Buying a residential property is not a frequent exercise for most people, therefore the process can seem both complex and daunting, but with the help of a residential ‘buyers agent’ or ‘buyers advocate’, the entire process can become more manageable and achievable. With a buyers agent, the process itself consists of a series of steps designed to help you, the homebuyer, from step through from aspiration to acquisition.
Initial meeting
The first of the buyer’s agent steps involves an initial meeting, where the buyer’s preferences are discussed. Whether the residential property is intended as an investment property or a primary place of residence (PPOR). Together with the buyer’s agent, this includes details such as preferred location, nearby amenities, public transport, school zoning, dwelling type, age, size, initial budget, physical characteristics of the ideal property – including construction material, layout, the number of bedrooms and bathrooms, type of layout, and position on the position. This list serves to assist the buyers agent to narrow the search, eliminating unsuitable properties and focusing only on those fitting the buyer’s vision.
Alternatives
After identifying and reviewing these parameters, the buyers agent presents various options to the buyer, including a list of comparable alternatives to assess against. The task takes both time and a thorough understanding of the market and conditions, and is often an overwhelming task for individuals but one of the main reasons you engage a qualified, experienced professional buyers agents. A buyer’s agent will use their knowledge, networks, professional relationships and your buyer’s brief, to provide you with a list of properties to review. This may include at times, other not listed properties on the on market, including access to both off-market and pre-listed properties.
Short List and Identify Preferred
Once a list of potential properties is compiled, the review phase begins. Together with the buyer’s agent, you thoroughly examine these properties, often conducting site visits and obtaining any necessary documentation such as, contract of sale, building and pest inspection reports. It is imperative that during this step the buyer’s agent, confirms and reviews the source of funding, where it is not cash purchase, financial pre and unconditional approval has been granted, before transitioning into negotiation. From this, a shortlist of the most preferred one or two suitable properties is created.
Negotiate
The negotiation step is where the buyer’s agent truly shines. Equipped with comprehensive market knowledge, experience and negotiation skills, the buyer’s agent engages with the sellers or their agent to secure the best possible terms and price for ‘you’ the buyer. This step can save you, not only money, but also the stress involved in haggling to get the best price and terms of sale.
Exchange and Settlement
The final step comprises the exchanging of the contract and arranging settlement. During this part, the buyer’s agent works closely with legal professionals, ensuring all paperwork is legally sound, and any special conditions are met. A buyer’s agent will guide you through the process, bring together key parties, ensuring a clear understanding and a seamless and successful purchase.