By definition, specialists have an advantage over novice participants.
Whatever the field might be, specialisation underlines that you have the practical experience and strategic mental capacity to achieve an outcome faster and more efficiently than others.
Best of all, property specialists can be commissioned by everyday people to use their particular skills on behalf of their clients. This makes good sense because using a specialist reduces risk and elevates the chances of success, particularly when extreme circumstances make it impossible for you to achieve an outcome on your own.
The current crisis is an excellent example of this. In a property environment that seems to change daily, buyers’ agents are on hand to help steady your pace and provide objective guidance.
Here are five reasons why serious purchasers should use a specialist agent during the restrictions.
- Access to off market
While buyers’ agents use a range of sources to find property available for purchase, it’s in the off-market arena where they really shine.
Buyers’ agents spend years building long-term relationships with selling agents, past clients, rental managers and just about all property industry stakeholders to ensure they’re among the first to know when a home is available to buy.
With Coronavirus upon us, an increasing number of sellers are looking for quick, no-fuss sales. They want to get their property under contract to genuine buyers fast.
We’re already seeing a rise in off-market listings, and if you aren’t using a buyers’ agent, you are missing out on excellent opportunities.
- Procedural expertise
Buyers’ agents who’ve done hundreds of deals in their specialty sector know the process for seeking and securing a property. They understand what happens from offer to completion and can ensure the transaction proceeds smoothly.
At a time when there are all sorts of difficulties and uncertainties around inspections, finance arrangements and legal requirements, it’s a huge relief to have someone working on your behalf who knows the challenges and can successfully steer the process through.
The buyers’ agent will also be across all the latest legislative changes and safety protocols. Because it’s their day-to-day field of interest, they are constantly watching news unfold and formulating plans to adapt and succeed on your behalf.
- Efficient inspections
The crisis has thrown a spanner in the works when it comes to property inspections as there are no more open homes. Private inspections are now the go and special consideration must be taken into account where tenants are involved as well.
A buyers’ agent can easily access a suitable property quickly and efficiently ruling out properties that don’t meet the brief. They will organise a suitable private inspection for you to view the shortlisted property saving you precious time.
And if virtual inspections are the only option for the time being, buyers’ agents will again know the best ways to get the most out of a screen time walk around of the property. They can direct an agent or resident on where to go and what to show to assess whether the property meets the shortlist.
- Desktop due diligence
Comprehensive due diligence removes the risk of overpaying for the wrong property that could be saddled with problems. Completing due diligence from the desk is already an important skill for buyers’ agent to have, but during the shutdown, the ability to do comprehensive research before you even step foot outside is even more essential.
A buyers’ agent will already have a process in place with online resources to ensure their due diligence is comprehensive.
They’re also adept at seeking information from other sources too. For example, phone discussions with agents, property managers, strata managers and, sometimes, owners will provide a huge amount of important information to an experienced buyers’ agent who knows what questions to ask and what information to check.
- Up-to-the-minute market knowledge
Correctly assessing the market value of a property is reliant on being across other recent comparable transactions and knowing the details behind their sale price.
Buyers’ agents are constantly watching what’s transacting, how prices and rents are trending and what big-picture influences are likely to drive market direction.
Armed with the right knowledge, they can quickly determine a fair price for your prospective property and ensure you don’t overpay.
- Fluent in negotiation
There’s no doubt there will be sellers under stress during this crisis and many will be eager to transact so as to free up much-needed equity.
An experienced buyers’ agent has the skills to determine a seller’s eagerness to trade and the strength of the opportunity for the buyer.
Your buyer’s agent will advise how best to flex contract conditions to help you secure the property under appropriate terms.
The Coronavirus crisis may have slowed the market, but it hasn’t stopped it altogether.
There are deals to made, and opportunities to be grasped, but trying to navigate the waters under these conditions is treacherous for inexperienced purchasers.
Think hard about what you want to achieve and when the time comes, contact us on 02 9568 6330. We can get the deal done, no matter what challenges are thrown our way.