Why should I pay a buyers agent extra when I can do it myself?
Anyone trying to purchase a property on a limited budget is justified in asking this question. Engaging a buyers agent may, at first look like an indulgence, but there are many reasons why all buyers, of all budgets should consider it.
When it comes to buying property, it’s important to realise you could be paying in other ways by not getting expert advice:
- Time out of a rising market
- Buying a sub-standard property that has limited capital growth
- Paying too much for a property
- Getting sucked-in by a property spruiker pushing over-priced low-grade properties
It’s crucial to understand that the odds are stacked against a lone buyer dealing with a professional sales agent. They hold all the knowledge and most buyers play a hopeful guessing game.
When you consider the risks involved with making the wrong purchase or getting caught in a tricky negotiation, can you really afford NOT to get expert advice?
Another major problem with DIY property purchase is procrastination. Many people who labour too long in making a decision miss out on the property they have been waiting months for. I sometimes get clients who have been searching for many months, sometimes years, and basically need confirmation that they are doing the right thing.
The hesitation usually comes from fear. Buying a property is one of the most stressful transactions most of us will ever make and the biggest stress usually comes from the fear of paying too much. There is nothing worse than realising you could have bought better, and it’s too late once the contract is signed.
By deliberating for too long, home buyers run the risk of losing the property, or having increased competition drive up the price because another party has had time to see it.
If you’re crystal clear about what you’re looking for and you’ve done your research, you’re less likely to hesitate and miss out on a great buy because more often than not, the great buys don’t last long.
It is interesting when I get a new client and I go straight to showing them something and I say you should buy this. It is problematic as the buyer assumes we have to go through lengthy, painstaking search going through every option. But I have already done that. I do it all the time. More than half of my negotiations involve competitive bidding situations. What I want to do is get you in and out before other buyers are able to swoop.
If you were going to a surgeon you would not say “I am paying you a lot of money therefore I want you to spend a lot of time in surgery.” You would want some one with a sure touch, lots of experience and knowledge and able to get the job done quickly with no fuss.
Don’t be a victim of analysis paralysis. Get a good buyers agent.
Credits: This article was an amalgamation of two fellow buyers agents – Veronica Morgan from Good Deeds, and Patrick Bright from EPS. For a quality buyers agent in your area go the REBAA – Real Estate Buyers Agents of Australia.