Why a first home buyer might use a Buyer’s Agent
Jun 16, 2023
by: Jade Fitzgerald, Ideal Buyer's Agency
So you think you can't afford a Buyer's Agent?
While many people believe Buyer’s Agents are only for the wealthy investor, there are reasons why a first home buyer might and probably should use a buyer’s agent. Unlike real estate agents, buyer’s agents work exclusively for the buyer. It is the role of the buyer’s agent to help someone through the process of buying a property.
Some are more affordable than you may think! 😲
Before we get straight into it, let’s run through the types of services a buyer’s agent can provide:
Now you understand how a buyer’s agent can help, let’s look at why a first home buyer would use these services.
Time-poor? ⏱️
Buying a home for the first time is no easy feat, especially if you are time poor and lack prior knowledge.
Many professionals don’t have the available hours to do the research, then spend every weekend house hunting only to find they are out of budget or already under offer!
It makes complete sense why some first home buyers spend the money hiring a buyer’s agent to do the legwork for them. Some buyers set themselves an urgent timeframe to enter the market, while others just can’t stomach the months of research and sacrificing countless weekends to inspections.
It comes down to this: are you willing to do the work (and invest your time), or not? 🤷🏼♀️
Different Markets 📈
Property market valuations can vary wildly, even when comparing two neighbouring suburbs.
Understanding the complex nature of each micro-market can take time to grasp.
Sometimes it’s easier if you leave it to the expert. Especially if you have no idea about the market you are moving into. What areas do you need to be in if you are starting a family? How does school catchments work? What's the vibe of the suburb in general? How long will it take to travel to your employment? Is the house a house to grow with a family in? What does the Capital Growth for the suburb look like and how has it progressed over the last 5 – 10 years. If your first home is an investment what is the yield going to look like?
Negotiation Confidence 💵
Let’s face it, some first home buyers are happy to do their own research. They put in the effort, analyse various properties and narrow it down to a select few. And then, the negotiations begin, and many a hope and dream start to crumble.
This is where a trusty buyer’s agent can step in and ask the right questions to help secure a better deal for the buyer.
The vendor will already have a price in mind, but this can be challenged with a good enough argument and data backed evidence for the reasons behind the bids. Remembering that each party is looking for a good deal and allowing both parties to feel like they are walking away in a great position is the key to success!
Buying property is not something people do regularly (well l do!), so a bit of professional help at auction or the negotiation table can go a long way.
Not everyone is a master negotiator and that’s ok! Sales agents do it all day every day so unless you also negotiate deals all day – it is worth getting a professional negotiator on your team also!
Emotional detachment 😲
Removed from the emotional aspect of buying a home, a buyer’s agent can look at the situation realistically. First home buyers can get too attached to a particular property or feature and lose sight of the overall value.
Some can be so blinded they ignore potential issues, pay more money than they should, and end up with a shoddy deal.
The objectivity of a buyer’s agent can really help buyers avoid unhelpful compulsions. Plus, thanks to their knowledge and experience, they can tell when a vendor is asking too much for a property.
Knowledge & Experience 🤓
For a first home buyer, a great buyer’s agent goes out of their way to answer questions and help them through the process.
Given the complexities of market value, the knowledge of an expert is invaluable when you make that final decision. Their extended experience dealing with a variety of properties and agents can make the process a breeze.
Nobody wants to make mistakes, and it’s far better to pay a bit and get some professional advice than make a bad purchase and pay a lot for potential errors. It all boils down to what an expert can offer you. They’ll not only help you find a place you love, but a place with promising long-term growth and suits your needs.
Buying property Should Be Fun! 🥳
You need to commit so much time and research to understand the market, and yet the average Australian will only make a couple purchases in their lifetime. There’s not a lot of legroom to learn from mistakes.
If you’d rather get it right the first time, let a buyer’s agent take the load off your hands and ensure a speedy process to buying the home you want! PLUS as an added bonus, we will l have some fun along the way! 🎉
