Choosing The Right Buyers Agent

Your home will likely be one of the most important purchases you will ever make and it should therefore be a smart, thought out investment.

A buyer’s agent will help you do everything possible to choose the best house for your needs. The agent will apply a strict selection formula that will insure you get a solid return on your purchase.

If you’re shopping around for a Buyer’s Agent this article will give you the top tips on sorting the best from the rest in 4 easy steps.

Tip 1: BUYERS AGENT VS REAL ESTATE AGENT

One of the biggest challenges a buyer will face is trying to work harmoniously with a real estate agent and making sense of the jargon. Real estate agents have been taught winning psychological strategies and spend years negotiating though hundreds of real estate transactions.

It is vital your buyer’s agent can measure up against a highly skilled real estate agent.

If they don’t have the right experience, they’ll simply miss opportunities. In some cases, they can cost their clients’ money by over paying for property, miss out on their dream home or buy an average property.

A buyer’s agent’s experience shapes their current knowledge and wisdom. This is what will save you money, guide you in choosing the best property in a good suburb, and most importantly help you avoid the pit falls of buying property.

 It’s very similar to hiring an experienced captain to sail a boat though rough sea. In the same way, a buyer’s agent will guide you through the real estate market place, using all their experience to get you where you need.

There for it’s important to make sure your buyer’s agent is a fully licensed real estate agent. There are people out there calling themselves a buyer’s agent who are not actually licensed estate agents and don’t have experience as a real estate agent.

In the state of Victoria anyone can check the registration of any real estate agent at the consumer affairs website, look for the real estate agents register.  

At Wise, our buyer’s agents are fully licensed estate agents whom have years of experience as real estate agents and completed their practical training at the Real Estate Institute of Victoria.

In summary: seek a fully licensed buyer’s agent that has been working in the real estate industry for over 10 years. Property cycles generally run seven to 10 years and it is wise to get advice from someone that has seen both the ups and downs of the real estate market.

Tip 2: Does the buyer’s agent have access to “silent sales”?

Otherwise known as ‘off-market listings’ or ‘off market sales’, these are properties that are for sale without a public selling campaign.

A great buyer’s agents will have far-reaching networks of sales agents. This is essential to get access to properties before they hit the open market.  

What is so good about off market listings? The benefit to a buyer is low levels of bidding competition. These properties almost never sell over market value because they’re not exposed to high volumes of bidding competition.

TIP: Watch out for real estate agents posing as buyer’s agents. Do some research on their business and make sure they don’t have a division of their business that sells property.

Tip 3: Do they own any property?

A big part of what makes up a buyer’s agent’s skill set comes from owning a home or investment property. With property ownership comes maintenance, the responsibility and burden of paying a mortgage.

Then there’s trying to sell a property, presenting it for sale, dealing with low offers and difficult buyers and the emotional roller coaster of selling. This teaches a property owner about buying well, right from the beginning.

These lessons can’t be learnt if you’re a tenant.

During a buying process, your buyer’s agent will give you a lot of advice on the do’s and don’ts of buying property. Therefore, it’s important to deal with someone that understands property ownership.

There is nothing worse than a sales person that is recommending products they don’t use or own themselves.

TIP: Did you know selling agents prefer to deal with buyer’s agents because they present a qualified buyer ready to transact if the property stacks up.

Tip 4: Judge Them by The House They Keep.

A business’ reviews are a direct reflection of the business they keep.

Check their public reviews: There are many benefits to checking a buyers agent’s reviews. Firstly, reviews are date stamped and will give you a great idea on how long a buyer’s agent has been servicing customers. How to make sure the reviews are not fabricated:

Make sure the buyer’s agent uses an external review site like ‘Google reviews’.

Secondly, a business has to have a high level of customer satisfaction to make sure their reviews are great. Highly rated, detailed reviews indicate happy clients that want to preach about their great experience.

Do they charge flat fee or a percentage? Many buyer’s agents charge commissions, this is based on a percentage of a purchase price. What’s wrong with this?  There is an incentive for them to spend more money or not give the same level of service for clients that have less money to spend.

Wise Real Estate Advice locks in a competitive fixed price for your buying needs so that there is no incentive to spend more money. All clients are equal regardless of how much money you have to spend.

Are they a Member of the Real Estate Institute of Victoria – Established in 1936, the Real Estate Institute of Victoria (REIV) is the peak representative body for real estate practitioners in Victoria. 

The REIV sets a code of conduct and rules of practice. For instance, the Victorian Real Estate Institute of Victoria makes its members uphold a high moral and ethical standard, technical knowledge and personal development though in-house training programs.

The main purpose of an association keeps agents in check so if a real estate agent makes a poor decision or acts unethically, he or she will be disciplined.

Have a chat with a professional buyer’s agent today. 

An obligation free phone call can help you understand how a buyer’s agent Melbourne can secure your home and minimise the risk involved in buying property. In most cases, a good buyer’s agent will save you enough money to, at minimum, cover the fee of hiring them.

For an obligation-free conversation, contact Wise Real Estate Advice to discuss how their buyer advocates can turn your property goals into a reality.

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