So, you’ve got your eye on a property, and you’re ready to dive into the world of real estate. But let’s face it, the whole process can be as confusing as trying to assemble IKEA furniture without instructions.
This is where a buyers’ agent comes in, to save the day and make your property-buying journey a breeze.
Buyer’s agents take the guesswork out of the property-buying process, providing you with expert advice, logistical support and insider access to the property market.
But what exactly are they? A buyer’s agent is a real estate professional who represents the buyer, rather than the seller. As a buyer, they provide expert advice, help evaluate the properties you look at, sort out paperwork and even negotiate for you. They can give you a leg up in your property-buying journey, making the process much smoother and more straightforward. What’s more, they save you time and energy by finding listings that fit your criteria, making sure you’re less likely to miss out on your dream property.
Of course, a property is no small investment. It’s important to think ahead and implement long-term financial strategies to ensure that you can maintain your lifestyle. Property investment is just one piece of this puzzle and must fit in within your bigger-picture financial goals.
So, read on to learn more about what a buyer’s agent does, and figure out how they can help you in finding a home!
When you need to contact a buyer’s agent
For those who are thinking about enlisting an agent, or already have, it’s important to keep an eye out for the following issues.
Picture this: you’re about to invest in a property, but you’re not sure where (or how) to find the best deals. Cue the buyer’s agent. These real estate heroes specialise in finding hidden gems and ensuring you don’t miss out on the perfect property.
Let’s talk about the horror story of making a poor investment decision. The kind that leaves you weeping into your morning coffee as you count the mounting costs worth thousands of dollars. Stamp duty, legal fees, sales commission and advertising costs can quickly add up to a disastrous financial hangover.
Buyer’s agents can effectively help you avoid these perils. Their extensive real estate experience, ability to negotiate and early access to properties due to their networks make them valuable partners in picking an investment that you won’t regret. Additionally, they save you time by filtering out properties and handling negotiations.
What a dependable buyer’s agent does
A dependable buyers’ agent isn’t just your average run-of-the-mill real estate agent. They’re able to guide you through the property buying process from start to finish, keeping your best interests front and centre. They’ll work with your financial goals and existing resources, even if that means dealing with a little debt. Your buyer’s agent can help you use your home equity effectively or buy properties that can help you create equity, enabling you to reach your financial goals.
But hold on a second! We can’t forget that not all buyers’ agents are created equal. Some might have hidden agendas that align more with the vendor’s interests than yours. That’s why it’s important to make sure your agent is truly independent and not secretly working for the dark side. It’s also worth ensuring that your buyer’s-agent-to-be is appropriately licensed.
A reliable buyers’ agent takes the time to know their client’s goals, strategy, borrowing capacity, and risk tolerance. They then find a property that aligns with these factors. There are a lot of great properties out there, but that doesn’t mean it’s right for every property investor. A buyer’s agent should be able to sift through them and find one that suits you, your goals and your needs.
You can think of your buyer’s agent as your personal property matchmakers; finding the most eligible listings, scheduling viewings, sending offers and negotiating effectively. Their real estate connections can give you early access to properties which aren’t listed yet and help you to get your foot in the door quickly when a good deal comes up.
3 things to do before you reach out to a buyer’s agent
Before you embark on your grand quest to find the perfect buyers’ agent for you, let’s pause for a moment. We’ve got some handy tips to ensure you’re ready to work with a buyer’s agent, and well-equipped to fit your next investment into the puzzle of your long-term financial goals.
1. Establish your goals
Buying a property is no small feat; it must be a well-considered decision aligned with your long-term financial plans. As part of this, it’s crucial to set investment goals that complement your lifestyle objectives.
Using the SMART framework to make sure your goals are specific, measurable, achievable, relevant and time-based. This is a proven strategy to increase the chance of succeeding in your goals. Of course, your goals must also align with your financial outlook, stage of life and current income.
Once you’ve figured out your personal investment goals and means of measuring progress, you’ll be well-equipped to communicate your objectives to your buyer’s agent clearly and effectively. This will ensure that your next property investment fits perfectly into your long-term financial well-being.
2. Have a comprehensive financial strategy
If you’re an investor on the hunt for multiple properties, it might seem like an easy and relatively time-efficient option to peruse online listings and purchase the first few decent properties you see in your preferred location.
However, successfully investing in property has a lot more to it than randomly selecting listings. It’s important to think about factors including cash flow management, risk tolerance evaluation, goal setting and risk management through personal insurance.
It’s important to have a comprehensive strategy that ensures your investments align with your goals and won’t crumble amongst economic shocks. Economic conditions can be unpredictable and your strategy needs to factor in potential interest rate rises, fluctuating housing stock and other economic factors.
3. Know your budget
Your budget is going to be the ultimate guiding factor in your home investment journey. The property-buying process is chock-full of additional costs from stamp duty, property-loan fees and landlord insurance to repair and maintenance fees.
Some of the overall costs of investing in property can be claimed through Australia’s property tax systems, through deductions and negative gearing.
To help you effectively, your buyers’ agent will need to know the full picture, from your debt to your cash flow. This will enable them to work their real-estate magic and find the perfect property for your budget.
Congratulations, investors! You’re armed with the knowledge to confidently navigate the property maze. A buyers’ agent is your trusty sidekick, helping you make smart investment decisions and saving you from financial disasters.
But remember, before you embark on your next property journey, establish your financial goals, develop a strategic investment plan and know your budget inside and out.
Contact one of our wealth partners today to set your financial objectives, and make your next investment a breeze.