Entering the property market or expanding your portfolio can be complicated. There’s a lot to understand, and for new investors, there’s certainly a lot to consider. From keeping track of property markets to the average value of suburbs, the future outlook is difficult enough for real estate professionals, let alone individual property investors.
Thankfully, there are people out there with the skills, expertise, and experience to lend a helping hand. Buyer’s agents or ‘buyer’s advocates’ are independent professionals that dedicate their time and efforts to help you secure the best property deals.
Let’s take a look at how these people work, and how they can help secure the best deal on your property and increase your portfolio.
What is a Buyer’s Agent?
Let’s say you’ve saved enough money and you’re looking for a real estate opportunity. Despite your enthusiasm, you have absolutely no idea how much any given house is worth, how to negotiate, and whether or not a buyable house or property is a good investment.
It is possible to research these things, but even so that’s a significant investment on your time and effort, and buying a property can be stressful enough without having to do the huge amount of research required to educate yourself.
This is a perfect scenario to hire a buyer’s agent.
Buyer’s agents are independent real estate experts that act on behalf of the buyer. They are effectively a professional property buyer that investigates, vetoes, and purchases properties on your behalf.
What Does a Buyer’s Agent Do?
Buyer’s Agents generally perform a wide range of tasks on behalf of their clients. At the core, their role is not to sell properties, but rather to represent buyers and work around their best interests.
A good buyer’s agent can simplify the entire process, help you to access more properties, and ultimately, save you a lot of time, stress, and money. This work can include:
- Investigating the local market and seeing what would make a good purchase for your budget and goals.
- Recommending a building inspection and providing a contact for this service.
- Valuing the property according to current trends in your area’s market.
- Ensuring that any legal documentation is reviewed by a specialist.
- Helping you establish Power of Attorney.
- Negotiating on your behalf.
- Bidding for you at an auction.
- Negotiating property access pre-settlement.
- Being with you and representing you at the property’s final inspection.
This wide range of services are all tailored to fit with what assists the buyer, and what brings them the largest return on investment. The list above makes it clear that the services provided by a buyer’s agent are almost priceless, especially for people new to the industry. However, there is a cost to consider.
Below, we’ll cover some of the ways in which a buyer’s agent can really help you to secure a great deal. This includes analysing market trends, identifying the right suburbs, doing their due diligence, and more. Keep reading for an in-depth breakdown!
Analysing Market Trends
Australia’s property market is constantly evolving, and Melbourne is no exception to this rule. Every few months, suburbs pop up and become the latest hotspot for property investment, while the average value in other areas remains the same.
This is where the expertise of your buyer’s agent becomes invaluable. Here, they can use your goals and objectives as a base, then conduct in-depth research to uncover an opportunity to match. Most importantly, this involves a thorough analysis of current and future market trends.
Because buyer’s agents often have access to up-to-the-minute market projections, this allows them to make recommendations that not only offer genuine value for each client, but also recommendations that are backed by the data. Of course, their years of industry experience inform these recommendations as well.
Here is a recent case study to illustrate how this all works in real terms.
Identifying the Best Suburbs
After a strategy is confirmed and the client’s price range is established, the buyer’s agent will then begin to conduct market analysis and research. Of course, if a vendor has already presented a great opportunity to them, this may be quickly forwarded to the buyer on behalf of the agent. However, shortlisting suburbs and locations is generally a key part of the buyer’s agent service.
While a buyer may have their heart set on a particular suburb, this doesn’t mean that the perfect opportunity exists within that particular postcode. For example, if ‘buyer a’ wants to purchase a property in Blackburn, there could be either a lock of local properties up for sale at that time, or a better opportunity for investment just two suburbs over.
Sometimes, the best investment opportunities are in a suburb or location that you may have never considered, and this is where the insight of a buyer’s agents becomes invaluable. Of course, off-loading this task to a professional is also highly beneficial for any investor that leads a busy life.
Due Diligence
Every property, from small units to large expansive blocks of land, has its own unique set of considerations and factors. As a result, a significant level of due diligence is always required. Because there is so much to consider, investors often turn to a buyer’s agent to conduct all of the groundwork to access all angles of real estate opportunity.
Primarily used for the purpose of developments, feasibility studies are a great example of this due diligence in action. A feasibility study aims to assess the overall risks, profitability, constraints, and various other aspects. This process can include a deep dive into the land, construction, design, or zoning.
Due diligence, such as a thorough feasibility study, is a core aspect of the buyer’s agent experience. This process can also help you to avoid land or properties that have too many issues to overcome and are therefore best to steer clear from.
Need some expert assistance with an upcoming investment? Connect with Property Analytics and partner with the best buyer’s agents in Melbourne. We are data driven, results oriented, and dedicated to your best interests. Reach out to us today on 03 9497 5429.
Accessing Off-Market Properties
Not every real estate opportunity is listed on the major websites, apps, and platforms. In some cases, the best prospects aren’t those which are readily accessible to the general public or everyday investor.
The off-market route is preferred by some sellers because it foregoes the need for an auction, as well as the need to organise public inspections and various other admin related tasks. Of course, they may also have other reasons or motivations to take this approach.
Once again, this is where the services of a buyer’s agent come in real handy. Buyer’s agents often have great connections and networks across the area in which they operate. In some circumstances, an agent may approach the buyer’s agent directly and present the off-market opportunity. From here, your advocate can present it to you and provide all of the necessary information.
If you’ve been to a recent open inspection or even witnessed one on your street, you’ll probably be well aware of how competitive the property market is right now. By using an agent to access off-market opportunities, you can avoid the large crowds, the early mornings, and everything else that comes with these highly competitive listings.
Negotiation
After the strategy is finalised, properties are shortlisted, and feasibility analysis is complete, the next step is the all important negotiation process. Whether you’re about to invest in a townhouse, established home or a future development, knowing what you want is one thing, but actually securing the best deal is another feat altogether.
Negotiations will typically involve any of the following situations:
- Private Sales
- Expressions of Interest
- Off-Market/Vendor-Direct
In these circumstances, a buyer’s agent will pull out all the stops to negotiate a price that best matches your budget constraints, as well as the value that they believe the property is worth. This is one area where their help can really help you to secure the best possible deal.
Need a Reliable Buyer’s Agent in Melbourne? Reach Out to Property Analytics Today
Property Analytics is a specialist buyer advocacy firm operating across Melbourne. Using a unique data driven approach, we’ve helped countless clients to find profitable investment opportunities that offer real and tangible long-term value.
From detailed market analysis all the way to property negotiation and paperwork, we offer an end-to-end advocacy service that puts your interests at the forefront. Property Analytics is the buyer’s agent you need to take your first steps in the world of property investing.
It’s never too late to get your foot in the door. Whether you need a buyer’s agent in Brunswick, Kew, or Melbourne’s outer suburbs, you’re welcome to get in touch with us now!
