What does a property buyer's agent do for you?
You have finally decided to purchase a Sydney property but don’t know how or where to start. If you have researched previously, perhaps you have read many times about the term “buyers advocate” or “buyer 's agent”, but still not sure what the role is in the real estate business in Sydney.
Well, don't worry, you have come to the right place. We have designed this quick guide for you to learn how to take advantage of what buyer’s agents do, how a buyer’s agent works, how to find property Buyer's Agents in Sydney, and much more.
This guide will be perfect, especially if you are a first-time home buyer in Sydney or looking to buy in Sydney while living abroad.
So, let’s get started!
First of all, a buyer's agent is a licensed Real Estate professional that specialises in searching, evaluating, and negotiating the purchase of a property on behalf of the buyer. In our case, we specialise in Sydney properties.
As always, the most important thing to understand is why you should consider using a property buyer's agent. The main reasons to use a property buyer’s agent in Sydney, and why is it crucial in the whole buying process. Let’s break this down.
Why do you need a property buyer’s agent?
There are a lot of advantages of using a buyers' advocate in Sydney when looking to buy a new home, next investment property or development opportunity, these include:
Saving time: searching for your next home or investment property is completely exhausting, even more so, if you have low to no familiarity with the local area of interest. An expert buyers' agent has extensive knowledge of their local real estate markets and can clearly educate you on the positives and negatives of different areas.
Having this expertise on your side with accurate appraisals and up-to-date information about market values, empowers you as a professional buyer and will save you a huge amount of time when it comes to finding a property in the best Sydney suburbs.
Access off-market properties: Off-market deals are private opportunities that take place behind closed doors without ever being publicly advertised for sale, and their main goal is to benefit both sellers and buyers. Thanks to Sydney's local market knowledge and the extensive network of real estate contacts, at Middleton Curtis Spencer we are able to see properties that meet your criteria before they’re listed.
A huge benefit of accessing off-market properties in Sydney, otherwise known as “silent sales”, is that you’ll face less competition from other buyers, as well as helping you find your new property sooner.
Pro tip: it’s easy to be attracted to the idea of buying off-market. Always remember to ask yourself: Is it a quality property?, Does it meet my needs? Is it a fair price?
Avoid stressful auctions: The pressure experienced by many buyers during the Auction process often results in emotional decisions that transpire to paying more than the property is worth. Knowing the hidden tricks and preparing a specific auction strategy will ensure you secure the right Sydney property at the right price and avoid emotionally paying over market.
Having a professional property buyer’s agent in Sydney bidding on your behalf gives you a solid strategic edge and blocks any chance of emotional bidding.
At this point, you're probably still wondering: Should I use a buyer’s agent in Sydney? If not sure yet, let’s continue. There is still a lot to digest.
How do buyer’s agents work?
To start, if you are looking for a buyer's agent full service, this means property search, negotiation, and purchase, then we will guide you through the full buying process.
Pro tip: Start your buyer needs and wants list early: Which suburb best suits your needs? What type of house or apartment are you looking for? Are you planning a family? Starting a home business? Downsizing? Wanting more lifestyle or lower maintenance?
How do buyer’s agents make money?
Buyer’s agents in Sydney charge based on one of three pricing models:
- Fixed fee: Buyer’s agents who charge a fixed fee have pre-set the cost of their services, and the fee will not change based on purchase price. However, fees will vary depending on the service provided, for example:
- Tiered fixed fee: Fees will change depending on the property purchase price. Buyer’s agents set a fee for each predetermined property price bracket.
- Percentage of the property purchase price: fee will be based on the purchase price of your property. This means any increase in price is likely to affect your buyer’s agent fee. Most agents will charge between 1% and 3%, depending on the service they provide.
Additional buyer’s agent costs
A buyer’s agent may charge additional costs, depending on the service they provide. These could include:
Auction bidding fees vary, but start at around $750 for each auction (often with an additional fee payable should they be successful). It's a small investment to make for using a professional negotiator and avoiding the stress of auctions.
How to find property buyers in Sydney?
It's best to work through this in a methodical manner.
We are getting to the end of this quick guide for first-time home and investor buyers, and you could still be wondering... Is a buyer’s agent worth it? The answer is, Yes! It's worth it. First, a buyer's agent or advocate should make the process of finding a new Sydney property easier and less stressful. Second, the buyer's agent has the potential to save you money through their vast experience and market knowledge by securing a better deal on the purchase price driven by the agent's ability to negotiate.
To conclude, Middleton Curtis Spencer buyer’s agents (MCS Buyers) help anyone who is seeking specialist advice on a property purchase, whether they are professional executives, first-time home buyers, experienced investors, commercial buyers, or developers.
What are you waiting for? Give us a call, and lets meet for a free in-home chat to discuss your plans and learn how we can make your journey a success.