Real estate industry operators are largely unaware of the benefits that can be brought to the table by embracing the services of buyer’s agents.
This is understandable. A real estate agent acts for their seller and on face value it appears the buyer’s agent is there to do the exact opposite. But this is where the misunderstandings lie.
In reality, buyer's agents are not acting in competition with selling agents – rather they are working with them. This relationship has been misunderstood ever since the buyer's agent concept came about. But thankfully many selling agents are using, and coming to see the advantages, of this connection. The number of specialist buyer’s agents being appointed by agencies are on the rise.
So, what are the advantages?
Firstly, if a buyer’s agent turns up at your door with a client, guess what – that client will not be a tyre kicker, a time waster or someone with a half-hearted ‘let’s just have a look’ attitude toward buying. On the contrary, they will be a qualified buyer with pre-finance approved.
“This is one of the main reasons that selling agents should be working with buyer’s agents,” said Simon Rose of Rose Property Buyer’s Agents. “Every week I bring the agents I work with genuine buyers looking for the kinds of properties they have on their books which saves them time and makes their lives easy in what is now a quite challenging market.”
What’s more, a buyer’s agent job is to forensically research the style of property their client desires, down to location, size, aspect and so on. They will not be bringing them to you, the selling agent, if they do not know for certain you have what their client wants. Prospective buyers especially in the upper end of the market are time poor and, in such cases, a buyer’s agent is their best friend, doing most of the work for them.
Thirdly – and this is another big help to a selling agent – the buyer’s agent is the one who deals with conveyancing, organises building and pest inspections, and basically does all the necessary due diligence so the real estate agent can get on with their business of selling property.
Also consider that when a buyer’s agent and selling agent act together rather than in isolation, the chances of a quick, smooth sale are vastly increased. It’s a two-heads-are-better-than-one scenario.
“I can’t believe there would be one real estate agent out there who wouldn’t like seeing their sales expedited in as professional and pleasant manner as possible,” Mr Rose said. “It’s been heartening on both sides to see just how much I as a buyer’s agent have been able to streamline the selling process for real estate agents.”
Buyer’s agents with qualified clients are particularly handy when it comes to selling off-market property, too. As we all know, this part of the market is on the rise for a number of reasons – from vendors wanting to avoid publicity to those who view the idea of onlookers traipsing through their properties every weekend with disdain. In this regard, buyer’s agents are able to bring genuine buyers to the table and ease the off-market selling process.
A relationship with a buyer’s agent is also enormously beneficial when real estate agents are being approached by expats. In this instance, a selling agent has much to gain by shifting the job of dealing with an expat client to a buyer’s agent who can then save them the time involved in discovering what the expat is seeking. The buyer’s agent can then present this information to the selling agent and proceed with the due diligence once a property is found.
In the same vein as having a qualified buyer, an agent can rest assured that when a buyer’s agent brings a client to an auction they will have advised them on the true market value of a property. They will also help their client with negotiations and auction strategy. This way a selling agent avoids the prospect of an auction being largely attended by prospective buyers with unrealistic expectations who are quickly blown out of the market as bids soar above their budget. Simply put, with a buyer’s agent involved, a vendor is more likely to get a sale.
Buyer’s agents are generally paid a percentage of the sale price, so again there is no cost to the selling agent creating yet another win-win situation.
“There really is nothing not to like about selling agents and buyer’s agents working together,” Mr Rose said. “This is the way of the future as the property market - like every other industry sector - gets busier and more competitive.”
For more information see Rose Buyers Agents - Off Market Specialists Contact Simon Rose on 1300 244 771.