Help with the nightmare of buying
Help with the nightmare of buying
Buyers often come to meet the team at Buyer Solutions and tell us stories that they have been struggling to buy and missing out for sometimes over twelve months before calling us.
Lost weekends are a common complaint. Suffering endless open for inspections, attending auctions, bidding and not buying. Not to mention any costs incurred with no result. Building inspections, pest inspections, legal advice – it all adds up.
For some buyers, the experience is clouded with fears: of missing out; of paying more than it’s worth or more than the vendor’s bottom price; of buying a property that might prove to be unsuitable and paying for the mistake forever.
For a novice, bidding at auction against tactical adversaries and aggressive auctioneers is a nightmare, as is dealing with the rules of submitting offers for private sales and expressions of interest.
It is no surprise that buyers’ agents (or buyers’ advocates) have a growing presence in Australian real estate, handling all of the above and more to varying degrees, depending on the client’s brief, and being able to source properties off-market, often from selling agents whose vendors want privacy or a quick sale. Also, when I started, a two-bedroom flat was $35,000, now it’s around $500,000. If you’re borrowing 80 per cent of that you want to be buying well. That’s what [is] driving consumer interest to get professional help from an independent Buyers Agent to help them buy real estate.
And it surprises buyers’ agents that people who wouldn’t consider cutting their own hair or laying their own carpet hand over the biggest sum of money of their lives, with no expert help on their side.
Mistakes are costly in real estate. There’s a 13 per cent transaction cost in buying a the wrong property, then selling it and re-buying, plus the stress and the time factors.
I frequently see people emotionally engaged at auctions, caught in the competition, and bidding beyond their limit. That’s what an auction thrives on, people competing for the property. Buyers should know that the worst person they can ask to bid for them or possibly provide impartial advice is the agent selling the property. They work for the Vendor and have a vested interest, in fact are paid, to drive the price of the property up. They will be happy if you buy the property, even if you overpay.
When you employ a Buyers Agent fees are negotiable by law in Victoria and you can negotiate appropriate fees with your Buyers Agent before you appoint them.
It is wise to ensure that your Buyers Agent is a member of the REIV and also REBAA, ensuring they are fully accredited and have professional indemnity insurance.
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
Buying property, First home buyers, Housing Affordability, Housing Market, In The Media, Investment, Investment property, Overseas Buyers, Selection a Buyers Agent
+61 39816 8555