If you want to purchase a property quickly and need to avoid stress, a Melbourne Buyers agency may be the right choice. However, their property industry knowledge and negotiation skills can benefit buyers and investors in a highly competitive real estate market.
A Melbourne Buyers agency can be find on henderson.com.au that is an excellent resource for investors or high-income earners. But are they suitable for everyone?
A buyer’s agent is a group of agents who work for buyers to purchase a property. They can help you narrow down your options based on market knowledge, capital growth expectations, and how much you are willing to spend.
What are their next steps?
A Melbourne buyer’s agent will usually present you with a brief description of the area based on market data after they have gotten a better understanding of your needs, where you are looking to buy, and what type of property you want.
These data could be sourced from Australian Property Monitors. They show the average cost of the property type you are interested in buying and the potential capital growth potential for the area.
A Melbourne buyer’s agent’s beauty is that, once you have decided on the location and type of property you want, they will most likely already have some properties for you. Then you’ve saved yourself time and avoided the risk of missing the perfect property!
Depending on the agency’s size and expertise, buyers will be assigned to a buyer agent specializing in a specific area or postcode.
You may be able to get a team if you buy multiple properties. However, this could increase your costs. These agents will have established relationships with vendors and real estate agents they’ve previously dealt with.
Although it may sound like a conflict, real estate agents and clients often seek quick sales or in areas that are considered buyers markets. While sellers quickly exploit unskilled buyers, a Melbourne buyers’ agency will know the property’s value.
Try to go along with the agents who have shortlisted properties, which will give you an insight into how they reached their market values. You might learn something.
The agent can quickly tell if the vendor is asking too much based on factors like the location, condition, and size of the building and land. Remember that the bank’s valuation may differ from the property’s market value.
Who uses a buyer’s agent in Melbourne?
High-end investors
A Melbourne buyers’ agency is often used by professional property investors and those who want to purchase multiple properties at once because they have an extensive portfolio and don’t have the geographic reach to handle all transactions.
Buyers of luxury or high-end properties
These people typically seek a luxurious home for their families and themselves. They are high-income earners who work long hours and have difficulty finding property for themselves. Melbourne Buyer agents have access to private sales that are not listed, so big spenders may be able to buy a house that isn’t available to the public. Click here to read about What is a Melbourne buyer’s agent, and are they worth it?
Investors from overseas
Many foreign investors would instead purchase property in another country than see it firsthand.
Who doesn’t use a buyer’s agent in Melbourne?
Low deposit holders or first home buyers who borrow between 90-95% of the property’s value won’t typically use a Melbourne buyer’s agent because it’s an additional cost they don’t have the funds for. This is because they aren’t able to afford the extra expense, and it may be a risky investment if you are just beginning to make your home loan payments.
What can they do to make settlement easier?
You should be pre-approved for a loan before purchasing a home. A Melbourne buyer’s agent can help you avoid the cancellation of your conditional approval. Pre-approvals usually expire after 3 to 6 months.
If you find a property that you like, your pre-approval will expire. However, you may have to re-apply for a home loan. Even if your bank offers same-day approval, you might still be missing out on the opportunity to purchase your dream home.
A Melbourne buyer’s agent can often source property and sell it seven weeks faster than if you did it yourself.
It could take as little as two to three weeks for investment properties to go from when the buyer’s agent sourced the property to your signing of the contract.
The buyer’s agent will keep in touch with your solicitor and mortgage broker throughout the process to inform them where you are. This will ensure a smooth transition between the vendor receiving the deposit and signing contracts. Then, you can settle faster and move into your home much sooner.
What are the benefits?
You can find a property much faster
It takes a while to find the right property for you. Time is something that most people don’t have due to work commitments and family obligations. You can’t always spend enough time looking at properties. Open houses for properties that don’t meet your criteria will also waste your time. This can lead to you making rash decisions about properties and locations that you don’t need to know as much. This includes past sales results and market factors that could impact future value.
Yes, you can find resources and tools online. But outsourcing to someone else could be more cost-effective than doing it yourself.
A Melbourne buyer’s agent can call you and tell you that it is important to act quickly on a property to avoid being sold or increasing the price.
When trying to find a great piece of real estate, the great saying “time in” doesn’t work. Timing is everything.
They will objectively assess your goals and needs
Sometimes, what you want may not be what you need when buying an owner-occupied or investment property.
it is recommended that you seek financial guidance, because a Melbourne buyer’s agent may be able to help you set your short and long-term goals. This is done by asking essential questions you may not have considered.
Access to properties not listed
A Melbourne buyer’s agent can access private sales and properties open for public sale. These properties are not listed because of the vendor’s good relationship with the buyer’s agent. Instead, they would rather deal with an agent to sell quickly than spend time and money on a listing.
Beating others to the sale
A Melbourne buyer’s agent can quickly negotiate a deal with a vendor by coming in with a substantial bargain and sound market knowledge.
It’s not a good idea to waste vendor’s time which is almost inevitable if you work full-time or have other commitments. You can prevent other buyers from beating you to a great deal by hiring a Melbourne buyer’s agent. You can also read about Commonwealth Property Management Framework (RMG 500) https://www.finance.gov.au/government/property-construction/commonwealth-property-management-framework
