Australian property law can be tricky, and without the proper assistance, there are many potential pitfalls. The temptation to use a buyer’s agent can sometimes be stifled by the prospect of having to pay commission. Many people believe they can do just as well on their own, and without a doubt, there are dedicated people out there who do manage to navigate a transaction on very good terms. However, the truth is, buying a property can be a maze of contradictions and ambiguous language, designed primarily by and for the legal profession. Consumers, if inclined to do so, are capable of researching, administrating, and organizing the data required, but most see it as a mountainous task with little room for error and unforgivingly harsh outcomes for those who make mistakes.
To use an agent may cost a buyer as much as 2.5% of the property purchase. Many may balk at this prospect, but on closer inspection, what could be gained from this outlay? A good agent is capable of saving a client many thousands of dollars on a transaction, and at the same time can keep a keen eye on all the possible errors which may beset a smooth sale. Good agents are a guiding light to potential buyers in an unfamiliar landscape. But what can an agent do that a buyer cannot do themselves? Here are a few things to take into consideration before going it alone.
- Negotiation – Buyers know the art of negotiation and can usually work on a seller in a way that leads to agreeable results. We all like to consider ourselves savvy buyers but a good agent will have the people skills to hopefully get a decent reduction in price.
- A cool mind – We might think we know what we want, but buying property can be a big deal. There is always something around the corner. We can all get caught up in the excitement of the chase. But sometimes it’s prudent to get an emotionless, practical opinion on the matter – This property might be as good as it gets, another one might seem like your dream home but you’ve become blind to some of the drawbacks. An agent will always tell it like it is. Having a trusted counselor during these times could be invaluable.
- Timesaving – Home hunts can drag on and on. It’s not uncommon for buyers to spend many months searching, then spend many months in negotiation. No one who plans on buying property ever thinks it will take longer, but it does. The whole process can be sped up with the help of a competent agent. Once given a brief, most can get you to where you want to be in weeks not months.
- In the Know – Not all property for sale is as accessible as you might think. Behind closed doors, there are private sellers making deals that you might be blissfully unaware of. If you have a good buying agent with strong local connections there is a greater chance of being introduced to properties that aren’t even on the market yet.