Buying a home is the “Great Australian Dream”. It’s not just having the capability of providing shelter. But the idea of owning a piece of land in one’s own country can be a truly defining moment. But home ownership isn’t simply a matter of having the financial means. You have to know what to buy; where and when. If you are thinking of buying a home the first step may be to hire a real estate Buyer’s Agent.
A Buyer’s Agent is sometimes referred to as a “Buyer’s Advocate”. He or she is a real estate agent who represents the interests of the buyer. As a real estate agent, a Buyer’s Agent has the advantage of understanding the transaction from the perspective of the buyer and the seller.
More experienced real estate agents offer the advantage of a third perspective; that of a home owner. Agents who have purchased their own property can empathize with your desire to buy your own home. They have traveled down the same path and have dealt with similar fears, anxieties and biases. They know what you are going through and can help you overcome these challenges.
How Can a Buyer’s Agent Help You Buy Property?
Buying real estate property is a monumental undertaking. For most of us, it would amount to be the most expensive investment we will ever make in our lives. And that is the keyword in buying property: investment.
Yes buying property entails a significant payment. If you are planning to pay for it with savings, it will leave a large gaping hole in your cash asset. If you plan to take out a home loan, it may eat up 30% of your monthly stream of income for the next few years.
But real estate is an asset that appreciates over a period of time which is why you should look at it as an investment. You are merely exchanging one asset; cash for another, property in the hope that in the future the investment will pay out an amount much higher than what you paid for it.
There is no guarantee that your property may appreciate or if it does, no certainty on the best time to sell. But you have to look at home ownership not just from the lens of a provider but as an investor in order to maximize the value of your hard earned money.
This is where the Buyer’s Agent can help you in more ways than one:
- Advises you about Real Estate Investment. Once you’ve selected your Buyer’s Agent, the first thing he or she will do is give you an orientation on the property market.
The Buyer’s Agent will bring you up to speed on property trends, current developments, areas of high demand, latest legislation on real estate ownership and other matters related to home ownership.
The idea is to frame your mind to view the purchase as an investment that could reap potentially big returns in the future.
- Properly Articulates your Dream House. Everyone has an idea of what their dream house looks like. A Buyer’s Agent will ask you to describe it in detail:
- How big is the floor area?
- How many rooms?
- How many toilet and bath?
- Does it have a garden?
- How many cars should fit in the garage?
- What does your ideal neighborhood look like?
From these details, the Buyer’s Agent will search through his or her listing and connections to find out how many houses fit your requirements and of course, budget.
- Sets a Time Table into Motion. A good Buyer’s Agent should have property visits scheduled within a week. He or she will closely coordinate with you regarding your schedule.
Property visits can be quite a balancing act. The Buyer’s Agent will have to find a schedule that is convenient for you and the property owner. Of course, it should also conform to the schedule of the Buyer’s Agent.
- Explores all Possibilities. A big advantage for hiring a Buyer’s Agent is that he or she will explore all possibilities outside his or her own listing. Among these possibilities are as follows:
- Private Sellers – They don’t have their homes listed publicly; they prefer dealing only with buyers who have been qualified by the agent.
- Open Houses and Auctions – You can find great deals through open houses and auctions which is why it could get competitive. A Buyer’s Agent can advise you whether to bid for the home or not.
- Guides You Through the Process. A real estate transaction can be complicated. There are local laws that you have to abide with and documentation that you have to submit.
The Buyer’s Agent can get all of these done for you. One thing to keep in mind is that in some city states, there is an allowable period for a transaction to push through.
That is why time is of the essence. Once you agree with the purchase of property, the process begins. There are prescribed time periods to review, negotiate and sign contracts, provide insurance, verify the authenticity of the title and to pull out of the arrangement.
Having a Buyer’s Agent in your corner can ensure that you stay within the time table.
- Negotiates on Your Behalf. Negotiation is a key aspect of buying property. It can be a tricky and sellers will often sign up a Listing Agent to negotiate on his or her behalf.
As earlier mentioned, a Buyer’s Agent knows how sellers maneuver during the negotiation process. The seller has a price in mind that meets his profit objective.
The Buyer’s Agent’s goal is to find a point where the buyer will get the best value for his or her money. If the seller remains steadfast, the Buyer’s Agent will try to iron out conflicting points in the negotiations. In the end, both parties should be satisfied with the final price.
Buying a home is an exciting time but it can also present stressful situations. Hiring the services of a Buyer’s Agent will greatly alleviate the pressures of these challenges and help you find the home of your dreams.