Insight

07.11.17  Property Trends

 

Sydney Real Estate: Why Buyer’s Agents Are Increasingly Popular

Buyer’s agents haven’t always been a common part of Sydney’s real estate market, but in recent years their popularity has grown.

In the often tightly held suburbs across Sydney’s east, there are good reasons why buyers, sellers and their agents should want to work with them.

Here’s your guide to the role of the buyer’s agent and the advantages they offer.

Connecting sellers with genuine buyers

As a seller, working with a buyer’s agent is your guarantee that the buyers you meet are genuinely interested in finding the right property, educated about the local market, and ready to buy. Effective buyer’s agents are providing sellers with another way to promote their property, alongside the campaign work their own agent undertakes.

The fact that these buyers have employed an agent to act on their behalf also means there’s a far lower chance of entering into a negotiation, only to have the buyer back out partway through. A good buyer’s agent knows how to make serious offers and how to negotiate honestly and professionally.

Offering buyers a reality check

For buyers, a representative on their side of the transaction saves time by shortlisting properties that meet their particular set of requirements. They also provide buyers with extra peace of mind because they know exactly which questions to ask the seller and their agent.

Importantly, buyer’s agents can also offer a reality check when it comes to price expectations. In the highly competitive eastern suburbs, knowing how much a property is really likely to sell for helps buyers rule out areas that are beyond their reach. At the same time, a good buyer’s agent can often suggest new areas that may not be on the initial suburb shortlist.

Saving time through pre-market/off-market sales

For buyers, sellers and agents alike, a good buyer’s agent can be the best person to negotiate a sale that happens before a public campaign (pre-market) or one that happens without any listing (off-market). Buyer’s agents who are well-informed know which seller-side agents to target, connecting their buyers directly with the right property.

What to look for in a buyer’s agent

While the majority of buyer’s agents are experienced professionals, there are a few red flags to watch out for. Check that the buyer’s agent you’re working with:

  • Is a licenced real estate agent with clear knowledge of the real estate markets they’re operating in.
  • Is easy to communicate with and able to listen to buyer, seller and agent requirements.
  • Is acting on behalf of their client only. Buyer’s agents should never accept payment from seller-side agents or anyone else involved in the transaction.
  • Can show positive testimonials from previous clients who have recently bought in the local area.

Our team love working with professional, experienced buyer’s agents. They’re the first people we contact with off-market properties and we rely on their abilities to connect us with educated, enthusiastic buyers.

This isn’t just good news for us, it’s a huge benefit to our sellers as well.

Download our 2018/2019
Eastern Suburbs Market Report

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