(FAQ’s) Frequently Asked Questions
FAQ’s – questions and answers
Starting the FAQ’s with the most common question asked of us.
A buyer’s agent is a licensed real estate professional who works for the buyer and represents their interests throughout the home buying process. A buyer’s agent focuses on finding the best property at the best price for their client. They help the buyer buy properties that meet their criteria and budget.
They have access to a multitude of tools and resources that help them source properties that are on the market, off-market, pre-market and post market.
They use their knowledge and expertise to search and source properties that match the buyer’s requirements. Once the buyer has selected a property, the buyer’s agent helps them in negotiating the price and other terms of the purchase. They help the buyer in preparing an offer and presenting it to the seller’s agent.
The buyer’s agent takes care of all the paperwork and ensures that the transaction goes smoothly. Another important role of a buyer’s agent is to provide guidance and advice to the buyer throughout the buying process.
They help the buyer in understanding the legal and financial aspects of the transaction and ensure that the buyer is making an informed decision. They also provide referrals to other professionals such as pest and building inspectors, mortgage lenders, and conveyancers/lawyers.
A buyer’s agent is an essential part of the home buying process. They work exclusively for the buyer and represent their interests throughout the transaction. They help the buyer in finding the right property, negotiate the price and other terms, and provide guidance and advice throughout the buying process.
If you are planning to buy a property, consider hiring a buyer’s agent to help you make the right decision.
A buyer’s agent is a licensed real estate professional who works for the buyer and represents their interests throughout the home buying process. Unlike the seller’s agent, who works for the seller and tries to get the best deal for them, a buyer’s agent focuses on finding the best property at the best price for their client.
It is not in the seller’s agents interest to work with the buyer at the client’s expense which then is the onus on the buyer and their agent/advocate to conduct their own due diligence about the value of properties in the chosen area as well as any Council requirements or easements or conditions about the property.
Whilst sellers agents have legal obligations to disclose what they know, they do not always if it is not disclosed to them.
It is buyer beware and important to have a buyer’s agent on your side.
Two methods mostly used: Fixed fee vs. Percentage of Property Price.
Fixed is negotiated at the outset and often there is a minimum charge of around $15,000 plus GST.
Percentage Cost can vary between 1% – 3% for a buyers agent plus GST.
What is an off-market property?
An “off-market property” is a property for sale that is not publicly advertised or listed on any of the real estate listing platforms. Why I’ve done the inverted commas, is because technically it is on the market as there is a contract of sale prepared, but it’s just not readily or openly marketed.
Instead, it is offered discreetly through private channels, word of mouth, or via real estate agents with specialised networks. As a buyer’s agent it is my job to know of these off-market channels to secure the right property for my buyer.
Ok so what are some of the reasons why people choose to sell their property off market:
Privacy: Some sellers want or need privacy, particularly high-profile individuals, celebrities, or those who just don’t want their neighbours to know they are selling. These people opt for off-market sales to avoid public attention and maintain confidentiality throughout the transaction.
Testing the Waters: Another reason is that Sellers want to test the market quietly by sharing their property with a select group of buyers. These buyers are sourced from the selling agents existing databases or from buyer’s agents themselves with clients who have missed out on similar properties and ready to go.
Speed and Control is another reason: Off-market sales have less fuss associated with them and can offer a quick and easy process for both the buyer and seller. This appeals to sellers who want control over who views their property, they don’t want every man and his dog, and they certainly don’t want to open up their home to the public.
Unique and High-End Properties are often sold this way for obvious reasons: The higher the price of the property or the more unique the property, the less buyers there are to choose from so no need to list it on realestate.com or domain – this is not where the high-end market buy property.
Seller’s Control: For sellers who like greater control over who views the property and when, like this method of sale. They don’t want every man and his dog coming through the property. This is particularly true for those unique or more high-end properties.
Cost Savings: Selling these days can cost a lot of money – there’s not only agent commission but also the high marketing costs. By selling off-market there are no or little marketing costs.
So how do you buy an off-market property?
One of the best ways to ensure you are kept informed about off market properties is to connect with a buyer’s agent that is experienced in your suburb of choice. They know which agents have what property coming up or which ones sell types of properties. They provide that confidential buffer.
They are unbiased and can help you secure your dream home or investment without it going to market, this will reduce competition and stress.