Property Investing and Buyer’s Agents
A Buyer’s Agent/Advocate is someone whose sole job is to research property and find you the best deal on the market that meets your criteria. Why should you use one?
If you are looking at a different state or an area that you are unfamiliar with, or just because you don’t feel confident or have enough time to find the right property yourself then they can be worth their weight in gold if you find the right one. Generally they take the headache out of buying properties. They can be excellent negotiators and should obtain the property for you for a lot less than you could yourself as they deal with local agents all the time.
Their fees start from around $1,000 and I have known them to be upwards of $50,000 depending on the price of the property. As a general rule the ones I have come across range from $8,000 to $15,000.
What do you actually get for this money? Well as a minimum they should do the following:
- Ascertain your specific requirements ie. The sort of property that would suit your needs including budget and long term goals
- Locate properties that meet your specifications and locations
- Carry out detailed research on the identified properties
- Identify any problems/issues with the properties
- Assist with viewings or even carry out viewings on your behalf
- Determine the true market values for any properties that meet your requirements
- Advise on a appropriate structure for making offers
- Negotiate on your behalf to obtain the property and even bidding on your behalf at auctions
On the downside, if you use a Buyer’s Agent make sure you use a legitimate one whose sole purpose is to look after your interests.
When looking for a Buyer’s Agent you should ask the following questions to determine experience and qualifications:
- Are they fully licensed real estate agents in the state they operate in?
- How many years experience do they have in the property industry and also as a Buyer’s Agent?
- Do they hold Professional Indemnity Insurance?
If you are thinking about using a Buyer’s Agent, I did come across a couple of websites that might be of interest to give you further information:
Finally, if you have used a Buyer’s Agent and had a good or bad experience I would love to hear from you.
Happy Investing!
Filed Under: Property Investment Tips
About the Author: 
