Are you looking forward to investing your stakes in established houses? It’s the most crucial decision, and you will want to invest your money in investment properties that can offer you a good return.
But how to find a high-rewarding investment property in a desirable location in Australia? It’s when buyers agent can come to help.
In Australia, buyer agents can help with property research, negotiate with the potential seller, and close the lucrative deal.
You might be tempted to work with someone you know, like a friend or colleague with a real estate license. However, this decision could backfire. Instead, you should find a professional and experienced buyer’s agent, primarily if investing in established houses for the first time.
In this article, we have put together tips to find the best buyer’s agent in Australia.
Table of Contents
How do you find the best buyer agent in Australia?
Determine the Buyer’s Agent’s Experience
The Buyer’s Agent industry is one of the newly emerging industries in Australia. Even many investors haven’t heard of the term buyer’s agent, let alone know what services they provide and how they can help buyers in the investment property buying process.
You should know that hiring the right buyer’s agent can enhance your overall property buying experience.
Now that it’s an evolving space in real estate, you must understand how to assess a buyer’s agent’s professionalism based on their experience.
So, when appointing a buyer’s agent for a profitable purchase transaction, look for the following:
- A minimum of eight years of experience in Australia’s real estate market because this period is sufficient for a buyer’s agent to experience a complete property cycle.
- See to it the shortlisted buyer’s agent lives locally in Australia, as such agents will know how the local real estate market works.
- The buyer’s agent should have previously worked or ventured into the industry, as such agents will know how property buying and selling works.
Look for the Buyer’s Agent’s Credentials
In Australia, Buyers Agent must hold a real estate agent’s license and be registered with the authorised office to be able to act legally on behalf of their client when closing the deal.
- You can ask the shortlisted buyer’s agent for credentials.
- Alternatively, head to their official website and look for the credential-related details.
Ask the Buyer’s Agent About the Past Clients
It’s always a good idea to ask the buyer’s agent about their past clients, and you can talk further with the clients about their experience with the agent.
You shouldn’t hesitate to ask the buyer’s agent about past client contact information. Instead, contacting their past clients will help you learn about that buyer’s experience first-hand.
If the buyer’s agent refuses to share their client details, you need to reconsider working with them (sometimes a buyer’s agent might hesitate to disclose full information about their past client due to legal confidentiality constraints) and move on to the next agent on your list.
Ask About the Buyer’s Agent’s Recent Results
It will help to ask the buyer’s agent to provide you with the portfolio of investment properties that have helped their clients secure.
The portfolio of the Investment Property In Australia should also mention how the buyer’s agent saved the client money or how they pinpointed the best investment properties for the clients.
If the chosen buyer’s agent can’t demonstrate the real results, consider it a red flag.
Ask Buyer’s Agent Some Important Questions
You should create a list of questions centred around what you want to achieve by engaging with a professional buyer’s agent and the type of experience you want to leverage from the process.
Ask yourself why you want to appoint a buyer’s agent to represent you in the property purchase process and how the process works.
For example, suppose you want to hire a buyer’s agent because you want more leverage into the market and want to access off-market properties.
In such a case, ask the shortlisted buyer’s agent about their local network and connection to local real estate agents.
The following are some other questions you can ask the buyer’s agent:
- How do you source investment properties other than via usual online listings or channels?
- Will you give a money-back guarantee if you fail to produce the desired result?
- How long have you been helping clients buy property in Australia?
- Do you work individually or with a team?
- What areas in Australia do you focus on?
Know the Buyer’s Agent’s Fees
Another thing you must find out is about the shortlisted buyer’s agent’s fees. In Australia, Buyers Agent typically charge a commission and upfront fee, and others charge a fixed price. You must understand what different costs are involved and when they are payable.
You might be tempted to hire the buyer’s agent, charging the lowest fee. But remember that such agents might compromise on the quality of service, or they are not as skilled enough as you might think.
Instead, you should compare the buyer’s agent’s fee with other professional agents and choose an affordable service.
Find out How the Buyer’s Agent Goes About the Property Buying Process
Buying an investment property is a complex task, especially for buyers investing in established houses for the first time.
A professional buyer’s agent should explain their unique process of buying the right property for you at the right price. It’s much better if the buyer’s agent has a written outline of their property buying process and how they deliver the services to you.
It’s best to ask the buyer’s agent to provide this document and assess it carefully before signing a contract.
In addition, ask them whether they work individually or as a team. Sometimes, larger buyer’s agency firms redirect their clients to less knowledgeable or experienced staff for specific steps of the buying process, resulting in poor investment.
Instead, the buyer’s agent must demonstrate each step in their buying process and what value they can add to your purchase at each point in the buying process.
Investing funds in Investment Property In Australia is an excellent way to earn a lot of money.
However, to capitalise on your property investment, you must find the right buyer’s agent who has your best interest at heart.
Such professionals can help optimise the investment property buying process. Following the above-discussed tips is your ultimate solution to hire a professional buyer’s agent.