With the popularity of using a Buyer’s Agent growing rapidly over the last decade, many people are asking questions about what a Buyer’s Agents does and how can they help?. Here we have compiled a list of our most frequently asked questions, but if you do have another question, you are welcome to get in touch with our friendly team at any time.
What does a Buyer's Agent do?
A Buyer’s Agent is a real estate agent who acts solely on behalf of the Buyer in a real estate transaction. Their main responsibility is to assist the buyer in finding and purchasing a property that meets their specific needs and budget and works solely in their best interest. Though it’s not quite as simple as finding, inspecting, and placing offers on the properties you’re interested in.
We work with a range of clients including home buyers, downsizers, people relocating and those with special needs as well as property investors. We partner with you to fully understand what your dream property looks like, your ideal location and budget parameters etc.
The process involves a lot of research, an understanding of the local market and working closely with you to provide relevant and timely information about the different markets, suburbs and property types and styles. Then, we undertake our search reviewing both on market and off market properties, presenting to you for your consideration only the specific properties that meet your scope and requirements. You will be provided with a video walk-through for each property, comprehensive due-diligence reporting and of course, the opportunity to inspect the property yourself.
Once you’ve reviewed a property that meets our due diligence checks and that you love, you’re ready to put in an offer. This is the time we’ll provide to you our appraisal of value and as registered Property Valuers and licensed Buyer’s Agents, we have the experience and knowledge to accurately appraise the property and inform you as to the value of the property. It’s how we ensure we’re placing an intelligent offer on the property that is in line with the local market.
Next, we’ll negotiate or bid on your behalf. This is where Buyer’s Agent’s can really show their value and save you money. The buying process and the negotiations that come with it can be particularly stressful, especially in the current market. Your Buyer’s Agent will negotiate with the selling agent on your behalf, using that appraisal and local market knowledge to secure the property for the lowest price possible.
We will then manage the balance of the due diligence responsibilities, such as the building and pest inspection, conveyancing, pre-settlement inspection, property management if required and navigate the exchange of contracts. Congratulations – It’s yours!
Do I need a Buyer's Agent?
Whether or not you need a Buyer’s Agent to help you purchase a property really depends on your individual circumstances. While you are perfectly able to buy a property on your own without the assistance of a Buyer’s Agent, a Buyer’s Agent can guide you with confidence as to what properties to avoid, offer to you off market properties not available on the property portals, undertake comprehensive due-diligence on properties of interest, assess value and professionally negotiate or bid on your behalf. A Buyer’s Agent has an in-depth understanding of the local property market, property values, due-diligence and the negotiation process involved in purchasing a property.
This is why many home buyers and investors are deciding to purchase through a Buyer’s Agent – it often becomes less time-consuming, more cost-effective and a much more simple and stress-free process.
Who uses the services of a Buyer's Agent?
Buyer’s agents were originally viewed as a luxury service or something that is reserved only for the wealthy. This could not be further from the truth. You certainly don’t have to be buying a luxury home to engage our services.
Examples of people who benefit from using a Buyers Agent:
People who are new to the property market or looking for a new home and see value in having a professional working on their side when buying a property, can benefit from the guidance and expertise of a Buyer’s Agent.
People who are looking to build or expand their portfolio can benefit from a Buyer’s Agent’s local knowledge of the market and the best investment opportunities available.
People with limited time such as busy professionals or those with other commitments may not have the time to search for properties themselves. A Buyer’s Agent can take on this task and provide them with a shortlist of suitable properties to consider.
Interstate or Overseas
People who are relocating to Brisbane or the coast from another city or state may not be familiar with the local property market. A Buyer’s Agent can help them navigate the market and find a property that meets their needs.
People looking for a specific type or type of property such as in a particular school catchment, in a certain pocket of a suburb or unit complex, luxury home or a property with a specific set of features can benefit from a Buyer’s Agent’s ability to search for and identify properties that meet their criteria.
Can a Buyer's Agent also be a selling agent?
Although possible, this would be considered a conflict of interest. A Buyer’s Agent working too closely with a selling agent could also be considered a conflict of interest and can become a grey area. At Templeton Property, we do not sell property, though we do offer a Vendor Advocacy service where we assist our clients in selecting the right agent, provide advice on the best sale and marketing strategy, negotiate the sale agent’s commission on your behalf and guide you through the sales negotiation process.
How will a Buyer's Agent affect the final purchase price?
A Buyer’s Agent’s role in relation to the purchase price is to negotiate the purchase of the property for the lowest price and with the best contract terms for the property you wish to purchase.
One of the primary roles of a Buyer’s Agent is to negotiate on behalf of the purchaser. We use our expertise and experience to negotiate a lower purchase price, saving the buyer money.
An experienced Buyer’s Agent will have a deep understanding of the local real estate market and can provide guidance on the market value. This can help the buyer avoid overpaying for a property. As a registered Property Valuer, we are experts is assessing the market value of property and we have over 20 years experience in the Brisbane and South East Queensland property market.
A good Buyer’s Agent undertakes comprehensive due-diligence on the property that may affect the purchase price and livability, such as flooding, easements, recent comparable sales and any other issues.
Of course, the purchase price savings are not the only benefit. There are savings in terms of time, stress and the decision-making process, which can become quite time-consuming and fatiguing. Although it is very easy to purchase a property, it is difficult to find a great property and that is what we do.
Overall the biggest benefit in partnering with a Buyer’s Agent is to purchase the right property for the best price possible.
Do Buyer's Agents provide an appraisal or valuation?
A formal Valuation of a property can only be legally undertaken by a Registered property Valuer. Although our lead Buyer’s Agent and Director Sam Price has been a Registered Valuer in Queensland for over 25 years, we don’t refer to our appraisals as Valuations, mainly for insurance purposes.
A Buyer’s Agent therefore, should not advise that are a Valuer nor provide a Valuation of a property. They should however, provide information and guidance on factors that can affect the value of a property, such as the local real estate market, comparable sales in the area, and any potential issues or concerns with the property. They can also help connect buyers with a professional Valuer if needed.
Are Buyer's Agents worth the money?
Many buyers find working with a Buyer’s Agent to be of great value as they provide valuable assistance and expertise throughout the property buying process. Some of the reasons include:
Access to information
Buyer’s Agents have good relationships with local real estate agents which provides them with knowledge about properties that may not be available to the wider public, including off market and coming soon – properties not yet listed on the major portals. They also often receive regular notifications directly from the selling agents and subscribe to the various property data platforms for ownership and sales information.
A Buyer’s Agent can negotiate on your behalf to secure the property for the best price and with the best terms possible. They can also bid on your behalf at an auction and their insight and experience into the strategies utilized at an auction can be a valuable asset to have on your side.
A seasoned Buyer’s Agent will have extensive knowledge of the local real estate market and suburbs including what is good value, what and where to avoid and current trends. Their comprehensive due-diligence will allow you to buy property with confidence knowing that there are no surprises.
Coordination and contacts
Buying a property involves the assistance of many different professionals to assist you in securing the property including a financier, conveyancing lawyer, building and pest inspector etc. A Buyer’s Agent can coordinate the entire process and ensure that everything is done in a timely manner and in accordance with your requirements.
Buying a home or investment property is an emotional and a stressful experience. A Buyer’s Agent can provide you with that extra support, guidance and confidence to make the best decision.
Simply put, Buyer’s Agents makes a time-consuming and typically stressful process simple and seamless. However, the value of a Buyer’s Agent will depend on the individual agent’s skills and experience and a buyer should carefully consider their options and choose a Buyer’s Agent who they feel comfortable working with and who they believe can provide the level of service and experience they need.
Why does engaging a property investment advisor save you money?
Our knowledge of the current market and suburb profiles allows us to accurately assess the value of a property in any given suburb in our coverage area. This, combined with our comprehensive due-diligence, appraisal processes and our negotiation skills, allows us to secure you the property at the lowest price possible. Our access to off market properties also allows us to purchase properties without competition which removes the need to increase in offer which if often needed in an auction or multiple offer scenario.
Can you bid at an auction on my behalf?
Yes, absolutely. Engaging a Buyer’s Agent to bid on your behalf at an auction is a really intelligent choice. When you’re bidding at an auction for a property you intend to buy and live in, emotions can get in the way.
When you become emotionally involved with a property, you can sometimes begin over-bidding due to an attachment to the property.
As a professional Buyer’s Agents, we don’t over-invest or become emotionally attached. We’re highly experienced in auctions and bidding and will expertly represent you in these auctions. Bidding with a strategy and understanding the games employed at auctions can increase your chances of success at an auction considerably.
What is a Buyer's Agent commission?
A Buyer’s Agent commission is either a fixed fee or a percentage of the purchase price, that you will pay to your Buyer’s Agent to acquire the property for you. At Templeton Property, we can work on either a a flat fee or percentage, depending on what suits you and depending on the value and type of property we are purchasing.
The way our payments work is that you can pay in two installments. The first payment is due when you sign the agreement with us. We call this our Engagement Fee. The second and final fee comes at the end of the process, when your purchase contract becomes unconditional and is called the Success Fee.
You can find more details about our pricing structure on our ‘What does a Buyer’s Agent Cost’ page.
Can I represent myself as a Buyer's Agent?
You can buy your property on your own, without the assistance of a Buyer’s Agent. However, you cannot represent yourself as a Buyer’s Agent. Buyer’s agents must have the appropriate licenses to be classified as such.
I live interstate or internationally, can you represent me?
Yes, absolutely. In fact, if you’re wanting to buy in Brisbane, the Sunshine Coast or the Gold Coast and you don’t live here, then partnering with a Buyer’s Agent is a smart idea.
As professional and experienced Buyer’s Agents, our team knows these areas extremely well and we can work with you to purchase the best property for the best price. We regularly work for clients living in Sydney or Melbourne or overseas who want to make the move to Brisbane, and would like to find a suburb that is similar to where they are now, and our agents can help them find the ideal area and home for you and your family.
How often will we communicate?
We discuss this in the first meeting after being engaged by you and we often lock in pre-arranged times, at least 2 to 3 times per week, where we update you on our progress and obtain feedback from you on the suburbs and properties we have submitted to you for comment. We use WhatsApp to communicate with all the relevant parties and find this a seamless and secure way to communicate with our clients.
What happens if you can’t find what I’m looking for?
From our initial consultation, where we learn about your hopes and dreams for your new property, to your purchase contract going unconditional, we’re completely transparent with you. We will work with you to set realistic expectations about the property, budget, and timeline and will always be upfront with you. Should, after an extensive search, we be unable to find a property that meets your requirements and budget and have exhausted all the other options available, we are happy to down tools until you are able to either increase your budget or amend your brief. We also offer the option of putting the search on hold for up to 12 months, which has benefited clients who have a change in their circumstances.