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What is a Buyers Advocate?

27 June, 2014 / Category: Blog

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You’re at an auction. A sea of suits (or, for us Melburnians, raincoats) is all that stands between you and your dream property.  The playing ground seems as level as the front lawn you tread upon…or is there more at play here, amidst the chatter, the banter and polite conversation about the neatness of the hedge?

It seems to me that more and more buyers and sellers are enlisting the services of professional agents in their real estate transactions. We’re all quite familiar with the concept of an ‘Agent’ in this regard, but what exactly is a Buyers Advocate, or Buyers Agent, as they’re otherwise known?

Thankfully, it’s all just as it sounds. A Buyers Advocate is a licensed professional, who, for a set fee or percentage of the property purchase price, searches, evaluates and negotiates the purchase of property on behalf of the buyer.

Just as an Estate Agent works on behalf of their client, the seller, to ensure they get most favourable price and terms for their property, Buyers Advocates work against the industry’s (often raging) tide, exclusively for you, the purchaser.

With an artillery of information, tactics, solutions and advice, a Buyers Advocate could just be your best asset in stepping up to the challenges presented by sellers, estate agents and industry at large. So, when it comes to achieving your property goals, and ensuring your buying experience is a positive one, I believe the right Buyers Advocate can make all the difference:

  1. They help you get ahead, with early and broad access to opportunities.  With their far-reaching, established network and tools for forecasting market opportunities, Buyers Advocates allow you access to the ‘whole’ market, including properties that aren’t even listed yet. In addition, they’re nuanced in the market (and community) specifics of the area you’re looking in.
  2.  Buyers Advocates play a key role in negotiating and bidding on behalf of ‘inexperienced’ or “time-poor” property purchasers (It should be said, however, that given most of us will only purchase property once, or a few times, in our lives, that the term ‘experience’ might pertain to the depth and level of involvement in the process rather than the number of times one has engaged with it!).

They help in selecting a property, and sorting out the details of preparation of your offer to purchase. Their inside knowledge and access to sales evidence can help negotiate the best purchasing price and terms, and from there, they’ll be able to direct you to a reliable financial consultant.

  1. They take care of the ‘nitty gritty’. Aside from the fact that the industry can be quite daunting (or at least to those who don’t spend our whole lives purchasing and selling property, accruing valuable expertise and inside knowledge in doing so), freedom from the most complex and gruelling of admin allows to focus your time and energy on the aspects of your property journey that afford you, rightfully, the excitement and thrill that this experience should bring. Your property journey should be one of deep personal satisfaction, not just a series of laborious box-checking (or, in the case of us Melburnians, puddle-hopping).

Buyers Advocates are your facilitators. From verifying the condition of the property by way of actioning building inspections, title searches and zoning; to overseeing the conveyancing process and appointing a Settlement Agent.

  1. They save you time. It’s always of the essence, but never more so than when you’re vying for your perfect home or investment property (which can quickly turn into a full-time job in itself!).

When it comes down to it, most of us pursue property and invest with a view to improving quality of life in the long-term. The stress associated with finding the perfect property needn’t detract from what should be a thrilling, exciting time in investing in your future. The right Buyer’s Advocate will allocate their time effectively so you can, too, allowing you to get the most value out of your experience by inspecting properties and narrowing down your focus on properties that truly reflect what you’re looking for. This, after all, is what it’s all about.

It makes sense to enlist the best possible resources in the process of what will be one of the biggest investments of your life. Now that we’ve hit the demister on the once foggy windscreen that is Buyers Advocacy, you’re hopefully in an even better position to assess what’s going to work for you in achieving your property goals, with confidence.

Yours Sincerely,
Nick Morrison

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