How do you know if a Buyers Agent has dropped the ball? Here are five things they're probably NOT doing...
Horror story alert!
Your Buyers Agent finds you the perfect property that will become your dream home after a few renovations. They have assured you that a renovation is not only doable but a brilliant investment.
Sold!
Fast forward two years, and you're itching to make that dream a reality, but then, BAM! the council knocks back the DA with a resounding “No Way”.
The problem? Your trusted Buyers Agent failed to do their research, and now you're left with a fixer-upper that can't be fixed up!
Unfortunately, this is just one of many horror stories caused by subpar agents not fulfilling their promises. There are several other warning signs to look out for…
Not understanding your needs
A good Buyers Agent starts by asking questions, lots of them. It's not about talking but listening, understanding, and crafting the best strategy. Your agent should be eager to learn about your preferences, budget, and long-term goals. They should take the time to comprehend your situation and tailor their approach accordingly.
Not building relationships with Real Estate Agents
Finding a property is just the beginning; what follows will make all the difference. This is where having strong relationships with Real Estate Agents is essential. A Buyers Agent should be in constant contact with key agents in the area, making weekly calls and attending open homes. These connections allow valuable insights into upcoming listings and off-market opportunities.
Remember, it's not what you know; it's who you know! Having established relationships with real estate agents gives a Buyers Agent an edge. Besides the fact that they will have access to a broader range of properties and off-market homes, their long standing relationships will help you understand how those agents like to work and your Buyers agent will be able to get the deal across the line without fumbling the bag! (please also read my blog on different selling agent types)
Not enough knowledge and experience
You're not just paying someone to forward a listing from realestate.com.au. You need your Buyers Agent to be a real pro. The real estate world is bursting with newcomers, many of them with a background in sales. However, being a sales agent doesn't necessarily translate into being a Buyers Agent. Look for someone with a deep understanding of the property market, including the strategies and negotiation skills required to secure the best deals.
A good Buyers Agent will have a wealth of experience in the real estate market. They understand the nuances, the tricks of the trade, and the local knowledge that can make all the difference when purchasing a property.
A good buyers agent will help you understand the Good, Bad and The Ugly of the property and give you perspective on the risks involved.
Not going beyond the property search
Anyone can spot a For Sale sign, but what happens next sets the genuine Buyers Agent apart. It's not just about finding; it's about guiding. Your agent should be your property guru from inspections to negotiations, ensuring that you're making savvy decisions every step of the way. The depth of their due diligence is the most valuable part of the service. WHAT are they actually researching for you? Do they review the strata report for example? Will they give you information on Infrastructure Projects? How do they determine the value of a property? ( Hint: if it’s a desktop auto valuation - please run!)
Not justifying their fees
You're shelling out for their expertise, time, and commitment to securing the best possible property for you. Ask them to justify their fees. What value do they bring to the table? Are they helping you save time, avoid pitfalls, and negotiate better terms? A good Buyers Agent will explain how their services benefit you in the short AND long term.
Choose wisely
In the ever-evolving world of real estate, it's crucial to set high expectations for your Buyers Agent. It's not enough for them to find a property; they should be your trusted advisor, your negotiation advocate, and your guide throughout the entire property transaction. After all, for most people their home is their biggest asset, potentially their retirement nest egg, and since the Sydney Property market is a very expensive one, you don’t want to make any mistakes in securing your future.
A great Buyers Agent does all the legwork, from filtering listings to attending open homes, presenting you with ALL the risk factors and negotiating on your behalf, saving you valuable time and giving you your weekends back.
If that doesn’t sound like your Buyers Agent, give us a call!