A Buyer’s Agent’s Advantage in the Market

When buying a home, competition can be tough especially if you don’t have the experience skills, and connections needed. Because of this, an experienced buyer’s agent has a huge advantage in the real estate market when competing against other home buyers. Inexperienced home buyers can be at a huge disadvantage because buyer’s agents already have a headstart with the networks of connections that they have built throughout the years.

So before you dive into your home buying journey alone, consider these four reasons why a buyer’s agent has the advantage in the market and why you should hire one instead.

1. Selling agents contact buyer’s agents first

Experienced buyer’s agents often have a good relationship with selling agents. Since buyer’s agents buy many properties yearly, they’ve built years’ worth of trust and respect with selling agents. Selling agents also know to contact them first because it is easier to deal with people you have dealt with before. They know that the transaction will be smoother with a buyer’s agent than with an inexperienced buyer that they have not dealt with before. Thus, this gives them the first and exclusive access to many properties.

2. Buyer’s agents have years worth of skill and experience

An expert buyer’s agent is not built overnight. They have years or even decades’ worth of skill and experience that they have honed by buying homes. From searching and viewing properties, conducting reports and inspections, getting a valuation, and negotiating a fair price – buyer’s agents can do it all.

There’s also a good chance that they’ve inspected many properties in an area that a buyer is interested in and know with their eyes closed which properties are good offers and which ones have red flags.

3. Buyer’s agents can negotiate for a lower price than an inexperienced buyer can

One thing that most buyers struggle with when buying a home is how much they should offer for the property. Most buyers are not experienced enough to negotiate with the seller. As inexperienced buyers, they might have a hard time saying “no” if ever the seller wants to have a higher offer. 

Having a buyer’s agent will give you a huge advantage when it comes to negotiation. Their experience in real estate has given them enough knowledge to know how much a specific property in a specific area should cost. Depending on the current condition of the property, they can negotiate it for a lower price than an inexperienced buyer can.

4. Buyer’s agents can navigate through any issue

Throughout the whole home buying process, issues that arise are almost always inevitable. Although buying a home can be exciting, from the home inspection to negotiations until closing, there might be some hurdles that can discourage the buyer.

This is one of those instances when having a buyer’s agent is most beneficial. If ever there are issues that arise in your home buying journey, experienced buyer’s agents can take care of it and provide you with possible solutions to get through it as efficiently as possible.

5. They have access to experienced professionals.

In purchasing a home, several professional transactions will be involved. You’ll probably need a mortgage broker, a building inspector, and a real estate settlement agent, among others. Good thing that buyer’s agents can provide you with recommendations on the best options for these professional transactions.

A well-experienced buyer’s agent has enough connections with professionals that can provide you with high-quality service.

A buyer’s agent will help you stand out in the buyer’s market

Given their experiences and knowledge in the real estate industry, a buyer’s agent doesn’t only know how to find the best property for you. Real estate can sometimes be a competitive market and these experienced buyer’s agents can definitely provide you with solutions and recommendations on how you can stand out among other buyers. An effective buyer’s agent will help you set an offer that will eventually seal the deal for your dream home. 

Want to know more? Give us a call at 08 6215 0200 or send an email to clive@buyingperthrealestate.com. We’d love to give you a free consultation and walk you through the whole property buying process.

The Benefits of Hiring a Buyer’s Agent

When buying a property, homebuyers have the option to either do it on their own or to hire a buyer’s agent to guide them in the process. Many homebuyers, unaware of the benefits of hiring buyer’s agents, choose to carry on this heavy task on their own and often regret it. Although it’s normal, homebuyers are often faced with challenges and problems along the way.

While you’ll surely be able to buy a property on your own, there are some perks you’ll miss out on when you don’t hire a buyer’s agent. So before you make that decision, let’s discuss some of the benefits of hiring a buyer’s agent.

1. A buyer’s agent knows what to look for in a house

An experienced buyer’s agent looks at dozens of houses on a regular basis. One of the benefits of hiring a buyer’s agent is that they know what to look for when viewing houses. They can identify red flags and potential problems that you might not be aware of when you view houses on your own. On the other end, they also know how to identify a good deal. They can explain to you in detail which houses will be a better choice for you to buy.

2. A buyer’s agent has extensive market knowledge

It’s important to hire a buyer’s agent that has extensive knowledge about your local real estate market. Every town and even neighborhood has different trends and insights that you need to know as a home buyer. When you hire a buyer’s agent who’s an expert at buying houses in your area, their knowledge and experience will go a long way when the time comes to make an offer on the property.

On the other hand, hiring a buyer’s agent who’s not knowledgeable in your area nor has decades of real estate experience, can be a bad move and can cost you thousands of dollars.

3. A buyer’s agent is a buyer’s advocate

When you hire a buyer’s agent, they become your advocate. Buyer’s agents are loyal to the buyers and will promote their best interest in every possible situation. They will be the ones to negotiate the best prices for the buyer and can potentially save you thousands of dollars. 

Buyer’s agents will act on behalf of the buyer and will do everything to help buyers get the best prices and terms for the property they are buying.

4. A buyer’s agent can help secure financing

For many home buyers, especially those who are buying their first property, looking for the right financing option can be very confusing and challenging. A buyer’s agent can help you navigate through all your financing and mortgage options so that you can understand and choose which one is best for you. A buyer’s agent can also help you secure financing and get pre-approved.

5. A buyer’s agent will know how to write real estate contracts

A buyer’s agent can help you write a real estate contract that can present you in the best way possible to the seller. Writing a good real estate contract is the key for your offer to get accepted by the seller. Aside from this, a buyer’s agent can help you meet deadlines that need to be set and make sure that all the important details of the contract are correct.

So, do you still think buying a property alone is a good option? Hiring an experienced buyer’s agent will definitely make your home buying journey easier and more satisfying. An experienced buyer’s agent is surely worth every dollar,so you better invest in hiring a buyer’s agent so you can buy a property with no doubts and regrets. 

Contact Buying Perth Real Estate at (08) 6215 0200 or 0412 926 190 to get a free consultation and buy the property of your dreams.

Why You Shouldn’t Buy A Home Without A Buyer’s Agent

Buying a real estate property will probably be the biggest transaction of your life. Similar to getting married or getting a new job, it’s a huge decision that will change your life forever. That’s why it’s important to get it done right by hiring an experienced buyer’s agent.

Buying a house on your own can be tough, especially if you have little knowledge and experience in the real estate industry. From looking for the right property, avoiding pitfalls, and getting through negotiations and paperwork, there are so many reasons why you shouldn’t buy a home without an experienced buyer’s agent.

1. It can be a challenge to find a home that matches your budget and needs.

You surely have specific criteria when it comes to looking for a home. It’s good that you are able to identify what you want in a home. But knowing where to look in order to find the home that’s perfect for you can be a challenge. With a lot of options that are available, finding a home that matches your budget and needs can be really taxing. Imagine visiting a lot of properties to assess your options only to find out that none of them fulfills your needs and preferences.

With an experienced buyer’s agent, you will be saved from the energy-draining process of checking out each property. Your buyer’s agent will take care of this task for you, shortlist the possible options, and provide recommendations based on your criteria. So you just have to sit back, relax, and wait for your buyer’s agent.

2. Buyers often tend to make decisions based on their emotions.

Buying a home is a milestone and can be emotional for some buyers. Who wouldn’t be overwhelmed with emotions when they finally get closer to getting their dream home? However, being too emotional can lead you to making bad and irrational decisions. It can be closing a deal because you feel obliged to do so because of all the efforts of the seller or accepting a high selling price for a property you fell in love with and didn’t try to negotiate because of the fear of losing the deal.

Having a third-party professional, specifically an experienced buyer’s agent, can help you separate emotions when making important decisions. They will let you be able to make decisions objectively, help you avoid possible mistakes, and get the best possible deal.

3. Paperworks can be tedious.

If you don’t have enough knowledge about real estate, filling out a thick stack of paperwork that’s full of legal loopholes and real estate jargon can be tedious and confusing. You’ll need the guidance of your experienced buyer’s agent when reading and understanding the contacts, seller disclosures, and more. 

It’s difficult to sign up for something that you might not understand completely. An experienced buyer’s agent can help read between the lines and let you know if there are any red flags in the paperwork 

4. Expert negotiation skills are needed to close a good deal.

You might think that hiring an experienced buyer’s agent will cause you more money, but it’s actually the other way around. An experienced buyer’s agent can help save you thousands of dollars on the total contract price of the house you are buying. 

With their expert negotiation skills and years of experience, an experienced buyer’s agent knows how low they can go in terms of pricing while having the confidence and the ability to negotiate that price with your seller.  

5. Some things during the buying process can be overlooked by the buyer.

Many things happen during the buying process that it can be difficult to keep track of everything all at once. Buying a house while working, taking care of your family, and selling your current house can be stressful. 

Having a buyer’s agent that’s focused on getting you through the buying process smoothly can be a big help to avoid overlooking important details and to keep everything on track.

6. Buying a home requires a lot of time and effort.

The process of buying a home shouldn’t be just a part-time thing. In order to find the best deal, you need to allot enough time and it isn’t something that a lot of us can do, especially for buyers who have a regular job. Experienced  Buyer’s agents are those who are able to devote their time to help you buy a home. With their expertise, you wouldn’t need to put too much effort into the process and will be able to spend your time on other important things in your life.

If you need recommendations on the best buyer’s agents, ask the experts from Buying Perth Real Estate. They have experienced buyer’s agents with vast experience in real estate. Their knowledge and skills will make your home buying experience a breeze.

For a free consultation, email us at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

8 Questions to Ask Before You Hire a Buyer’s Agent

Before hiring a buyer’s agent, make sure that you assess and determine whether they are the right fit for you. Knowing a buyer’s agent’s qualifications is important since you will be entrusting your entire home buying journey to them. You can do this by interviewing them and asking them the right questions.

By asking these questions, you’ll be able to assess their knowledge, background, and experiences. Don’t be afraid to ask these questions before you hire a buyer’s agent as a skilled buyer’s agent will be able to answer them with no problem.

1. How long have you been an agent?

How long a buyer’s agent has been in the industry says a lot about his/her experience in real estate. The longer he or she has been a buyer’s agent, the more clients he or she might have already handled. Ideally, hire a buyer’s agent with over 10 years of experience in the real estate industry as a licensed sales agent. These several years of experience have definitely provided the buyer’s agent with enough knowledge that he/she needs to provide the best service to his/her clients.

2. How long do you usually work with buyers, from the first home you see together to the closing table?

It isn’t easy to find your dream home and your buyer’s agent plays a big role in the time it takes to find your perfect home. Although there are many factors that also affect the duration of the home buying process, you should still ask how long it usually takes for the agent to close a deal as you should be wary if the agent often takes six months or longer before closing a deal.

3. Have you helped buyers find homes at these price ranges?

All buyers work within a budget when looking for their new home. You need to to make sure that your buyer’s agent specializes in properties that are within your budget range. Given this, your buyer’s agent definitely has enough experience and knowledge in finding the best properties within your budget. You’ll know that with the property you’ll be purchasing, you’ll be able to get your money’s worth.

4. What is your experience with the neighborhood I am interested in?

It is important that the buyer’s agent you hire is knowledgeable and has had previous experiences in the neighborhoods you are interested in so that they can make sound judgments on whether it is a good fit for your goal.

The advantage of having an experienced buyer’s agent is that they will be able to tell you what type of community that neighborhood is and how it is developing. They should also be aware of where the neighborhood essentials are such as the grocery stores and hospitals, the quality of schools and life in that neighborhood in general, and if it is suited for your lifestyle or if there is another neighborhood that they can suggest. 

5. What is your expertise in the type of property I want to buy?

 Aside from knowing the neighborhood, the buyer’s agent you hire should also be an expert in the type of property that you plan on purchasing. Different types of property require different sets of skills and each has their own considerations and challenges to look out for. Make sure that your buyer’s agent will be able to check the type of property you need to buy for red flags.

6. What’s the most you’ve negotiated from a purchase price in the last year?

Make sure that your buyer’s agent knows how to negotiate. Find out about their negotiation style and experiences to determine whether they are a good negotiator or not. You will need a good negotiator to get the best price you can for the property that you want to buy. This is where their experience is revealed. Top negotiators have been in the industry for many decades which is the best way to gain effective negotiating skills.

7. How do you help buyers compete in this market?

If you are buying in a competitive buyer’s market, you might need to stand out from all of the other offers to ensure your offer is the most competitive in all areas, not just price. This is where an experienced buyer’s agent will really show their skills that will help you determine if your choice of  your buyer’s agent has been the  right one.

8. What are the legal pitfalls I need to worry about?

Although you will be hiring a real estate settlement agent when your offer is accepted, there are still some legal issues that might come up even before the settlement day. Hence, this question will test the agent’s legal knowledge. As a buyer’s agent, he/she should be familiar with disclosures, conditions, paper work, closing issues, and more.

Your buyer’s agent will be your partner in looking for your dream home so it is essential that you hire one who’s reliable and well-experienced in the real estate industry. The buyer’s agents at Buying Perth Real Estate are ready to answer these questions and any other questions that you might have. These experienced buyer’s agents can definitely provide you with the best service. As experts, we will start by learning about the needs of the client and create the best strategy to help you find your perfect home.
Give us a call at 08 6215 0200 or send an email to clive@buyingperthrealestate.com. We’d love to walk you through the whole property buying process.

Understanding Settlement Costs

Purchasing a property can be costly. It is something that you need to prepare for and think about thoroughly before buying it. You need to plan your finances and consider every expense that might arise along the way. Most first-time homebuyers often overlook one important thing when purchasing a property – settlement costs.

When they see a property, first-time homebuyers think that the purchase price is already everything that they need to pay for. Settlement costs can come as a big surprise that they have not been able to prepare for. Therefore, understanding settlement costs is important and should be part of every home buying journey.

What are Settlement Costs?

Settlement costs are the expenses above a property’s contract price that buyers need to pay to complete a real estate transaction. Meanwhile, settlement fees are usually settled at the very end of a real estate transaction when the title of the property is transferred to the buyer. Both the buyer and the seller usually incur settlement costs.

The total amount of a settlement cost ranges from 2% and up of a property’s total contract price although it also varies depending on the costs of different services in your location. Your loan type and mortgage lender will also affect how much your settlement costs will be. Stamp duty on the transfer is quite a big expense.

What are included under Settlement Costs?

1. Borrowing fees

These include costs for administrative fees, application fees, bank transfer, and everything that is related to the processing of your mortgage loan. Your lender might charge a loan application fee. Ask your lender about the details and the associated fees before applying for a mortgage.

2. Valuation Fee

The valuation fee is paid to a professional home valuing company or the bank that assesses a property’s fair market value to determine how much your loan to value ratio. The appraisal fee is a required expense as your lender would want to make sure that your home appraises for the price you are buying it.

settlement costs: miniature house with calculator and coins

3. Settlement Agent’s Fee

A settlement agent in Western Australia prepares all the documents for transferring the property from the seller to the buyer. They adjust rates and taxes and inform the appropriate bodies of the new ownership. They work with the lending company and follow the selling contract right through to the final settlement. Make sure you select an experienced professional company to act for you at settlement.

4. The Initial Deposit

Your initial deposit is held in a trust account by the selling agent or settlement agent. Until the contract is unconditional, it is paid out at settlement by your settlement agent.

5. Interest for Late Settlement

Make sure there is always ample time to meet all the requirements needed for settlement. Late settlements can cost interests that can hurt your budget for buying a property.

Learn more from your buyer’s agent

All this information seems too overwhelming, especially to first-time buyers or if you are inexperienced in the Real Estate purchasing system in Western Australia. Don’t worry as you can always seek help from experts. If you want to know more about settlement costs, let the experienced buyer’s agents at Buying Perth Real Estate help you understand.

Do not hesitate to give us a call at 08 6215 0200 or send an email to clive@buyingperthrealestate.com. We’d love to walk you through the whole property buying process.