The hardest decision I’ve made making any sort of investment is who will help me to proceed with the purchase of a property? Gone are the days of just buying a home that’s been advertised with a sign in the front of it or through Domain.com.au, The rise of a buyer’s agent has now caused a large increase in the number of buyer’s agents appearing on the market and it is a hard decision to make deciding whether to use one or which one you should use.
Buyers agents can conduct a wide range of services
to help you purchase property.
Some are a one stop shop ,where you can get everything done. I mean, all you do is sign the mortgage documents and buyer’s agent fee/service form. Other buyers’ agents might only help with the purchase or act on your behalf in an auction. You can decide on the details the agent provide, I have only ever used a full service buyer’s agent where they selected an area and dwelling for me that fell into the objectives and goals I was aiming to achieve.
There is more to a buyer’s agent than just paying a fee and letting the magic happen, a buyer’s agent isn’t just someone that purchases property, they are a main contributor in your team of professionals around you. The buyer’s agent should be working with the broker and the accountant, they all have one goal and that is to achieve the objectives and goals that you seek towards purchasing a dream home or investment.
It’s important going to a buyer’s agent with some answers you already know and if not, the buyer’s agent should be asking you these questions:
1. What are you trying to achieve financially / emotionally?
2. Do you have a plan to achieve your goals financially and emotionally?
3. What are your current circumstances and where are you in terms of achieving and implementing your plan and goals?
Without knowing where you are, you don’t know where you are going, and if you don’t know where you’re going you need to know the end goal and work backward.
A great buyer’s agent will get you to your goals and achieve them with a plan set out and the gears of the cog turning away in the background to achieve your goals to success.
So how do you decide on the buyer’s agent? I have used 2 different agents and spoken to many prior, its important to align with the individual and their values .They must have your best intentions and values set out to achieve the goals you have, They will be with you for most of the investing journey to achieve your goals.
I’ve created a list of questions you can ask a buyers agent during the hour consultation that is usually free with them when you contact them via their website or phone call. These questions are just a template to use and should not be written in stone but I would recommend asking them and any more you have,to get a copy of the questions please contact us.
Questions for buyer’s agents:
1. When did you start investing and why?
2. How many properties do you have and where?
3. How many clients do you have and are purchasing for a month?
4. Can you send me a client’s contact details for referral and the properties and valuations?
5. What value or skills can you bring to the table with regards to purchasing a property for me? Auction skills, market insights, real-estate agents working for them allowing off market or less competition;
6. How many returning clients do you have and the types of property portfolio growth over the years of investing with them?
7. What hours do you work and how can I contact you easily? maybe you are an international or interstate client with various time zones and use Skype, WhatsApp, WeChat and zoom;
8. How do they decide on the area to purchase and dwelling type?
9. What market insights and information platforms do they use to provide these details?
10. What data or information will you be given with regards to the cash flow of property, market conditions /valuations of the property and the property market being invested in?
11. How do they invest interstate? Who will be in charge of doing the inspections and who is liable for any thing not shown via video or inspection report? Most buyer’s agents work very closely with a real-estate agency in the area as they get the property management of the clients they are buying for. They will do the pre-inspection for you and you must get a build and pest inspection done too. I have purchased property international sight unseen and it is possible.
12. What are the costs to use their service, when are payments due and any retention discount or discount at all offered to work with them? (I have never been given a discount but it’s important to understand that they are working with you and not against, I would not ask if you know them well or understand their experience is sound. They save you dollars in the long term);
13. What hobbies or interests do they have? I found my buyers agents very easily to talk to ,you have to build rapport with them most importantly they should teach you about the investing process and why they do or make those decisions.
There are many more questions to ask and make sure you understand before deciding on a buyer’s agent, if you would like more advice on selecting or why to use a buyers agent you may contact us.
“You should never be afraid to learn from the mistakes you have made, learn and grow to achieve from them”- My Buyers Agent
Check out: https://rebaa.com.au/buyers-agents/
Please Leave a comment, Follow on Socials, and Ask any questions through comments or email.
