When looking to purchase a home, many potential buyers initially think of turning to a real estate agent. While the term “buyer’s agent” might be familiar, many people are unclear about what sets them apart from real estate agents. This confusion gives rise to several myths about buyer’s agents. Enlisting the help of a buyer’s agent can offer tremendous value, helping to save time in finding a property and negotiating the best terms and price possible.
We’ll be exploring some of the most common myths and misconceptions associated with buyer’s agents, sharing more details on what buyer’s agents do, and highlighting how they can benefit buyers.
Breaking Down Common Buyer’s Agent Myths
Myth 1: They Exclusively Work With Luxury Properties
One common misconception is that buyer’s agents only cater to high-end luxury properties for very wealthy clients. While buyer’s agents do often handle multi-million dollar properties, this does not mean they exclusively work with such properties. Many wealthy buyers value their time highly, and buyer’s agents help reduce the hurdles in the property buying process, finding the right property faster.
However, buyer’s agents work for everyone. Whether you’re a first-time homebuyer, an interstate or international buyer unfamiliar with the area, or an investor looking for new opportunities, buyer’s agents can help. They work exclusively on behalf of buyers, unlike real estate agents who represent both buyers and sellers.
Myth 2: They Are the Same as Real Estate Agents
For those unfamiliar with buyer’s agents, it’s easy to assume they’re similar to real estate agents or selling agents. The key difference is that real estate agents often represent both buyers and sellers, requiring them to remain impartial. In contrast, buyer’s agents work solely for buyers, allowing them to focus entirely on their clients’ best interests.
Without the need for neutrality, buyer’s agents can negotiate the best possible price and terms for their clients. They go above and beyond to deliver a shortlist of the best properties, often including off-market options that real estate agents cannot offer.
Buyer’s agents offer invaluable local knowledge, understanding not just median suburb prices but also specific street details that can significantly impact a property’s value.
Myth 3: They Cost More
Another myth is that buyer’s agents are prohibitively expensive. While there is a cost associated with hiring a buyer’s agent, this expense is often offset by the savings they secure through skilled negotiation. Buyer’s agents are expert negotiators, solely considering the buyer’s interests, which often results in a lower purchase price. Additionally, their in-depth market knowledge helps ensure the property purchased is a sound investment, reducing the likelihood of costly mistakes.
Myth 4: They Are Obsolete
In the digital age, with thousands of properties available online, some believe that buyer’s agents are obsolete. However, finding a property involves more than just browsing listings. Buyer’s agents offer invaluable local knowledge, understanding not just median suburb prices but also specific street details that can significantly impact a property’s value.
One of the biggest advantages of using a buyer’s agent is access to off-market properties. These properties are not listed online and are available only to a select few, reducing competition and increasing the chances of finding a hidden gem.
Are Buyers Agents Worth The Money?
Buyer’s agents don’t work for free, and many assume that only the ultra-wealthy can afford their services. Fees can vary, but they are typically a percentage of the property’s purchase price or a flat fee agreed upon before engaging services. Whilst this can seem like a lot of money for something that you can do on your own, buyer’s agents will likely save you far more money in negotiation than the cost of their fee, on top of all the time and effort they’ll spare you.
For many buyers, especially those unfamiliar with the property market, or purchasing high-value properties, there are many benefits of using a buyers agent, including helping you to get the very best deal possible.
The Value of a Buyer’s Agent
Many myths about buyer’s agents prevent buyers from utilising their valuable services. From assumptions that they only handle luxury properties and are overly expensive to misconceptions about their role and relevance, these myths overlook the significant benefits buyer’s agents offer.
If you’re looking to purchase a new home or an investment property, Rose & Jones buyer’s agents can help. With extensive experience in New South Wales and Queensland, we can help you secure your dream property at the right price and terms.
To learn more about how we can help you get started, contact the team at Rose & Jones today.
About Rose & Jones
Rose & Jones has been helping clients find and purchase properties in Sydney, South East Queensland, and the Northern Rivers since 1998. A renowned property buyers agency across residential, commercial and industrial sectors, every one of our property experts meets our high standards, so you won’t have to compromise yours. With access to a wide network of off-market properties, our team can help you find the perfect property. Also offering property management services and investment advice, make Rose & Jones your go-to when it comes to real estate in New South Wales and Queensland.
