amenities you prefer close to you, and your budget.
Buyers agents are highly knowledgeable about the local real estate market. Knowing your requirements helps them quickly narrow down to your best options and provide insights into what may be new and exciting in the property market.
Amassed, for instance, gets to develop a wealth strategy with you that helps them understand your desired property portfolio and provide actionable steps to building it within a set period. Therefore, you start buying properties with a goal, which is a smart way to invest in real estate.
With your wants, needs, and requirements in mind, the buyer’s advocate will search for properties that fit the criteria. Many buyer’s agents have connections with real estate agents and other players within the property market. Such connections allow them to access exclusive properties, such as off-market properties that give a higher value to the buyer. Off-market properties are often not for sale or not advertised at all. However, they sell for cheaper compared to similar advertised properties. These properties also sell faster since there is less competition to negotiate against.
Properly evaluating a piece of property requires deep knowledge of the real estate market in question. Since they know the landscape, buyer’s agents help accurately evaluate a property. They won’t bother showing it to you if it isn’t a good fit.
Inspections are an essential part of buying property. They help assess whether the house you want to buy is habitable and how much rehabilitation it might need.
A buyer’s agent will do the due diligence for you, come back with a report, and suggest any building or pest inspection necessary. They often have a list of recommended inspection services that’ll offer the best services in the area.
Once you approve the purchase of a given piece of property, the buyer’s agent’s work is to negotiate the best deal possible on your behalf. They will talk directly to the owner or seller’s agent and work out the best sale terms and price available.
An experienced team will know when to withdraw from negotiations when it’s clear the deal will not work out as intended.
Property auctions sometimes offer the best property deals in the market. However, bidding can quickly turn intense and intimidating. The auction company often knows this and may resort to emotional tactics to lead you to impulse buy at a bad price.
An experienced buyer’s agent will handle the bidding on your behalf, ensuring the property is still bought within budget, and you’re getting something of value.
Other responsibilities of a buyer’s agent include:
Providing guidance on leasing and property management to investors You can hire a buyer’s agent for some specific services instead of their full breadth of services. For instance, a buyer’s agent may only search for relevant properties after giving them your requirements or help you bid at an auction if you’re interested in a property being sold at an auction.
You don’t need to hire a buyers agent when buying property. However, having them on your side can be very beneficial. Here’re reasons you may want to work with a buyers agent such as Amassed.
Putting all the weight on yourself when searching for and buying property can be stressful, costly, and time-consuming.
For some professionals, such as lawyers, executives, accountants, and medical personnel, it’s impossible finding the time to handle all the activities needed in this phase, even during weekends.
A buyers agent picks up all the burden for you and performs all the weekday and weekend activities necessary when scouting and buying your property. Therefore, they save you countless numbers of hours that you can use for other activities as they get your property ready.
You’ll only be needed to approve selections, define your requirements, and provide any necessary paperwork.
Since they know the local property market well, a buyers agent also saves you the stress and costs of a bad deal. You’re also more confident expanding your wealth portfolio to coastal, regional, upstate, or interstate properties instead of being limited to the local market.
Therefore, you can invest in Gold Coast and be confident of getting a great deal, even if you have little knowledge of the area’s property landscape or are not a resident.
The best-value properties are typically sold off-market or in “silent sales” at auctions. However, knowing where to find such properties and the location of these auctions needs a few industry connections that only a buyer’s agent has.
These off-market properties and “silent sales” are often grabbed quicker than they appear. The buyer’s agent speaks to their real estate contacts and other players in the industry to track and start negotiating properties that are about to go on sale.
At a property auction, they can spot great deals and offer competitive bids to win you the property.
When buying property, your target is to get one with a high land value to asset ratio in a landlocked suburb with growing demand and one where the new dwelling supply is constrained. Getting such property at the right price and location needs the eye of an experienced professional.
A buyer’s agent works with a scientific approach to get you the right property, with their approach being built on their experience securing property and building a vast property portfolio.
For instance, Amassed uses a proven method known as the Amassed system to create wealth for its clients.
Using such a system, the buyer’s agent gets you a piece of property located in a desirable location with scarcity value. The local development regulations within the locality of such properties also favor the sustained value of your property, ensuring new development doesn’t tank its value.
For instance, if you’re buying a home, you would want one situated in a location where building regulations forbid the establishment of high-rise residential that will devalue the price of homes built in the area.
You must perform thorough due diligence to avoid falling victim to fraud and scams in the real estate market. Foul players have developed clever tactics, with reports showing that cybercriminals have increasingly targeted unsuspecting victims via email and other means.
The report shows that between January 2021 and March 2022, scammers and hackers made way with $4.3 million from unsuspecting Australians. One of the best ways to protect yourself from such critical mistakes is by procuring the services of a buyer’s agent.
Buyer’s agents are trained to use a long list of due diligence criteria to help them assess the risks of buying a particular property. With extensive research and experience, the buyer’s agent quickly weeds out potential scams and bad-value, overpriced properties.
Therefore, they give you more security and confidence in your property selection.
For instance, before recommending or buying property, a buyer’s agent from Amassed will perform a full inspection of the property and compile a detailed report highlighting the key benefits and risks of the property, such as live termite activity, roofing issues, or dampness.
Moreover, such experienced agents also ask for a complete pest and building survey, apart from inspection.
Property investments are long-term and involve massive transactions that deserve the complete due diligence you can get from a buyer’s agent.
The primary responsibility of a buyer’s agent is to negotiate a great price and terms for your property. Having a buyer’s agent by your side gives you the backing of a professional at the negotiation table and removes any emotions from the purchase that can hamper negotiations.
During negotiations, the buyer’s agent will stick to the numbers and what makes the property a sound investment deal for you. When working with Amassed, for instance, this will be guided by your property investment or wealth strategy that highlights what you want from your investments in the short and long term.
The buyer’s agent will walk away if the deal is bad and the numbers don’t compute.
Therefore, you will stay within budget during negotiations. This is the professional guidance you also need at a property auction.
The process of purchasing property also varies slightly across different territories and states in Australia. Alone, you might have difficulty keeping up with each state’s requirements, resulting in a bad deal, especially if you’re buying property interstate.
A buyer’s advocate understands these nuances across states and can be very helpful in this situation.
Buyers agents charge differently depending on the level of service they provide and the location. For instance, to attend a property auction and bid on your behalf, a buyer’s advocate may charge as low as $100.
Therefore, the more you want from them, the deeper you’ll have to dig into your pocket.
Typically, buyers agents charge a small percentage of the property’s purchase price for their complete services, including a full property search, inspection, and negotiations. This fee typically ranges between 2-3% of the sale price.
Therefore, if you’re using a buyers agent to buy a $1,000,000 property, around $20,000 will go to the buyers agent if they’ve offered their complete services. Most agents will ask for a small upfront fee, ranging from a few hundred dollars to $3,000.
Most agents reimburse this fee after securing the property for you.
Other buyers agents charge a fixed fee for their services, often expressed as a price range depending on the full scope of the work they’ll do for you or the value of the property you intend to buy. For instance, the agent may have a fixed fee for property valued between $2 million and $2.5 million.
The intelligent thing is to research and ask around to get a list of all the best Gold Coast buyers agents, their services, and how much they charge before deciding. Doing this will also help you estimate how much you should pay a buyers agent within the area.
Be very cautious of new off-market development projects offering high tax deductions and cash flow benefits that Gold Coast Buyers Agents offer you.
Amassed does not work with developers or builders and has your best interest at heart.
The word on the street can be pretty confusing. You’ll approach a buyers agent as a buyer, and they’ll state their fees, but somehow, you’ll not be paying for it. Are their services technically free?
No, and if this is the case you need to be very cautious.
Combined, both real estate agents can take up to 5-6% of the property’s purchase price as a commission. The seller pays the real estate agent for the sale of the home and the buyer pays the buyers agent for finding the property.
Some Gold Coast buyers agents work with builders and private developers where the buyers agent “fee” has been baked into the final home listing’s price, which you’re paying for, the seller has transferred the fees to you. In this case, the builder or developer will be paying the buyers agent up to $50,000 for sourcing you, the “buyer” and the buyers agent will also receive another $15,000+ buyers agent “fee” from you, for “helping you find the property”. That’s how you end up paying the buyers agents commission even though it is somewhat hidden in the sale price of the property. Sometimes you may pay cash directly to the buyers agent and the builder or developer will pay them the other portion under the table once the property is settled. Be very cautious of this manipulative, double win scenario from buyers agents in Australia. This is why choosing the right buyers agent is detrimental, as they need to be acting in your best interest and not the seller’s. In this instance, this is not the case. Amassed is built on transparency with its clients and has no alternative motives.
Honest real estate agents are upfront about this payment “conundrum.” Sellers working with agents sign an agreement to pay the commission, but they wrap it in the property’s final sale price to cater to it.
As a result, real estate agent fees can be the single largest expense in your property purchase.
So, should you ditch a buyers agent to save money and this pitfall? No, just make sure you find one that has your best interest at heart.
The benefits of having a buyers agent outweigh the monetary costs when employed correctly. Moreover, experienced buyers agents find ways to save you more money when searching for a property that fits your needs and requirements.
For instance, Amassed focuses more on securing off-market properties for its clients as we have developed a rapport with many real estate agents over the years. Having access to stock before it hits the open property market is very advantageous as you will have the opportunity presented to you first.
Gold Coast buyers agents advertise themselves on different platforms. But how do you go about finding one who’ll suit your needs?
The first step is checking whether they’re licensed. All buyers agents are licensed professionals allowed to practice in their respective fields. You can ascertain whether a particular buyers agent is licensed by performing an online search or calling the Consumer Protection’s licensing branch on 1300 304 064.
Their call line is active only during office hours.
You can then gather a shortlist of buyers agents you want to interview. Before settling on an agent, ask them the following questions:
After choosing your preferred buyers agent, you’ll need to sign a contract with them. Typically, you’ll be given a written contract the same way a seller’s agent signs an agreement with the seller. Australian law dictates that every buyers agent must be in a written, signed contract with the buyer before they start acting on their behalf.
This contract is often referred to as an appointment to act, written authority, or an authority to act. It is legally binding and enforceable, meaning all signatory parties must fulfill their obligations and requirements in the contract.
REIQ (Real Estate Institute of Queensland) member agents have a standard contract developed by the organization for their clients to sign. However, each buyers agent can still develop their contract.
Therefore, you should read each piece of the paperwork carefully and understand the contract terms to determine whether the buyers agent in question is the proper selection for you.
Most of these terms and conditions are not set by law. Therefore, you are free to negotiate different clauses, including fees, before signing the contract.
Some of the questions you can ask yourself while reading through the buyer’s advocate’s contract include the following:
Buying property is one of the largest financial transactions you’ll make in your lifetime. Therefore, you must settle on a buyers agent who’ll deliver the best investment for your money. So, how do you build a shortlist with great candidates?
Here’s what you should be looking for.
Despite sounding “emotionally driven,” liking your buyers agent is a serious consideration when shortlisting potential candidates. You’ll spend considerable time together looking at properties and working through paperwork to close the transaction.
They need to be someone you’re comfortable being around and you trust.
Personality is an entirely subjective choice. However, as long as you’re confident and comfortable working with them, that’s a good enough baseline. Pay close attention to your gut feeling as you’re talking to potential candidates and settle for someone who has your best interests at heart and will work hard to get you the best deal possible.
Apart from getting along smoothly, the buyer’s agent should have a flexible schedule that aligns with yours. For instance, if you work from 8 am to 5 pm, your meetings can only take place on evenings and weekends. The agent should be willing to meet at those times.
Some buyer’s agents only work during standard business hours. Therefore, navigating your schedules might be a bit more complicated. Ensure you settle for whose schedule aligns with yours, giving a more flexible time for meetings and providing updates.
You don’t want to waste your time dealing with an ineffective and inefficient buyer’s agent. How quickly the agent can spot and close a deal is crucial to securing your home or building your real estate investment portfolio quickly.
Typically, you want an agent who closes more than half the deals they negotiate from a seller. Walking away from negotiations is an option, but it shouldn’t be frequent.
Elijah Turkovic from Amassed is an excellent example of a buyer’s agent in Australia with a great show of efficiency and effectiveness. He was able to secure a 7-million-dollar property investment portfolio by age 26, using a revolutionary approach to creating wealth for people that gives fast, valuable results.
An experienced buyer’s agent will have a high closing percentage and closing numbers. A high closing percentage in isolation doesn’t genuinely indicate the experience of the buyer’s agent. That’s why you also have to factor in the closing numbers.
For instance, the buyer’s agent may have only recently closed a few deals, leading to a high closing percentage albeit a smaller number of properties in their portfolio.
On the other hand, the buyer’s agent may not have closed any deals recently, so the figures provided are from far dates. This may be an indication that they’re not well up-to-date with the local real estate market and have lost a few active connections in the industry.
You can ask the buyer’s agent about their most recent closings and complete portfolio to help you select the most experienced with recent deals.
Recent clients are a source of great insight into the performance, work ethic, and experience of dealing with a particular buyer’s agent. You may even begin your search through referrals from trusted friends and family.
If you’re working with zero referrals, or your other selections were not from referrals made by family and friends, make a point to speak to the buyer’s agent’s recent clients or find their online reviews from trusted third-party websites.
Ask the agent directly for contacts to their previous clients so you can learn about their experiences. If the agent refuses, this is a clear sign that you should walk away.
If they give you their contact and you manage to get on a call with them, ask them about the agent’s responsiveness, availability, assistance negotiating a good price, support when closing the deal and handling the paperwork, and other general questions about their experience working together.
Talk to the most recent to relatively distant clients to get an idea of how their service delivery may have changed over time. Also, ensure that you ask about the relationship between the referees and the buyer’s agent to ensure you’re not talking to friends, family, or lovers who’ll give a biased view.
Getting a buyer’s agent in Gold Coast requires knowing who you’re looking for, what services you should get from them, and choosing the best candidate for the job. A buyer’s advocate in Gold Coast will save you the stress, time, and cost of buying property alone and help you secure a long-term investment or home for your family.
So, who can you trust with your property needs within or near Gold Coast? Contact Amassed today and get services from a reputable, trusted, and experienced buyer’s agent.