THINKING ABOUT BUYING A NEW HOME? A BUYER'S AGENT CAN HELP
Buying a property is one of the biggest financial investments people will make and in today’s tough economic climate it is more crucial than ever to get it right.
There are so many factors to consider when buying – is it for yourself or as an investment, what should you consider when deciding on an area, how much can you afford, what type of loan is the best and where to get the right loan are just a few key considerations.
Colin Lee, founder of Inspire Realty, has been holding people’s hands as they embark on their property journey for many years.
As a qualified property investment advisor and buyer’s agent, Colin says employing a buyer’s agent should be the first step you take.
“The Australian dream remains strong and people know property is still a stable investment, but they don’t know how to go about it and it’s very overwhelming,” Colin said.
Buying in the wrong place or not doing your due diligence, even becoming too emotionally invested can all become costly mistakes which are easy to make.
Engaging a buyer’s agent is a smart move, particularly for professionals or executives who are time poor and prefer to spend their weekends with their families or doing the things that they enjoy, rather than traipsing from one property to another.
“One of the key things I find most people face when they are looking for a property is determining whether they are overpaying,” Colin said.
“If you buy a property for more than it’s worth you are already on the wrong foot.
“The second thing is they don’t have the capacity or expertise to do the due diligence.
“How do you know if the property is in a bad street or a flood zone? It could be next to a major highway and be a turn off for potential tenants.”
By engaging a buyer’s agent, it can put your mind at ease that all these factors will be carefully investigated.
The other issue people face is taking too long to make a decision or to get their finances in order and then missing out as Colin says properties nowadays are selling within a week or two.
Engaging a buyer’s agent he said just makes sense. You wouldn’t expect anyone to be able to jump in a cockpit and fly a plane and the same goes for buying property.
Most buyer’s agents are former estate agents. They know the sales techniques employed and they know how to maximise the sale price.
“Negotiating is critical, and agents know how to do it and tug at your emotions. We are the voice of reason to ensure you are not drawn in by sales tactics,” Colin said.
“If you are looking for an investment property you can’t make the mistake of looking at it envisioning whether you could see yourself living in it.
“This means you are buying with your heart and it’s an emotional purchase and you tend to pay more than it’s worth.
“There is a sense of trepidation or fear of overpaying because an you know you are an emotional investor and agents will play to this.
“It’s my job to encourage and show them a different perspective. You are buying this property and appealing to the demographics of those living in the suburb. Ultimately the numbers have to stack up and you need to invest with your head.
“As a buyer’s agent we sit down and talk to you about your budget, then discuss what the purpose is.
“I will also explore your life goals. Are you going on an extended holiday, are you planning a family, are your parents going to move in with you and what is your career situation, is there a promotion on the horizon?”
Once this is established, Colin will then narrow down the brief – what it is you are going to buy.
“Then we become a hound dog and search out the best property. We put a feeler out with our agents and investigate the off-market deals that are sent to us,” he said.
“We ensure people under pay for their property and do all the negotiations. This is our strongest skill set.”
Being able to draw on a buyer’s agent’s accredited team of partners also not only makes the buying process pain-free but gives added peace of mind. These can include lawyers, surveyors, building and pest inspectors and financial advisors.
And if the property is a rental investment the buyer’s agent can help with this next stage, advising on rents and finding tenants.
“We like to save our clients around 3% - 5% of the purchase price,” Colin said.
He said he is seeing a rise in single women who are geared towards their ambitious financial independence using his services.
“They are in well-paying jobs focusing their weekdays on working and their weekends relaxing with no time to think about their financial future.
Having a buyer’s agent by your side provides a sounding board - a second opinion from someone who is unbiased and takes the emotion out of it.
Find out more at: https://inspirerealty.com/
