Why buyers’ agents are an ace up your sleeve
It’s said if you sit at a poker table and don’t know who the sucker is… it’s you!
While I don’t believe buyers are pushovers, there’s no doubt inexperienced, under informed and sometimes overconfident purchasers will find themselves outclassed by seasoned professionals.
Here’s why having an experienced buyers’ agent in your corner ensures you take home the big win.
The rules of the game
Simplistic minds believe buying property is as easy as raising a paddle and signing away the next 30 years of your household budget on a mortgage.
In truth, these purchasers are failing to take full advantage of the hypothetical handbook that makes our markets tick because they don’t understand real estate’s rules.
Buyers agents spend years (sometime decades) building specialist knowledge around their property markets.
From legislation to contract clauses through to auction processes and negotiation, Buyers Agents are well aware of how the game is played and the strategies to maximise an outcome.
I’ve seen some buyers miss out on deals because despite a verbal ‘yes’, they didn’t provide the signed contract and deposit before an over the top counter-offer was made.
I’ve witnessed a highest bidder miss out on an auction property that didn’t make reserve because they thought they’d automatically have ‘first right of refusal’.
These are just a couple of rookie errors among the phone book of rules Buyers Agents deal with time and again.
Knowing the pros and spotting the sharks
Professional Buyers Agents tend to specialise in particular markets as a mix of location, property type and price point.
For those working daily in the real estate realm, experience has taught us the who, how and why of just about every agent (and many sellers) in our domain.
Relationships, particularly with agents, are key to landing great deals. Therefore, it’s important to nurture these relationships over time.
Think you’ve found an off-market deal that’s primed for profit? I guarantee a Buyers Agent has already knocked it back.
Are you wondering if a selling agent is straight up when she says there are no problems with the property? A Buyers Agent will have had hundreds of similar chats with that agent and already gauged their reputation for honesty.
Buyers Agents are aware of who can and can’t be relied upon to deliver on their word.
When a potential buyer first considers property ownership, they become intrigued and hungry for more information.
The first few weeks are full of Saturday morning enthusiasm as they attend auction events, scrutinise pages in listing portals and make dozens of cold calls to agents.
After a while, however, the impact of lost time and exhausting brainpower wears them down.
I guarantee even if you spend months looking for a property, you’ll only scratch the surface of the knowledge a Buyers Agent holds.
Using a Buyers Agent means you can take advantage of their real estate mega-brain while you concentrate on the things you do best and love most.
When to hold ‘em, when to fold ‘em
There comes a time in every negotiation where you have to put up or shut up.
This is often the most stressful moment for a buyer – you’ve laid your offer on the table with a sweaty top lip and a furrowed brow as you wait to see if the other side is all in… or folds.
For Buyers Agents, there’s a professional clarity of mind that comes with representing a client’s best interests. Also, unlike the buyers they represent, Buyers Agents are not distracted by the noise of emotional synapses pinging like fire crackers as a fight-or-flight response kicks in.
This is when a Buyers Agent really comes into their own.
A great Buyers Agent has determined what the property is worth, and probably why the vendor is selling, and will know the right steps to take.
Sometime that’s raising the offer or tweaking the conditions… and sometimes it’s a “Thanks, but no thanks,” because a better deal is just around the corner.
There’s no doubt Buyers Agents are your greatest asset when landing the perfect property deal. They are sharp, skilled, methodical and reasoned… and best of all they’re on your side.
In conclusion, when it comes time to make the big call on a winning hand, walk away with a league-sized pot by keeping a Buyers Agent ace up your sleeve.
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