Looking to choose the right buyers agency?

When you’re ready to buy a property, one of the most important decisions you’ll have to make is which buyers agency to choose. A good agent can help you get through the buying process as stress-free as possible, while a poor agent may make the process more difficult (and more expensive) than it has to be. When it comes to choosing a buyers agency, your goal should be to find someone with whom you can easily communicate and who shares your objectives—not just in terms of buying a house (which is, after all, the goal of all buying agents), but in terms of doing so in a way that prioritizes your needs as a buyer and gets you the best home for the best price.

There is no magic formula for finding a great agent, but there are a few things you can do to improve your chances. In the sections below, we’ll go over what all buyers should seek for in a buyers agency to help them with their home search, as well as how to go about finding the suitable agent.

Looking to choose the right buyers agency?

What should you look for while choosing a buyers agency?

Every professional buyers agency has a set of skills that distinguishes them as a top choice when it comes to buying a home. So, what do these powers entail? They’ll vary according on your needs, but at the very least, you should search for a buying agency that has these five essential qualities.

It is critical to have effective communication.

When it comes to buying a home, communication between the buyer and the agent—and the purchasing agent and the selling agent—is just as important as open houses and inspections. Hire a real estate agent with whom you can communicate easily and who is happy to answer any questions you may have about the home-buying process.

You can trust our experience.

It’s critical to enquire about a potential agent’s experience with buying and selling homes, but don’t stop there. Inquire about their typical list-to-sale-price ratio and how long it takes their clients to find and close on a new home. You’ll want to work with a buyer’s agency that has a track record of putting buyers in homes promptly (and getting them a great deal, too).

In-depth knowledge of the local market

Every market is different. Whether you’re buying in the city, the suburbs, or the countryside, you’ll need a buyers agency that knows the region like the back of their hand and can help you navigate the quirks. Simply asking about local market expertise is an effective way to assess it. Inquire about the basics, such as the average time on the market for newly listed properties and normal selling prices, as well as any unique trends you should be aware of in your region.

Looking to choose the right buyers agency?

Positive response was received.

Online reviews are one of your most essential resources when it comes to choosing a realtor. Read all of the reviews you can discover before determining who you’ll work with and look for an agent whose previous clients have only had wonderful things to say about their experiences. (Be cautious to distinguish between complaints about a particular realtor and complaints about the stress of the home-buying process if there are any.)

Chemistry between people

Finally, you should work with a realtor with whom you feel at ease. Because you’ll be spending so much time together, it’s critical to work with someone you like spending time with and who knows your needs. Believe your instincts on this one—if you’re getting bad vibes, go with your gut and find someone else.

Are you searching for a representative? Here’s how to get started.

Finding a good buyers agency to assist you buy a house won’t take long if you know where (and how) to look.

Begin by seeking local agent references from friends, family, coworkers, and anybody else you may trust. When it comes to selecting a buyers agency, previous buyers may be one of your most helpful tools since they can speak frankly about their own experiences. Furthermore, you can trust that if a friend or family member provides a reference, it is because they enjoyed working with that agent and would do so again.

Looking to choose the right buyers agency?

Turn to the internet if you don’t know anybody you can ask for a referral from. Look for agents in your area using an online realtor search, then note down a few names of folks you’d like to work with and do some further study. Examine their ratings and portfolio for information that will help you make an informed decision. Consider if you have any unique needs for which you’d want to find an experienced agent, such as a military relocation or the necessity for a short-term rental throughout the purchasing process.

And, just as you wouldn’t restrict your search to one name when searching for a moving company or a storage unit, don’t limit your search to one name when looking for a moving company or a storage unit. Find at least three different buyers agencies that you feel might be able to help you in the purchase of a house, and do a brief interview with each of them to see whether they contain the qualities listed in the previous section. Don’t be afraid to come out as picky—this is a big commitment, and you want to make sure you choose someone who will make it as simple as possible.

Final thoughts

Even if you do a lot of research, you may not be able to locate an agent who is a suitable match for you. If your personalities or ideas don’t fit, or if you see that they aren’t doing their job well, you should transfer agents.

Your ability to change agents throughout the selling process will be limited by the kind of agent agreement you choose at the outset.

The most important thing to remember is that a qualified buyers agency is key to a successful sale; hence, if things aren’t going well, it’s best to end a partnership as soon as possible. We’ve put together a complete guide on how to figure out when and how to discontinue your relationship with your buyers agency.

Know why you should consider hiring a buyers agency

Finding the ideal property takes a long time, particularly if you are situated outside of Australia or are unfamiliar with a certain region. Even if they had all the time in the world, a buyer without expert counsel will have difficulty knowing whether they have purchased the correct property and not lost out on a better option. Economic instability and pandemic fears are leading prices to be confused and erratic in the housing market, particularly in Australia. A buyers agency may get a sense of relative worth by giving comparisons. When purchasing a home, having access to this due diligence is critical. They’ll utilize this knowledge to better understand the selling agency’s intentions and discover solutions in their talks. A buyer who is represented by a respected buyers agency will be treated with much more respect than someone who is not.

Buying agents varies in size from one-man or one-woman bands acting independently to enormous corporations owned by well-known estate firms but functioning independently. Some buyers agents also operate as real estate brokers, buying and selling homes. We exclusively acquire property for customers at Prime Purchase, so the lines aren’t muddled. We are owned by Savills, one of the most well-known real estate firms in the world, but we are completely independent and have no vested interest in selling houses.

Many of the smaller agencies help their customers purchase and sell homes. They will be compensated on both sides. Using a buyers agency that exclusively buys houses like ours has a lot of advantages. To ensure that they are the first to learn about new properties, a buyers agency must have great connections with selling agents. Removing the element of rivalry that comes with selling homes aids in the development of these connections.

So, who should think about hiring a buyers agency?

A buyers agency should be considered by everyone who is serious about buying or renting a home and wants to prevent potentially costly blunders. Given the present economic scenario, hiring a buyers agency is more vital than ever. Before presenting any of the homes to customers, an agency would typically examine 20 to 60 listings. That way, they’ll only see the finest of what’s available. A buyer may easily squander time if they do not use a buyers agency. It’s our responsibility to weed out any homes that aren’t worth the money.

We’ve purchased many residences for various customers since the outbreak began, all via virtual viewings. The customers didn’t visit the homes in person and relied on us to complete our due diligence. We visited the premises and found that this, along with live FaceTime walkthroughs, was adequate. An estate buyers agency is unlikely to do this, and even if they did, it would not be in their best interests to bring out the flaws to you. 

We spend almost as much time persuading customers out of purchasing a home as we do pointing out the benefits. A buyers agency may make your life considerably simpler whether you’re moving inside Australia, out of Australia, or to England from another country. Buying agents are sometimes misunderstood as being solely for the upper echelon of the market, but this is not the case. Because many properties are not listed ‘for sale’ on the open market, Covid has made the purchase process more difficult in terms of gaining access to them and even locating them in the first place. Many of the early viewings of a home will be done by a buyers agency before the buyer, reducing the amount of places you need to trudge over by removing any inappropriate ones. We are kept informed by estate agents about homes that are coming up for sale that may be of interest to our purchasers.

Know why you should consider hiring a buyers agency

Is there a role for buyers agents in the bargaining process?

Negotiation is an important element of the buyers agency’s job, mostly because we have the benefit of being objective and unattached to the transaction. It also comes down to skill — after years of selling and buying real estate, we’ve figured out the best method to close transactions. We also know how much you should spend for a certain home. We also have access to information of previous sales, which give comparable evidence that we may use to support or challenge the bid we submit on our customers’ behalf. We hold ‘off the record’ talks with the sales agents to determine the seller’s actual stance, which we utilize to steer our bargaining technique, along with our many years of expertise.

Can they assist with mortgage brokers, surveyors, attorneys, and other professionals?

Aside from a buyers agency, you’ll need a team of pros to help you with your search. A buyers agency will introduce you to and organize all of these professionals, as well as ensuring that you are taken care of by a network of carefully chosen trustworthy advisers. We also spend a lot of time talking with our clients on schools, since they are often a factor in determining where a house should be located. We can connect our customers with a variety of educational professionals that can advise them on the finest schools for their children’s requirements.

How much will it set you back?

An initial retainer and a final fee will be charged by a buyers agency if the transaction is successful. While it is an extra expense to an already costly purchase, a skilled buyers agency may frequently save you more money in the bargaining process than their charge. Colombo Hirst charges a £2,500 retainer and a success fee of around 2% of the acquisition price. Clients, on the whole, prefer to agree on a fixed charge up front. Similarly, our duty is to negotiate the best possible purchase price for our customers, and by eliminating the % fee structure, we eliminate any question in their minds that we are simply looking out for their best interests. Our fee covers the labor we do, and we intend to recover it via the quality of the property we acquire and the price we can get for the buyer. The first retainer is in place to guarantee that our customers are committed to the search and to prevent them from us taking on another comparable search.

Fees vary greatly based on the kind of search, its intricacy, and the amount of time it takes. We charge a one-time registration fee, followed by a percentage of the purchase price during contract exchange. There are no unpleasant shocks since everything is discussed in advance. Some consumers may see a buying agency as an added fee to the already high cost of purchasing a home. If you were planning to invest £2 million in the stock market, however, you would seek expert advice. This isn’t any different.

Know why you should consider hiring a buyers agency

So, how does it operate, and what should you look for in a real estate agency?

It’s critical to deal with a buyers agency you like and get along with. Colombo Hirst does not collect a retainer unless the buyer is certain they want to proceed. Before any money changes hands, we often meet with our customers for initial consultations and have multiple interactions with them and their families.

“A prospective client’s initial meeting with me is always free.” Money does not move hands until the conditions have been agreed upon and the registration price has been paid. When picking a buyers agency, look for someone you can connect to, preferably someone who has made the journey themselves (for example, from Australia to the nation), knows the region like the back of their hand, and understands any educational requirements you may have. Don’t forget to ask them a lot of questions.

Is there anything that buyers agents aren’t in charge of?

Every part of the acquisition will be handled by a buyers agency. They will outsource aspects of the process such as the survey, conveyancing, and mortgage, but will play a key part in organizing all of these at the right moment. “There are a few things that buyers agents don’t handle, but the primary ones are official appraisals and surveys,” says the author.

Can you employ a buyers agency if you’re only searching for a place to rent?

Some buyers agents also handle rentals, but if that’s what you’re looking for, make sure you select one with a proven track record of locating rental property. Some agencies specialize on lettings solely.