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Sometimes a property that’s too good to be true may appear, but it might be too out of the way to evaluate. That’s where one investor recommends utilising a buyer’s agent can come in handy.
With a few properties in an investor’s portfolio in safe nearby areas, looking out of areas they may not be familiar with can find some quality properties, or simply be too time poor to look at new properties. When an investor gets to this point, investor Katie Simpson recommends considering a buyer’s agent.
Ms Simpson uses a buyer’s agent, defined by realestate.com.au as “licensed professionals that specialise in searching, evaluating and negotiating the purchase of property on behalf of the buyer” for her investments because it allows for her to manage her time better, while also relying on an expert opinion.
“The main reason [of using a buyer’s agent] was so that we don’t have to go out there and look at the property, because sometimes we don’t have a lot of time to go and see them,” she said.
“One of the other reasons we went through a buyer’s agent is because some of them get off-market properties that don’t go online to Domain or realestate.com. They’ve got the knowledge, they’ve got the contacts within the industry, it makes it easier.
“Would I have found that property if I was looking online? Maybe, because it was actually advertised on Domain, whereas other properties that they might put forward in the future may not be.”
Despite having a cost attached of approximately $10,000, Ms Simpson believes it is very much worth getting a buyer’s agent to help investors out. She was initially put off by the fee, but was going “mad” trying to find a place.
“The fee was the main driver that stopped us from doing it, even though we didn’t realise at the time how hard it was,” she said.
“But then, the extra $10,000 or whatever you pay as a buyer’s agent fee, long term, all that time that goes into trying to find somewhere, you just think I should’ve just hit the bullet and got it done.”
A buyer’s agent is a licensed representative hired by a buyer in negotiations with a property seller.