3 Reasons Backed By Evidence For Using a Buyer's Agent.
Purchasing a property in Sydney's competitive real estate market is a daunting and complex process, take it from me - I buy properties for a career!
While most homebuyers opt to navigate this process on their own, others enlist the services of a local buyer's agent to streamline the experience, save time, access homes that other buyer’s do not know about, ultimately securing the best possible deal.
Time Savings
Evidenced-based research has shown that using a buyer's agent can significantly reduce the time spent on property searching and purchasing. For buyers already juggling busy schedules, family commitments, or other responsibilities, dedicating sufficient time to property research, inspections, due diligence, and negotiations can be challenging, and can be the difference between securing a property or missing out on your dream home.
A study by the Real Estate Buyers Agents Association of Australia (REBAA) found that on average, buyers who utilised a buyer's agent saved up to 50% of their time during the property acquisition process. While some buyer's may look for months or years, last year Webb & Co. Buyer's Agency's average purchase time was 6 - 8 weeks from engagement to exchange.
Market Knowledge
Buyer's agents possess in-depth knowledge of the Sydney property market, including local trends, market cycles, and property values in different neighbourhoods. This expertise provides valuable insights to their clients, enabling them to make more well-informed decisions.
Research conducted by the University of New South Wales on the Sydney property market found that buyer's agents are better equipped to identify properties with potential for capital growth. Their knowledge of market dynamics and historical data enables them to pinpoint areas that are likely to experience higher appreciation in the future, providing buyers with a competitive advantage for future wealth creation.
Access to Off-Market Properties
One of the most well-known benefits of using a buyer's agent is access to off-market properties that are not visible on REA.com or Domain. Off-market properties are those that the seller wishes to keep discreet, often due to privacy concerns, the desire for a convenient and cheaper sale (saving on marketing costs), or various personal factors including health, divorce, or simply personal preference.
Webb & Co. Buyer’s Agency recently purchased two Off Market homes in Mosman & Pymble on Sydney’s North Shore. Both of these clients had been searching independently for 2+ years, had missed out on multiple auctions, and were not able to access a broad enough range of properties without the assistance of a local expert on their side.
Negotiation Skills
Negotiating the best price and terms is a critical aspect of the property buying process. Skilled buyer's agents have honed their negotiation techniques over years of experience, giving them a distinct advantage when it comes to securing favourable deals for their clients.
A study published in the Journal of Real Estate Research found that properties purchased through buyer's agents were more likely to be sold at a lower percentage of the initial asking price than those purchased without representation.
As the prevalence of buyer’s agents steadily increases in the Sydney market, make sure to do your research and find a buyer’s agent that is experienced, trusted and connected in your local market. After all, you are placing your life savings in their hands, which is not something you want to get wrong.
