How To Choose A Buyers Agent
Choosing a buyers agent involves more than comparing agency size, advertising or social media profiles.
A suitable buyers agent should have relevant experience, sound local knowledge, clear fees and a research-based approach. They should also act independently and represent your interests as the buyer.
Property markets can vary. Even streets within the same suburb may perform differently because of school catchments, flood risks, zoning, transport, property types and buyer demand.
For this reason, it may be helpful to choose an agent who is based in the area and regularly works within the local market.
Below are some key points to consider before appointing a buyers agent.
Buyer’s Agents vs. Real Estate Agents: What’s The Difference?
The main difference is who they represent.
A real estate agent works for the seller. Their role is to market the property, attract potential buyers and seek a suitable sale price. They are generally paid a commission by the seller.
A buyers agent represents the buyer. Their role is to help the buyer find a suitable property and negotiate the purchase price. Buyers agents may charge in different ways, as explained below, but they are not paid a commission by the seller.
What A Buyers Agent Can Do
A buyers agent can help you to:
- Understand local property market information
- Decide which property features are most important to you
- Find and compare properties that suit your needs
- Access properties that have not yet been advertised
- Communicate with real estate agents
- Estimate a reasonable price for a property
- Attend property inspections
- Negotiate the price or bid at auction on your behalf
- Assist with the process until the purchase is complete
- Choose a suitable property manager
How Do I Choose A Reputable Buyers Agent
Check that they have a licence and suitable experience. You may also wish to look at their recent purchases and online reviews, and make sure they work separately from selling agents to avoid conflicts of interest.
1. Look For Deep Local Expertise (Not Just A Broad Search Area)
Australia is made up of many different property markets.
For example, buying in Ascot may be quite different from buying in Nundah. The same can be said for Clayfield and Chermside. Each area may vary in terms of:
- Buyer demand
- School catchments
- Flood risks and zoning rules
- Long-term property growth
- Prices between nearby streets
A buyers agent should have a sound understanding of these smaller local markets, rather than viewing a state as one broad market.
Local knowledge may also help when considering:
- Properties that have not yet been advertised
- Differences between suburbs and streets
- Relationships with local real estate agents
- Streets that have performed well over time
2. Communication And Availability
Buying a property can take time and involve several steps. For this reason, it may be helpful to choose a buyers agent who communicates clearly and is reasonably available.
A suitable agent should keep you informed, respond to questions and explain each stage of the buying process. Before choosing an agent, you may wish to ask:
- When they are generally available
- Whether they prefer phone calls, emails or in-person meetings
- How long they usually take to respond
- Whether they can work around your schedule
3. Access To Off Market Properties
A buyers agent may be able to help you find properties that have not yet been advertised to the public.
Agents with relevant experience may have established relationships with local real estate agents and others in the property industry. These connections can sometimes provide access to off-market properties and offer more options to consider.
Before choosing a buyers agent, you may wish to ask about their local network and approach to finding off-market properties.
4. Negotiation Strategy
Negotiation involves experience, market knowledge and careful planning. A buyers agent should understand the property market and take a considered approach when negotiating.
Before choosing an agent, you may wish to ask about their experience, recent results and general negotiation process. This may help you decide whether their approach is suitable for your needs.
5. Buyer’s Agent Fees
Buyers agent fees can vary.
Some agents charge a fixed fee, while others charge a percentage of the property’s purchase price. With a percentage-based fee, the amount payable may increase with the purchase price. Buyers may wish to consider whether this fee structure is suitable for their needs.
A fixed fee may provide greater certainty, as the cost is agreed upon before the property search begins and is not linked to the final purchase price.
When comparing fees, it may be helpful to ask:
- Is the fee fixed or percentage-based?
- Is any payment required upfront?
- When is the remaining fee due?
- Could the fee increase with the purchase price?
- What services are included?
- What services are not included?
- Are there any other costs?
6. Look For A Strong Research And Due Diligence Process
A buyers agent should do more than send you property listings.
Before suggesting a property, they should look at its value, location, possible risks and whether it suits your needs.
- Recent sales of similar properties
- Flood maps
- Zoning and planning rules
- Easements on the property
- Underground pipes and services
- Planned developments nearby
- Local school catchments
- Access to public transport
- Rental demand in the area
- Possible building and pest problems
- Body corporate matters for units and townhouses
A suitable buyers agent should be able to explain why a property may meet your needs, rather than simply showing you what is for sale.
7. Understand The Difference Between A “Property Finder” And A Full-Service Buyers Advocate
Not all buyers agents provide the same level of service.
A buyers agent may support you throughout the buying process by helping with:
- Planning your approach and choosing suitable suburbs
- Inspecting properties and narrowing down your options
- Finding properties that have not been publicly advertised
- Negotiating the price or bidding at auction
- Checking important property information
- Looking for possible risks
- Considering whether the property may suit your long-term needs
This can be helpful in a changing property market, where careful advice may reduce the risk of costly mistakes.
Final Thoughts
Choosing a buyers agent involves more than looking at online rankings, reviews or advertising.
You may wish to consider their experience, local knowledge, independence, fee structure, team and approach to property research.
A suitable buyers agent should help you make a careful and informed decision without placing pressure on you to buy.
If you would like assistance buying a home or investment property in Ipswich, Toowoomba, Lockyer Valley, Moreton Bay, the Scenic Rim or Somerset, you can book a free consultation with Precision Property Buyers Agency.
FAQ
Are Buyers Agent Reviews Important?
Yes. Look for detailed feedback from people who have used the agent to buy a property, rather than mostly from business partners or other industry professionals.
Helpful reviews may discuss the agent’s communication, local knowledge, negotiation skills, property checks and support from the start of the search through to settlement.
Do Buyers Agents Find Off-Market Properties?
Many buyers agents find properties before they are advertised through their relationships with local real estate agents.
A buyers agent, such as Precision Property Agency, review every property based on its quality, price, risks and whether it meets your needs. This applies whether the property is off-market, about to be advertised or already publicly listed.
Can A Buyers Agent Help With Property Inspections?
Yes. A full-service buyers agent can inspect properties, narrow down suitable options and help arrange further checks, such as building and pest inspections.
The size of the team may also be worth considering. One agent may have limited availability when several inspections happen at the same time. A small local team, such as Precision Property Buyers Agency, may be able to attend more inspections while still providing personal service.
