The house buying process anywhere can be cumbersome. In Australia, homebuyers are assisted by buyer’s agents or real estate agents. However, do you really need a real estate agent to make a purchase? Why not just directly go to the seller or bid at an auction? Read below to learn more about why real estate agents can be beneficial during the property buying process:
But First, Who are Real Estate Agents?
Whether they call themselves buyer’s agents or buyer’s advocates, what real estate agents really do can mystify people. They are, in fact, professionals who require a license from the government to search properties for purchase and then find buyers for them. Real estate agents help clients isolate properties that best suit their preferences in crowded markets. They also help price negotiations between buyers and sellers. Sometimes they market properties as well. When you see homes for sale in Gladstone Park, this is why the ads usually accompany a listing for an agent. It’s important to understand that they don’t actually sell real estate. They act as intermediaries between the buyers and the sellers.
Real Estate Agents are Highly Knowledgeable about Local Properties
You may wonder why you need a paid intermediary to locate a property in anywhere in Australia. After all, you can easily find places up for sale online right? Well, the ads you see online don’t always tell the whole story about a property. If you see a listing, is there anything you can tell about the neighbourhood the property is located at? If there are issues with the building, these problems won’t be listed on the marketing material. Sometimes, prospective homebuyers don’t even know where to start. They may have an idea about the suburb they want to live in, but may not be able to pinpoint exactly where it is. This is where real estate agents can help you. Agents typically operate locally in a metropolitan area. They know which suburbs are good and which ones to avoid. Buyers can benefit greatly from the locale knowledge only buyer’s agents possess.
The Fees are Usually Low Compared to Benefits
Real estate agents make their money by taking a portion out of the sale price of the property. This price is paid by the seller, not the buyer. The buyer may have to pay an engagement fee to search for a property. This fee is flat and is quite low compared to stamp duties and taxes you will eventually end up paying on your purchase. Plus, the fee for the real estate agent is tax deductible in most cases. In comparison to the benefits, the agent fee is highly cost-effective.
One of the biggest advantages of using a real estate agent is that you can save a lot of time. The agent can do the searching on your behalf if you are busy and have to be at work. You won’t have to drive around to each property you see listed. The agent will direct you to the best properties that meet your expectations. If you are located overseas and is looking for a property in Australia, a buyer’s agent could be invaluable.
Real estate agents are highly knowledgeable about various market indicators as well. If you want to purchase a property that will increase in value over time, then an agent’s expertise will greatly help you.