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

Name: Buying Perth Real Estate
Address: PO Box 250, Applecross, Western Australia, 6953, Australia
Telephone: 08 6215 0200

05/08/2021 Clive Elliott Buyers 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.

Why Real Estate Is A Great Investment

03/25/2021 Clive Elliott Homebuyer Tips, Perth Real Estate

More and more people are starting to explore different ways to build their wealth. Aside from having multiple income streams, having an investment is a faster way to build wealth. There are various options when it comes to investing, but having a real estate investment still remains one of the best investments that a person could make.

Here are some reasons on why real estate is a great investment:

The real estate market is less volatile.

Unlike investing in high-risk and high-return markets such as stocks and cryptocurrency, the real estate market is less volatile and less vulnerable to sudden price fluctuations. Of course, these markets have their own advantages such as accessibility and liquidity, but if you are looking for a long-term investment that you don’t need to monitor on a regular basis, real estate might be a better option for you.

Its value always increases over time.

Although prices tend to fluctuate every now and then, real estate price values always increase over time. By putting time in the market, you will get a higher value for your investment than selling it sooner.

It has a high tangible asset value.

Unlike investing in the stock market where your money is used to buy shares from a company, you can physically use your real estate investment. You can build on it, renovate it, live in it, or rent it out. By making improvements and maintaining it, you can increase your real estate property’s value. You can even earn more from it by having it rented.

It can increase your cash flow.

Investing in a property is a great way to increase your cash flow. Once you’ve already finished paying off your mortgage and operating expenses, you can gain profit through rental. Rental properties provide a regular, steady, and passive income. This makes it a great way to generate additional income and grow your money.

Another way to make profit in real estate is by buying it at a low price and selling it at a higher price. Aside from the increasing value of real estate over time, you can gain more profit by building equity.

It can diversify your portfolio.

If you aren’t new with investments, you surely know about the importance of portfolio diversification. Diversifying your portfolio will help you spread out possible risks. Since real estate is a safe tangible asset, it mitigates the risk in your portfolio. Given this, it can lower your portfolio volatility and eventually provide a higher return per unit of risk.

It comes with various tax benefits.

Aside from gaining profits from real estate investments, you get to save more money as property investment provides numerous tax breaks and deductions. To simply put it, you can get tax deductions for the cost of owning, operating, and managing a property. Just ensure to record all expenses including maintenance, utilities, rental repairs, and insurance.

Throughout the course of owning a property, you will benefit from the various expenses as these deductions from your revenue will lower your taxed income.

Start Investing in Real Estate

Investing in real estate is a big decision. It’s definitely something that you need to plan and research before closing any deal. Make sure that you are ready with your deposit and have a stable stream of income. Look for developing neighbourhoods in your area. Lastly, manage your risks and calculate your possible profits.

If you’re not sure if you’re ready to invest in a property, get a free consultation from us and we’ll gladly help you in weighing the decision.

As A Buyer’s Agent, What Do You Do?

03/23/2021 Clive Elliott Buyers Agent

I’ve lost track of the number of times I was asked this question. So someone said, why don’t you put it in writing and answer all their questions?

“Clive, as a Buyer’s Agent, what do you do?”

My quick answer is, “I help people buy real estate property.”

They usually say, “So you are a real estate agent and you sell real estate for property owners.”

No. I am not a real estate agent and that’s the opposite of what I do.

They are surprised when I say “No”. A buyer’s agent is best described as a buyer’s advocate. Instead of selling properties, I help buyers buy the right property. I support them in the process of selection, negotiations, up to the settlement. I am the third party that they turn to for advice and direction in the total process. But it is much more complex than that.

The Process

If you are the buyer, first, I get to know you. I get to learn about your lifestyle and how that relates to the things you would like in your new home. I need to know your expectations so I can assess how I can help you better. If I am not confident that I will be able to help you, I will connect you with the people who can best help you.

The Property Brief

We call the next step The Property Brief. This is where I discover the top priorities like the number of bedrooms, bathrooms, car spaces, area preferences, accessibility to schools, recreation areas, and mode of transportations. These are the things that are non-negotiable in the final decision-making.

Research and Consultation

Once appointed, we move on to Research and Consultation. I will be giving you a good range of properties that fit the brief we have discussed. This gives you a good understanding of which options come close to your requirements and budget. After checking these properties online, you will give your feedback regarding which features you like and dislike. As the buyer’s agent, I will be the one to do all the research and provide you with all the information. Most properties we provide are not even officially in the market yet. So we have the advantage of being the first one to look at them.

No need for buyers to spend time searching for possible properties. With my 45 years of experience, I know who can provide ample information on the properties on and off-market. This is something that buyers do not have access to – the buyer’s agents’ advantage.

Evaluation and Communication

Then come the Evaluation and Communication. This is when we shortlist the property options. For convenience, we schedule a private viewing of the properties. Unlike open houses, this will give us enough time to see the advantages and disadvantages of the home. You will have the time to feel the atmosphere and ambiance of the home. Buyers often want to spend time in a room which is often not possible in open houses. In open houses, buyers get to look at rooms with other people in the same area. Also, they feel a bit uncomfortable with salespersons trying to qualify them as they look around.

Usually, the final selection by the buyers is totally different from the original brief. But that is the joy of having this selection process. Buyers get to explore the properties further and make a decision based on their actual visit.

Offer and Acceptance

Once the decision is made, it’s time to do the due diligence of preparing the offer and acceptance. A search of the title often shows many areas to beware of, that often the inexperienced buyer will often overlook. I need to make sure that we know about any easements, covenants, work uncompleted, or not council-approved areas on the property. There are many areas that need to be checked depending on the zoning, age of the home, water and sewerage, and council requirements.

When the offer is written, it is crucial to protect the buyer with a finance clause and the timing of approval. This also gives confidence to the seller that our offer is genuine, and the buyer will perform. This will make the difference in getting my offer accepted against other offers that may be in competition. I will always recommend a structural and termite report from professional companies that I can trust. If it’s a Strata titled property, there is information that must be obtained prior to writing the offer to ensure everything is in order.

A Buyer’s Agent’s Other Tasks

I will be bidding for the buyer if the property is listed for an auction sale. Of course, if you want to bid yourself, you are most welcome. I find that there is an art to being successful in bidding as I’ve been an auctioneer for many years myself.

If the property is a private sale, I will handle the negotiations for you and be in close communication with the sales agent until we have a result.

Once we have been successful in purchasing, I follow the sale process right through to the final inspection to ensure that everything is in working order. Then, I follow right through to settlement.

Representing the Buyer

Because I am paid by the buyer, I am fully committed to taking the stress, time, and emotion out of buying a property. Whether it’s for your dream home or an investment property, I will make sure that the buying process is smooth. In short, I represent the buyer.

While the real estate agent, who is paid by the seller, is committed both morally and legally to act at all times in the seller’s interest.

So, what I ACTUALLY do, I take the stress, time, and emotion out of buying property and I represent YOU.

Hopefully, in reading this you have a sense of what I do.

Then people ask me…

Why do I act as a Buyer’s Agent instead of a Real Estate Agent?

After many years as a real estate agent, I’ve employed and trained salespeople not only how to sell real estate, but how to do it ethically and maintain a high standard of integrity. Many salespeople who did not have that benefit of good training find it very hard to look after buyers.

As a result, I registered Buying Perth Real Estate in 2017 to help buyers purchase with confidence. I do not want buyers to feel that they have made the wrong decision, because of emotion, time restraints, or pressure from a salesperson. I get excited and very satisfied when I’m chosen to help buyers through the process of Selecting, Negotiating, working through the due diligence to reach a positive outcome when buying either their dream home or investment property.

As a buyer’s agent, I work hard to produce amazing life-changing outcomes for my buyers, and that gives me great confirmation and satisfaction. This is why I chose the concentrate on being one of the most experienced Buyer’s Agents serving the Perth Buying public.

Do you need to buy a home soon? Get a free consultation from Buying Perth Real Estate today.

Is An Experienced Buyer’s Agent Worth It?

03/22/2021 Clive Elliott Buyers Agent

You might think that hiring a buyer’s agent will cost you more, but in reality, buyer’s agents offer many ways where you can save up on costs and fees. Aside from money, buyer’s agents can also save you a lot of time, effort, and stress through handling the buying process.

So, is hiring an experienced buyer’s agent worth it? Read more to find out.

An Experienced Buyer’s Agent is a Buyer’s Advocate

If you think that a real estate agent is on the buyer’s side, you are wrong. A real estate agent is hired by the homeowner to sell their property. They are legally and morally committed to work in the seller’s best interests. They will try to get conditions that are most profitable for the seller and not for the buyer.

Meanwhile, a buyer’s agent is a buyer’s advocate. They will do everything for the best interest of the buyer both in checking the quality of the property and in negotiating the lowest price with special conditions that best suit the buyer. They act as a third party in the final decision and help take away the emotion associated with making the final decision, which can often save making big mistakes or losing your negotiating advantage.

An Experienced Buyer’s Agent Can Lessen Your Time In Looking For The Perfect House

Some buyers take years in looking for a house. Although this is a normal scenario, most people wouldn’t want to spend most of their precious time looking at different houses that eventually don’t meet their requirements. In finding the perfect home, you need to consider a lot of things.

When you have a buyer’s agent, they can do the initial leg work for you. They will find different properties that fit your criteria. Afterward, they will shortlist options based on what they think are the best opportunities for you based on the detailed brief that they have complied after spending quality time in discussion with you at the time you engage their services. This will save you a lot of time and effort that you would need to spend if you were looking for properties by yourself. Your buyer’s agent will do that for you. Moreover, they have more knowledge and will surely be able to find the best properties.

An Experienced Buyer’s agent is knowledgeable especially when it comes to negotiations

With years of vast experience, the right buyer’s agents are sharp negotiators. Aside from providing you with the best property options, they can also provide you with the best deals. They will help you make the right offer that will lead you to finally getting the property at the best buying price.

They can often save you tens of thousands of dollars in the final negotiations for the property you are buying.

What Can I Save by Hiring an Experienced Buyer’s Agent?

The buyer’s agents service fee, to you the buyer, is more than covered by:

the time and stress you are saved in the searching and checking the properties for due diligence with all the authorities
negotiating the best possible price
including the necessary special conditions in the contract to protect you
arranging building inspections to be done by experienced licensed builders
helping where necessary in your search for finance at the best rates
plus a host of behind the scene checking and searching and communicating regularly with you throughout the whole process.

So, is a buyer’s agent worth it? An experienced buyer’s agent or advocate can really offer you good value for their services.

The objective of a buyer’s advocate will always be for the benefit of the buyer. It is good to have a real estate expert that is on your side. They will help you become rational about your decisions. They are knowledgeable, they have access to off-market listings, and they are sharp negotiators. With all these values brought by buyer’s agents, hiring one is definitely worth it. They will save you money, time, and most importantly – relieve you from stress.

Reach out to Buying Perth Real Estate to know more about the benefits of hiring a buyer’s agent.

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