The process of buying a home or an investment property can be stressful, time consuming and completely overwhelming for some people. But is doesn’t have to be, because you can now choose to use a fully qualified Buyer’s Agent to do it all for you instead.
The term Buyer’s Agent may be new to you, so we sat down with Melinda Jennison of Streamline Property Buyers Brisbane to explore the role of the Buyer’s Agent in the property industry.
What does a Buyer’s Agent do?
“A Buyer’s Agent (also sometimes referred to as a Buyer’s Advocate) is a fully licenced real estate professional that specialises in searching for, evaluating and negotiating the purchase of a property on behalf of a buyer. A Buyer’s Agent works “exclusively” for the buyer and acts in their best interests, but they do not SELL real estate.
“Some Buyer’s Agents are also Qualified Property Investment Advisors (QPIA) who can also provide an individualised property investment strategy to suit an investor’s personal circumstances, and then implement that strategy on behalf of their Clients.“
What are the advantages of using a Buyer’s Agent?
“Working with a Buyer’s Agent makes the whole process of buying a home or investment property stress free. It saves time, eliminates frustration and ensures a buyer gets access to all properties that are available for sale, both on and off-market. If the Buyer’s Agent is also a QPIA, they will also be able to devise a specific Property Investment Plan that is tailored to meet an investor’s long-term wealth creation goals and conduct the necessary research to find properties in locations that will deliver the capital growth or rental yield results that are required.
“Additionally, a Buyer’s Agent will also ensure that a buyer does not pay too much for a property as they will be able to provide a full comparative market sales report to determine the market value of a property before an offer is made on a property. They will also uncover everything about a property that a buyer may not even think to check. These include things such as what is underground, any flood or environmental impacts, the development that is approved for an area or even the land zoning or council overlays that effect a particular property. Finally, a good Buyer’s Agent should be able to advise on ways that a potential property can be improved to manufacture additional equity (eg- through renovation or development).“
How much does a Buyer’s Agent charge?
“Fees for service generally depend on the scope of works required. Some buyers engage a Buyer’s Agent to bid on their behalf at auction which is the entry level service that most Buyer’s Agents offer. Other people engage a Buyer’s Agent to perform due diligence investigations and undertake negotiations on behalf of a buyer for a property that they have found themselves. The full Buyer’s Agent service includes advice on where to buy, what to buy, all inspections performed on your behalf and the full auction bidding and/or negotiation service. Full service also includes coordinating post-contractual arrangements with conveyancers, building and pest inspectors, financiers and property managers (where applicable for investors). Charges start from as little as $500 + GST and can increase to more than $20,000 + GST, depending on the scope of works and the value of the property.“
After speaking with Melinda, it became clear to me that using a Buyer’s Agent may be a wise choice for investors, particularly those new to the property market, unfamiliar with the area in which they are investing, or are just time poor. Using a Buyer’s Agent helps you to avoid costly mistakes, ensures you are being professionally represented and allows you to focus on doing what you want with your time.
If you are considering purchasing an investment property and would like to know more, you can contact Melinda on 1300 318 477 or visit www.streamlineproperty.com.au
By Laura Valenti
Solutions Property Management