If you are living abroad and want to purchase real estate property in Australia, you might be worried about the hassles of having to go to Australia to visit the property, discuss the terms, and proceed with the purchase. Worry not; someone can take care of this for you, and these are Specialized Foreign Investors Buyers Agents.
Advantages of Hiring a Buyer’s Agent
If you are thinking twice about whether a buyer’s agent can really help you, here are some of the pros of hiring one:
They keep your best interests in mind.
A Buyer's Agent essentially acts as your representative. They will negotiate and fight for the best deal for you, especially when there are several investors interested in the property you are eyeing.
They will purchase the property immediately.
The problem with delaying the purchase of a property is that its price can increase in a matter of months, even weeks! This is especially true if the location is of high demand or if the property is scheduled for an auction. International buyers won’t need to worry about such matters if they have a foreign buyer’s agent to represent them.
They will prevent you from making costly mistakes.
The problem with not being in Australia when you are purchasing a property is you are not able to inspect it properly. And we are not talking about just the property you want to buy, but also the real estate environment. For instance, what if several apartment buildings are about to be constructed around the area? This means there will be more supply of housing in the area, which in effect might lower down the value of the property you intend to buy in a few years’ time. You will end up losing money. A Buyer’s Agent can help you by researching about the property and its real estate environment first.
Also, they can prevent you from buying out of pure emotion. Sometimes investors pay too much out of fear, frustration or excitement. A knowledgeable Buyer Agent can negotiate for you to make sure you pay just the right value for the property. This way, you can still get your dream home at the lowest price possible.
They will save you time and effort.
They will save you effort practically because you won’t need to visit every single property you have in mind. There is no need for expatriates to inspect the properties or research about every single detail. You won’t even have to fly to Australia to make sure the property you want is purchased at your budget. And what will normally take a person at least a hundred hours will take these professionals less than 10 hours to find you the right real estate investment.
If the property you like will be sold on auction bidding and you can’t be there to bid (or you don’t want to), your buyer’s agent can be there for you.
They will find you properties not publicly declared for sale.
Off-market properties are something you can only find with the help of insiders. Buyer’s agents can show you properties that might fit your needs and widen your choices.
They can connect you with other real estate professionals.
Once you have found the right property and your buyer’s agent helped you land the deal, you would need help from solicitors, conveyancers and property managers. If you are looking to move to Australia, you would also need the help of migration agents. Your buyer’s agent would surely have connections to other real estate professionals who can provide you the additional services you need.
Buyer’s Agent Fees
Although there are fees associated with utilizing the services of a Specialized Foreign Investors Buyers’ Agent, you can easily get your return on investment with their services. There are two ways by which a buyer agent can charge you for their services. These are:
Fixed Price Fee
A buyer’s agent will sometimes charge a fixed rate of anywhere between $5,000 and $20,000, regardless of the price of the real estate property purchased.
Some buyer agents base their fees on the actual purchase price of the real estate property purchased. The percentage is anywhere between one and two percent.
If the property you are eyeing is worth more than $2 million, then it would make sense to hire a fixed-priced buyer agent. If it's less, going for a percentage-based agent is fine. But the most important quality to look for in buyer's agents is not their fee, but their good reputation in the industry.
A Word of Caution with Hiring a Buyer’s Agent
The fundamental difference between a buyers agent and a real estate agent is that buyers agent works primarily on behalf of the buyer and not the seller. This is where you need to be careful, read reviews and do your research. Some buyer’s agents are double-agents; they work in behalf of both the buyer and the developer. This means they get paid by both parties for a successful purchase. If you happen to hire such a buyer agent, this means your best interests aren’t really being put into consideration.
We at Clearsky Property have put together a list of reliable and trustworthy Foreign Buyer’s Agents that would put your interests first. Contact us for more information on these dependable Buyer’s Agents.