Buying your first home, your dream home or an investment property in Sydney, or in any part of Australia, is a decision that requires a lot of consideration. When using a buyers agent, a lot of the pressure and stress is lifted off you so you can think a little more clearly about what you are about to do. The buyer's agent is there every step of the way to help you through it.
One of the primary roles of a buyers agent is to get you the best deal on the best home to fit your circumstances. They do this by negotiating real estate prices until they can reach the price that is right for you.
Here we look at exactly how a buyer's agent can help you in the negotiating process when buying a house.
How A Buyers Advocate Can Help You Negotiate A Better Deal
Once you have located the property you want, which is located in the area you wish and is near your budget, the buyers agent works on the price. This means negotiating a better deal for you. This could mean saving you thousands, or negotiating better terms for the sale of the property.
Here are ways a buyers agent can help secure you the best deal, and for more information on how buyers agents can help you secure the best property, click here:
1. Market Research
Knowing the value of a property comes from doing extra homework on the surrounding neighborhood. Prices that houses have sold at recently and the trends that are moving those prices around all come into play.
Being able to have a good idea of the actual property value gives your property agent greater bargaining power.
2. Real Estate Agents
An important part of knowing how to negotiate buying a house includes knowing how to deal with real estate agents.
Real estate agents are representing the vendor. As a result, their goal is to get the most they can for a property – even if it means someone will end up over-paying. A buyers agent is prepared for this when negotiating.
3. Property Research
When it is time to make an offer on a property it is paramount to understand the true value of the home. The price the vendor is asking is not always matched to the actual value.
A buyers agent looks deeper into the situation to find information that can provide negotiating leverage. The buyers agent will look at the following:
- Why the vendor is selling this property?
- Does the vendor desire a quick sale of this property?
- The length of time this property has been on the market
- Is the asking price flexible enough to allow for negotiating room?
- Are there any problems with the home or property?
These factors can have an impact on what the seller’s motivation is for moving the property. It also gives a buyers agent information to execute different buying strategies to secure the home at a lower than asking price.
4. Keep Your Budget In Place
Your budget will be the ultimate decision-maker in the negotiations. But before you get anywhere near that place, you must spend time with a financial planner and an accountant to determine what exactly is your affordability. Once your budget is determined, your buyer's agent can help you to stick to it.
5. Keep Emotions In Check
When negotiating a house price, the buyer's agent is an expert. That’s because they do not get emotional about what is going on.
They do not have an attachment to the house or the vendor. They are not going to crash under the pressure and make a bad decision. They are working for you but won’t get caught in emotional drama.
6. Other Tips
Real estate negotiation is difficult for the average person. It is often only something that you do a few times in your life. For a buyer's agent, this is something they do all the time. They have the experience, and that is why you need a buyers agent in your corner.
They will help you to set a goal and stick to it. They will help you to understand the motivation of the vendor and how to best use it to your advantage. Negotiating a property price is the job of an expert.
Even if you are unable to reach a middle ground through the negotiating phase, you have to be prepared to walk away. There will always be another perfect property available and it may end up being a better deal than what you have had received on the first one. With emotions running high, this can be a challenge for many home buyers. However, a buyers agent will guide and help you through this and find the right property.
Buyers Agents Know How To Negotiate Buying A House
There is no better way to explain it... Negotiating the best price for the house you want is what a buyers agent does the best. They shoulder the responsibilities related to the research and valuations, and have the tools and market experience you need to find the best properties.
They take the stress and concerns away from you so a good deal can be made quickly and efficiently.
So if you need some help with your property negotiations when buying your next home in Sydney, then make sure that you get in touch to see how we can help.