Buyers Agent Melbourne
Posted by firojkhansahu on December 31st, 2018
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It's a common misconception that real estate agents are the enemy. Don't get me wrong, I've met and worked with many an agent and there are a few who I'd sooner avoid. But I apply the eighty-twenty rule to people - INCLUDING real estate agents. Most people are good.
Buyers are often skeptical of agents, and let's face it... we all know how some unfortunate negotiations can go. Buyers can be misled, properties can be under-quoted for auction, punters can be 'gazumped' and investors can be ripped off. The stories are vast and the magnitude of upset and suffering by some buyers can be frightening. But there are plenty of occasions where buyers get it wrong; and I've penned this article to spell out the five most common (and costly) mistakes.
The first mistake applies to the buyers who hit the 'open for inspections' without a plan (or even a vague idea of what they want), and expect the agents to jump into action to assist them. It's vital to remember that the agents work on a commission model and will respond to a task when they feel that the likelihood of getting paid is high. An indecisive buyer (and worse still, an indecisive first-home-buyer) can represent wasted time, a broken-hearted vendor and a headache for the agent if they make a purchase decision and then rescind (change their mind and withdraw from the sale). And even if the first home buyer does proceed with the sale, they typically represent a higher risk in terms of having their finance approved, increased work flow for the agent (the "firsty" asks a lot more questions than the experienced buyer), and no chance of a sale as a result of the purchase (otherwise known as a "trade-in"; a term often applied to a buyer who has a home to sell once they "trade-up" with their new purchase). Some agents will avoid first home buyers altogether for these reasons.
It pays for the buyers to have a firm plan, a clear idea of what the property values within the area are, and a criteria list which is reasonable. If the agents feel that the buyer is realistic and serious, they will be more likely to help, be responsive, and introduce the buyer to new listings before other buyers are alerted.
The second mistake a buyer commonly makes with an agent is telling them too much. Agents are trained to piece together information to give their vendor an advantage once the negotiations start. The agents are often aware of the buyer's maximum budget, how willing the buyers are to stretch their budget for the property (ie. how keen they are), and what settlement terms they require. Agents generally know what other auctions many buyers have previously attended and what sort of budget they bid to. It's hard to keep secrets in a particular township, even between competing agencies. The best thing a buyer can do is to provide the agents with a brief of what they are looking for, but to leave it devoid of maximum budget and desired terms. Should the agents be familiar with past failed attempts to purchase, the buyers may be best advised to appoint a third-party negotiator.
The next mistake relates to buyers who treat the agents with contempt, skepticism or no respect. How can an agent possibly give a buyer any assistance if the buyer has treated them badly? It's important to note that the agent works for the vendor. The agent is often the most INFLUENTIAL person in the chain; taking the buyer's offer and the vendor's position and managing a common-ground final position. I call the agent the 'conduit' between the buyer and the seller. The agent is paid to find the right buyer and to facilitate the transaction. Buyers should never underestimate the power and influence which the agent holds when it comes down to the final negotiation. If there are competing bidders (and if ONE of the buyers has offended the agent), it goes without saying that the agent will naturally favour the other buyer. It pays not to treat the agent with contempt. As a Buyer's Advocate, I treasure my good agent relationships. it's not unusual for the agent to introduce me to an alternative property after finding myself the unfortunate under bidder. Many times these 'alternative properties' are what we refer to as "off-markets"; properties which haven't hit the market and haven't been photographed. The advantage of off-market properties is that no other buyers have seen the property and I have an opportunity to bid for the property without competition.
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