Buyers agents and selling agents working together?
Before clients engage my services, they often ask me how buyers agents get along with selling agents, or more specifically, how a buyer's agent is perceived by the selling agent and whether the buyers' agent's presence is viewed as a help or a hindrance.
In my experience, selling agents have been more than happy to deal with buyer's agents. While naturally one agents works for the buyer and the other agent works for the vendor, both agents bring positivity to the transaction.
A selling agent knows their vendor well. They know their vendor's price expectations and what is important to them around the sale of their property. They of course know the property very well, not to mention the real estate market in that given area.
My experience has been that selling agents love it when a potential buyer is represented by a buyer's agent for the following reasons:
- Not all buyers that the selling agent comes across are ready to purchase now. Some have not arranged their finance, some are intending to buy, but not for 6 months or so, some are just out and about and thought they'd pop into this lovely home that's open for inspection and so on. However, when a client has engaged a buyer's agent, they're serious and committed to purchasing the right property now and a buyer's agent is very skilled in determining that the property they are inspecting is the right home for their client. In other words, when a selling agent has a buyer's agent coming through an open home, they can be fairly sure that a sale is likely to happen.
- Buyers agents know the market well and have prepare their clients for the reality of the market by ensuring that the client has a realistic and achievable brief before agreeing to work with the client. The selling agent is not needing to educate the buyer, motivate the buyer and respond to exclamations about the property being far too expensive. When a client is represented by a buyer's agent, the buyer's agent has already ensured that the client's expectations are realistic in the market that they're considering, and the selling agent knows that the buyer's agent's client is highly likely to purchase, provided that this is the right home.
- The collaboration between buyers' agents and selling agents means that off-market property transaction can occue seamlessly, and this saves time and money for vendors. A vendor who is happy with their agent is good news got the selling agent! But off-market sales depend on clients being represented by buyer's agents.
- Buyer's agent knows the regulations around property purchase and can guide and support their client through this process. The buyer's agent can arrange building and pest / strata reports, contract reviews, due diligence on the property, property inspections etc - relieving the selling agent of this work. The buyer's agent can debrief their client about the outcome of all of these reports and inspections and help them to make sense of this new information. This relieves the selling agent of this process and allows the to focus ore fully on their vendor.
Melissa Maimann is a licenced Buyer's Agent in Sydney. She assists home owners and investors alike with an affordable service that empowers you to make smart purchase decisions. Melissa's service is fast, efficient and accurate. If you need a hand with your next purchase, don't hesitate to make contact.