Probing discussions this week with a corporate type individual had me reinforcing my belief in the dual agent system prevalent within the Australian real estate market. Here there is commonly an agent for home buyers separate to the vendors agent, unlike we traditionally have in NZ.
Ever since I sold my first home in Wellington nearly 20 years, ago I have thought that it was a conflict of interest having a single agent represent both parties in a real estate transaction, where the agent is paid based on the result.
Aside from this are the benefits that buyers receive having an advocate with many years of experience in real estate, negotiating significant numbers of properties, put to work for you.
The appraisal of the entire market ensures that no stone is left unturned in investigating all potential options by someone with a deep understanding of YOU and your unique story at the forefront of their mind. Identifying and appraising an individual property is a skill honed by someone interested in both people and property. Being well connected ensures that all options are considered be they public or not.
I had a brilliant experience a couple of weeks back. My Wellington buyer who I had been working for over a period of months wanted something very very specific and a bit of a hens teeth project after really listening to his story and plans. Suddenly something that got me really excited on his behalf emerged from my research. Neither of us can believe how much of a box ticker this property is. Searching from afar on his own would have been an exhausting and expensive journey down many dead end roads after flights from Wellington.
One of the key issues that faces buyers and results in them seeking our advice is the frustration of missing out. There is a significant cost to this. Money invested in the due diligence, but even more significantly, the cost of lost opportunity in a fast paced market is significant. Having knowledge of the local market and the agents and their systems is key to addressing this issue.
It is paramount that a buyer is represented by someone with experience and ability to negotiate through the sales method with an experienced agent. The agent for home buyers will act with the buyers interests being at the forefront of their mind.
An advocate that has experience within the local market and contacts to assist in the due diligence process is essential. Contacts with the right expertise are everything.
Not only is the aim of a buyers agent to make the process of buying a successful one but it should be as stress free as possible during the acquisition and settlement process. In a market that has even the seasoned local buyers on their toes you will need the cards stacked in your favour.