Buying a house is a dream of many people and should, therefore, be done with much care. Various processes and numerous paperwork are involved in purchasing a residential property the reason why hiring a buyers advocate would be very beneficial to any home buyer.
Not all home buyers have the skills and knowledge that will enable them to acquire their dream property or a piece of real estate close to what they have always desired to own. But with a buyers advocate to help you in the process, you can be sure to buy the right home with the right price at the right location.
So how do you choose a buyers agent who you can trust and work with easily throughout the process?
Knowledge of local market
When searching for a buyers agent, look for one with a thorough knowledge of the local market. This is regardless you are buying in your locality or in another state.
An agent should not only know the best streets in a suburb but also those with a potential for upgrades and those that you need to avoid. Also, he or she should be able to get quick access to listings before they are released to the market.
Make sure to check the credentials of your buyers agent. Find out his qualifications including any training he or she has undergone, what real estate associations he or she is affiliated with and whether the groups are credible. You can also ask if the buyers advocate has industry qualifications in other states.
One reputable association for buyers advocates in the real estate industry is the Real Estate Buyers Agents Association of Australia (REBAA). This group is composed of accredited professional and licensed buyers advocates in every state who are exclusive and covered by professional indemnity insurance.
A buyers advocate should also have established connections not only in the state where he or she works but also in other states. The first-class buyers agents are well connected with real estate sales agents which is vital in being able to get access to properties before they are sold in the market.
Buyers advocates charge a certain fee, either based on the property’s purchase price or a fixed price. It can be a specific percentage of the negotiated purchase price such as from 1.5 percent to 2 percent. This is similar to what most real estate selling agents charge when selling a property.
Some buyers agents, however, charge a set or fixed fee in advance. The rate depends on the price, level of difficulty and other search criteria.