Using a Buyer’s Advocate when Purchasing Property


An increasing number of people looking to purchase real estate in Australia are using the services of a buyer’s advocate.

Buyer’s advocates – also known as buyer’s agents or buyer’s representatives – help people with the real estate buying process. The role of a buyer’s advocate is to work on your behalf with advice, knowledge and representation during the real estate purchasing process.

Agents, mortgage brokers, property inspectors, solicitors, tradespeople and other pertinent service providers are among the contacts buyer’s advocates will have built relationships with. Some advocates specialise in particular geographical regions, which can further solidify these business relationships.

In Australian real estate, a buyer’s advocate’s main duties include:

Assistance in locating properties

Buyer’s advocates assist customers in finding houses that meet their unique needs, tastes, and financial constraints. Advocates can occasionally locate properties that are not even on the public market because they usually have access to a wealth of market resources, such as industry publications and personal contacts.

Independent assessments of the market

What is the true value of a property? Is the selling agent credible? Following the identification of possible properties, buyer’s advocates carry out in-depth analyses to determine the properties’ worth, market circumstances, similar sales, possible risks or defects, and investment potential. They can assist buyers in making an informed choice, particularly in situations involving private sales.

Handle negotiations

Experienced buyer’s advocates have typically developed strong skills at negotiation. When negotiating a price with the seller or the seller’s agent, they speak on your behalf. If necessary, they will also bargain over other terms of the contract in addition to the price.

Bidding on your behalf.

Your buyer’s advocate can act on your behalf if a home is up for auction or there is a private bidding procedure. In order to get the property at the best price, they strategically bid, overseeing the whole purchasing process. The primary benefit is that they can contribute an independent mindset to the process because they are not emotionally invested in a property.

Purchasing property isn’t something most people have a lot of experience with. A buyer’s advocate brings experience and knowledge.

Post-purchase support

A buyer’s advocate can continue to be helpful after your purchase. They can offer relocation advice, assist with settlement processes, and connect you with trades or other services.

 

Finding the right buyer’s advocate

There’s no set job description for buyer’s advocates. Some can provide guidance from a seller’s point of view and are also vendor advocates. Some focus on particular property types, localities, or even property values. Styles and approaches differ across the industry.

It costs money to work with a buyer’s advocate. Make sure your advocate is knowledgeable about the locations you want to buy in and has solid relationships with both big and small agents in those areas. Sign up only if you think the agent genuinely understands your real estate goals.

And be careful at all times. The largest expense in most people’s lives is buying real estate. Before you take advice from others, make sure you are well-informed.

 

Talk to Mortgage Broker Sydney

Get in touch with Michael and the team at Mortgage Broker Sydney for additional details on how to use a buyer’s or vendor’s advocate, as well as market intelligence on potential locations for your purchase.

Contact Mortgage Broker Sydney.