If you are time poor or living overseas or you just feel overwhelmed about buying a property without support, then a buying agent can source the best properties which accurately match your requirements and help you find your dream home. A buying agent act in your best interests to get the most amount of money from a sale the buying agent will handle all the negotiating and get you the best price. Buying agents also have access to off market properties so it puts you ahead of other people looking for property.
What is a buying agent?
Buying agents act solely in the interests of the buyer, whereas estate agents represent the seller. A buying agent’s job is to find their client the property that matches their requirements. They will also negotiate the best price and terms.
This is of course different to an estate agent who is selling a property. Estate agents enter a contract with the seller. The property seller, not the buyer, is their client. So having a professional buying agent with experience and expertise of buying property helps to level the playing field.
Why use a buying agent?
Whether you’re struggling to find the perfect home, have limited time to conduct your own search, live overseas or are relocating to a new area which you don’t know there are many reasons to use a buying agent. These include:
Getting access to ‘off-market’ properties
A good buying agent will have excellent contacts with estate agents which means they’ll find out about properties being sold ‘off-market’ – these are properties you won’t see advertised in estate agents’ windows or online. And even if the property is going on the market, a good buying agent will find out days or even weeks in advance. Having advance notice about a property going on the market may give you the edge as a buyer.
Buying agents can save you time
Searching for and buying a new home is a full-time job. Securing the best property takes time and dedication – and a buying agent will do this for you. A detailed brief from you will help your buying agent to filter through properties so you don’t have to. They’ll then preview the best properties and produce a shortlist of only the most suitable properties for you to view saving a lot of time. There is an added benefit as once your offer Has been agreed your buying agent will handle the process for you and they will liaise with the estate agents and your lawyer.
Negotiating on the purchase price
Your buying agent will give you an informed opinion on the property’s value. Using this and following discussions with the estate agent to establish the motivations behind the sale, your buying agent will advise you on the best negotiating strategy. Buying agents often secure a discount on properties. But it’s not all about price; the seller will choose based on the size of the offer and the situation of the buyer. So, it’s important to get your finances in place, Agreement in Principle (confirmation from a lender that they will grant you a mortgage). It will also show you’re able to exchange contracts quickly.
Saving Time
Your buying agent will liaise with the estate agent throughout the buying process. When you are first looking for a property, you can get inundated with agent calls and emails. The buying agent will handle all communication on your behalf.
What does a buying agent do?
The key to your buying agent finding you the best property is wide-ranging. It can include:
- Taking time to understand what you are looking for and why. They may also help you find what you’re looking for in a different area or with a different type of property than you had originally planned.
- Finding you the best properties for your needs: This will involve searching the market and using contacts to find properties that may be available, even if they’re not on the market
- Bringing local knowledge and advising on areas and properties. Buying agents will also use their local knowledge to help you understand what the property really offers. This can be particularly useful if you’re buying a property in an area, you don’t know much about. For example, if the road you’re buying on is very busy at certain times of day. Unlike estate agents, buying agents will highlight any negatives with a property. If the buying agent thinks it isn’t suitable for you, they will say.
- Conducting research on the property and the seller: This will help put you in the strongest negotiating position possible. This usually includes assessing the value of the property, finding out if any offers have been placed on the property plus the seller’s situation to help establish what offer they may be willing to accept.
- Negotiating for you to achieve the best price and terms on your behalf. This may save you money compared to if you negotiated yourself. Administration Your buying agent with handle the whole of the purchase process. They will deal with the estate agent and lawyer and keep you fully updated throughout the buying process.
Do I need a buyer’s agent?
It’s clear most people would benefit from the expertise of a good buying agent. But sadly, they don’t come for free, so it won’t be a light decision. However, the answer to the question “do i need a buyer’s agent” is likely be yes if you are:
- Time poor and need someone’s help to do the legwork
- Investors or buying a holiday home. A buying agent can be particularly useful if you don’t have detailed knowledge of the area where you’re hoping to buy your
- Living overseas and wanting to buy property in the UK
- Retired buyers who are unfamiliar with the process and would benefit from a helping hand.
- A nervous buyer who wants someone on their side
- Buying in a seller’s market. Buying agents can be particularly useful in a competitive market. So, if you are house hunting in a particularly sought after area and/or in a sellers’ market – where the seller has all the advantage because demand for houses like the type you want are outstripping supply – then a buying agent can be particularly advantageous.
Contact us on +44 203 303 3208 or globalmobility@citrusrelocation.com
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