There are a bunch of selling agents out there starting to call themselves buyers agents. They say that they can help buyers for free – even if the property you want to buy isn’t listed by their agency. How can they do this? Is engaging a buyers agent worth it if you can get the same advice for nothing?
Well, for starters, these “buyers agents” are actually junior sales agents. Their bosses see this as an easy way for the newbies to cut their teeth. So you’ll get free advice alright, but you need to understand that it’s advice from inexperienced people. Is listening to a buyers agent worth it if they’re not actually a buyers agent?
Then there is the matter of how they get paid. They approach other sales agents and get a cut from their vendor’s commission. This is great, right, someone else is paying for the advice you are being given? Maybe… but are your best interests really front and centre of the advice they give?
You see, sales agents think differently about property to buyers agents. I know this from experience – I have been both (at different times of course!). Sales agents are skilled at objection handling and they truly think that all property is good, as long as the price is right. A smart buyers agent realises that only a very small proportion of real estate is actually any good, therefore a critical eye is essential. To be safe, consumers need to find a specialist buyers agent, one who continually hones their skills and deepens their market knowledge.
If you’ve been wondering, “is a buyers agent worth it?”, the answer is yes…but. Not all buyers agents are equal. Step one is to only consider those who are exclusive buyers agents (no double dipping!) and step two is to find one with the relevant experience.
Published:- 17 August, 2016
DISCLAIMER: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.