Let’s say you were selling a car (and know the car is in good condition).
A friend of yours said they were interested in buying your car and were willing to pay a fair (market listed) price.
A: Sell the car at a fair price to your friend
B: Refuse to sell it to your friend… then… list the car online, be happy to have multiple strangers come to look at the car, test drive it and finally try to negotiate a price
There’s actually no correct answer and this isn’t a trick question.
However… if you answered A, or can understand why others might answer A, then you need to read on.
This scenario is EXACTLY what happens with many properties that are for sale.
However in this case, the “friend” is a buyer’s agent.
Buyer’s agents buy many properties every year. Selling agents know them because the buyer’s agent has spent years (or in our case decades) building relationships through getting to know them, drinks, lunches and even prior purchases.
Kel Gray from Your Empire has purchased more properties for clients than he can remember, but he has had far more lunches than he ever could count to build those relationships, that led to the transactions.
Kel has well over a decade of relationship building with selling agents that money simply can’t buy, saving our clients untold amounts on purchase prices.
When a new listing comes along, selling agents often contact buyer’s agents like Kel first (or buyer’s agents like Kel have already reached out). Both parties know how the negotiation process works and often just takes one inspection to get the deal moving.
One call, one inspection, one buyer’s agent… and that’s often all that is needed to get an offer.
Buyer’s Agents like Kel simply don’t get the back and forth most people would experience in negotiating a property… which can be extremely stressful, very frustrating and often just results in selling agents using your offer to drive someone else’s offer up (or vice versa).
As a selling agent, you know that it’s always easier to sell multiple properties to the same person, than it is to sell multiple properties to different people.
So anyone who goes out to try and purchase their first property by themselves when they know no one in the industry is already at a massive disadvantage.
Often, buyer’s agents have already seen the property (and may have rejected it based on their strict criteria), or the agent is pushing for a price which is beyond an independent market valuation (which we always conduct prior to offer).
If you’re looking at a property for sale in blue chip areas of Sydney, chances are Kel Gray has already assessed it for our clients first.
Sure, it’s always possible to find a good deal for yourself, but you are literally “competing” against people who have done this thousands of times and are expecting to win.
A good buyer’s agent does all the work searching for and viewing properties, getting reports and inspections (strata, building, pest, etc), obtaining a valuation and securing a fair price.
How does it work?
To use a buyer’s agent, the client first signs a contract to use their services and pay a deposit, then a 2% fee on the purchase price.
The buyer’s agent can leverage decades of skills and experience to find the right property at the right price, which is often considerably lower than what an inexperienced buyer could negotiate.
A good buyer’s agent also helps navigate every issue involved in the purchase of the property, so you can concentrate on what you do best instead.
I started helping people buy properties because they didn’t want the stress of trying to find properties that are rejected off-market, only to go head to head bidding against others who are willing to overpay on emotion.
Buying a property can be really frustrating and extremely stressful if you don’t know what to expect… and can cost you a lot in the long run.
Make sure you have the right advice and consider getting experts on your team.
Book a free, confidential mini strategy session with our property expert Luis Lequerica: https://calendly.com/yourempire/15min
Or simply, get in touch with us today on our contact page to discuss your requirements.