When you first set out to buy a home, the most common type of agent you’ll encounter is a selling agent. These are the agents who list properties on sites such as Domain and Realestate.com.au.
They give you information about the property, invite you to view it and encourage a sale.
But are they friend or foe?
A seller's agent's fiduciary duty is to the seller, not the buyer. This can create a conflict of interest when buying a home, as the goals of the seller (to maximise the sale price) can be at odds with the interests of te buyer (to purchase for a fair price).
Let’s take an example. A gorgeous home that ticks all the boxes. Freshly painted, new air conditioning, blinds - it looks great! They’re asking a fair bit for it but it looks a lovely home.
You see the home, you’re keen and you think the price - while high - is still fair.
You know what you’re told - but perhaps what is more important is what you are not told.
The agent that’s selling the property is unlikely to tell you things about the property that could lower the sale price or cause you to reconsider. So, they’re probably not going to tell you that actually the home has a mould issue. It’s just been painted to hide that fact. You look beyond other tell-tale signs like diffusers in each room of the home and fresh bright lighting. To you, it looks a great home. To an experienced buyer’s agent - it is one to steer clear of - or at the very least, not to overpay with.
Why You Need a Buyer's Agent
Fiduciary Duty: A buyer's agent is legally obligated to act in your best interest, unlike a seller's agent who prioritises their client's interests.
Expert Negotiation: A buyer's agent is an expert negotiator who can help you avoid overpaying for a property. A buyer’s agent can quickly find areas to negotiate the price down.
Market Expertise: They know the market and what areas will help you to achieve your property goals. It’s not uncommon for clients to have a certain area in mind for their budget - and a skilled buyer’s agent might be able to broaden the search to include other areas that may present better value.
Thorough Due Diligence: A buyer's agent will conduct thorough research and due diligence to protect your investment or purchase.
Hassle-Free Experience: They streamline the buying process and offer a smoother, less stressful experience.
Choosing a buyer's agent is an investment in a smooth, successful and financially advantageous property purchase. Buyer’s agents provide a critical layer of protection and expertise that a seller's agent cannot offer, ensuring that your needs and interests are put first.
When you’re ready to engage a buyer’s agent, reach out to Melissa Maimann Buyer’s Agent