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Should I use a buyer’s advocate?

5 April, 2022 / Category: Blog

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Should I use a buyer’s advocate?

Buying a property can be fun and exciting. However, if you’ve been looking for some time, you’ll likely know the feeling of missing out at auctions and watching the market increase. What you could afford six months ago may no longer be in your budget.

A good buyer’s advocate knows their market intimately, from the listed properties to the off-market and pre-market properties. They can help you secure a property in less time with better terms and for a competitive price.

What about the real estate agent? Isn’t it their job to find properties for me?

A real estate agent is there to get the highest price for the property, which is valuable if you are the vendor. But who ensures the buyer gets the property for the best price? This is where a buyer’s advocate comes in.

If you’ve ever been in a negotiation with a real estate agent, you’ll know the feeling of being out of your depth. Real estate agents are experienced and well-trained negotiators. They do this all day, every day. A buyer’s advocate is also professionally trained in negotiation and can represent you, the buyer. This levels the playing field ensuring the buyer can achieve the right price with optimal terms for them.

What is an off-market or pre-market property, and how can I gain access to them?

An off-market property isn’t advertised online. There are several reasons a vendor may choose this type of sale. The most common reasons are that they need to sell quickly or can’t prepare the house for an on-market campaign (because they are overseas, interstate or don’t have the capital). These can be attractive opportunities for buyers because there is limited competition.

A good buyer’s advocate will get access to these types of properties because of their strong relationships with existing clients and with real estate agents.

We have no hesitation in letting Lauren [Infolio’s Managing Director] know about an off-market property. We know she’s likely to have a qualified buyer interested. We know she will be quick to respond and thorough with her communication. In fact, on a personal level, she purchased and found my home off-market. I was surprised at how many pre-market opportunities she had.

Sam Gamon, Director of Chisholm & Gamon Real Estate.

Many properties are bought ‘pre-market’. This term refers to a property that is purchased during sale preparations or the sales campaign (before the auction). These negotiations can often play to the buyer’s favour because they are not in a competitive auction environment. 

Infolio specialises in accessing these properties early and assisting our clients in making informed decisions about when to make an offer and how much. Our intimate understanding of the market and the areas we service ensures that you never pay too much and that your offer is just high enough for the vendor to consider taking the property off the market.

Our first experience with Infolio was so exceptional we used them with other property purchases.  From the moment we met Lauren, she was on the same page, listening to the type of property we wanted and then helping us find it.  We were searching for something quite different, and she found it!  We quickly learned that many properties are bought before going to market, and Infolio excels in the off-market space.  Each of our property purchases has been off-market. Having never used a buyer’s advocate before, we are absolute converts now.  Infolio saved us time and money and made the process far less stressful.  We highly recommend Lauren and the Infolio team.

Infolio Property Advisors client.

Can a buyer’s advocate save me money?

When it comes to property in Melbourne, time is money. The longer it takes you to buy a property, the more the market goes up and what you could have bought 12 months ago is no longer in your budget. Infolio takes on average 90 days to buy a property for our clients, minimising market gains and maximising the capital gains on your purchase.

Did you know the median house price in Melbourne has gone up about $139,000 in the last 12 months to $1,120,000? According to Core Logic, in the first quarter of 2022, Melbourne’s median house price has had modest growth of 0.1%. Despite this being lower than previous quarters, it’s still an increase of $1,100 on the median house price.  Plus, there is more growth forecast in 2022, with the major banks all forecasting growth of between 5% and 8% this year (equating to approximately $72,800). 

An experienced buyer’s advocate will be dedicated to finding you the best property, for the best price, on the best terms and in the shortest amount of time possible. They will be intimately familiar with the area you want to buy in and have an in-depth understanding of what each property is worth, ensuring you don’t pay. 

[Lauren, Infolio’s Managing Director], is well researched at all times and knows how to help navigate different property segments and types. I believe Lauren is considered in her advice, knows the market and works hard on establishing good relationships with her clients and agents. Ultimately, this creates a better experience for her clients, means she opens more doors and has the ability to produce a result. I’ve referred some of my closest friends and clients to Lauren for a buying service, and the feedback is always exemplary. Recently, she purchased a house for a family in Sandringham after I had referred them to Infolio. Their feedback said it all, “Lauren was incredible”.

Sam Gamon, Director of Chisholm & Gamon Real Estate.

Buying a property can be an emotional rollercoaster. It’s hard not to become attached to the properties you inspect. Imagining you or your family living in the property is part of the process; however, becoming emotionally attached can lead buyers to overpay for a property. A buyer’s advocate is emotionally detached from the buying process and only wants the best outcome for their client in the long term. They will ensure you don’t get emotionally attached to a property and subsequently overpay for it.

Infolio has been on our house hunting journey twice – our first home (apartment purchased off-market in 2016, sold in 2021) and now our first family home (4 bedroom home negotiated post-auction in 2022).  Both outcomes could not have been achieved without Infolio. Infolio tirelessly assessed the suitability of options which saved us energy and countless hours and opened up access to properties not otherwise available to us. Our 2016 investment ultimately provided the capital growth that helped secure our family home. The buyer’s advocacy fee was paid for many times over through this growth, and the reduced cost of purchase on both occasions achieved through careful and strategic negotiation. Infolio was our true partner in both sales, giving us a level of comfort and control in an otherwise opaque market. We could not recommend them more highly. 

Infolio Property Advisors client.

If you want to secure a property in less time with better terms and for a competitive price, contact us today for a free 15-minute discovery session.

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