With more and more real estate buyers using the services of a buyer’s agent, I often get asked about being on the other side of the fence. For example:-
• How do selling agents perceive your service?
• Do they see you as the enemy?
• Will they deal with you?
To the contrary, the professional selling agents actually value our service because they know our clients are qualified buyers and have:-
1. A concise budget – relevant to their needs
2. Defined their property’s specifications – the “Musts” and “Would like to”
3. Short listed up to 5 suburbs where they want to buy
4. Realistic expectations
5. A clear understanding of the market conditions and the price range of their planned purchase
6. A time frame to buy i.e. made the decision to buy now
7. Arranged finance
8. Appointed a legal representative
9. The ability to organise within 24 hours all the buying due-diligence services
Hurdles a buyer might have without the services of a buyer’s agent (and which affect the seller’s agent) include: –
• The buyer’s anguish caused by the buyers lack of knowledge of the fair market price
• The buyer being told by family and friends “you are paying too much”
• The buyer has to arrange finance
• The buyer gets cold feet due to misinterpreting an inspection or strata report.
When transacting with a buyers agent, the selling agent knows their written offer is real and once accepted the deal will go through expeditiously to the satisfaction of all parties involved with less likelihood of it falling over because of the buyer’s agent comprehensive market research, objectivity and emotional detachment.
After all, both types of agents are committed to their respective clients to deliver the optimum result in the shortest period of time; hence they know it’s a win-win outcome.
Fred Haggar is founder and Managing Director of Property Search 4U, a buyer’s agency that has won for the second year in a row, the “highly recommended” award in the 2008 Australian Achiever Awards for NSW’s Real Estate Services category.