It’s well known that real estate agents act on behalf of the vendor, but did you know that there are also professionals that provide a service to buyers.
Buyer’s agents are gaining popularity with time poor buyers and those with less experience or confidence in the market. They can be engaged to identify suitable properties and even take on the negotiations with real estate agents or vendors.
They are particularly handy in markets where there’s a certain amount of uncertainty, such as the current climate where prices are climbing rapidly in some areas and stagnant in others.
Some buyers seek the services of an agent to avoid trawling through property listings, pounding the pavement visiting open houses and haggling with estate agents. But for others, engaging a buyer’s agent can take much of the emotion out of negotiating, which some agents claim can result in a better purchase price.
Buyer’s agents are experienced in dealing with real estate agents and have an in-depth understanding of the market as well as the sales process – which can certainly be an advantage for those who lack confidence.
For investors it’s worth noting that the cost of engaging a buyer’s agent may be tax deductible as with many of the other associated costs involved with a property purchase. However owner-occupiers will probably have to foot the full bill.
Charges can vary from a flat fee to a percentage of the property purchase depending on the services provided. You may be able to pay a smaller amount if you are only after representation at an auction.
If engaging a buyer’s agent appeals to you, let us know and we can provide you a referral from our network of Trusted Professionals