- Real estate agents want to know someone who will save them time and to ensure the transaction will run smoothly for their clients.
- Buyer's agents can be a source of serious buyers and the sale can be done fairly quickly.
- Benefits include off-market, pre-market, and exclusive access to properties.
Did you know that one in five properties sold in Australia is sold off-market? Meaning that most people don’t even get a chance to see these properties before they are snapped up.
If you keep wondering why you are missing out on properties or if there just seems to be nothing suitable for you on the market, this is likely because real estate agents prefer to deal with buyer’s agents who get “first dibs” on new properties.
Buyer’s agents build their careers around the professional relationships they build in the industry which allows them to gain access to off-market, pre-market, and exclusive access to new projects before the general public. This means they have the chance to complete all their due diligence and checks in order to snap up the property before the regular buyer has a chance.
These relationships are built on trust, and real estate agents know who they want to deal with to save them time and to ensure the transaction will run smoothly for their clients.
For the buyer and the seller, it can be a “win-win” situation – but unfortunately, the losers in this scenario are the average buyers looking to find a property that is listed on the open market, because a lot of properties won’t make it there.
It’s who you know
When it comes to real estate, it’s “who you know” that makes all the difference.
Don’t forget that real estate agents get paid on commission when they sell a property, so they certainly do not want to waste their time with a regular buyer who might be unsure what they want or aren’t ready to buy.
That’s where a buyer’s agent becomes a key contact for real estate agents to be able to tap into a source of serious buyers and the sale can be done fairly quickly. A buyer’s agent is familiar with the process. They will complete their due diligence from the get-go, organise building and pest inspections, and they will only put an offer on the property if they are prepared to buy the property. They will hold the hand of their client and help them through the process and ensure the deal is secured.
Delivering certainty and efficiency
Having qualified clients ready to purchase means that a buyer’s agent will be more efficient in completing a deal than a regular buyer. This means their clients are ready to buy the property if their offer is accepted because they have their finances in place with pre-approvals ready to go.
When a buyer’s agent places an offer on a property for a client, they have already made a short list of properties and have decided that this property is the right type, and has the right characteristics they are looking for. This is another reason real estate agents prefer dealing with buyer’s agents.
It is especially beneficial for selling agents to build their relationships with buyer’s agents because they understand the importance of referrals in the property industry.
Buyer’s agents will buy property on behalf of their clients but they do not sell properties. Real estate agents understand that often when someone is buying a property, they might likely need help selling their property or they will have a property to sell in the future.
Developing a strong professional relationship means that the buyer’s agent is likely to recommend their services to clients who want to sell a property.
Why would a seller choose to sell off market?
This could be due to several reasons, but it is because the seller wants to keep their privacy. Sometimes this is due to a divorce situation, an elderly person being moved into a nursing home and they don’t want the stress of a listed property, the seller might not want nosey neighbours/family/friends to know they are selling, or they just prefer to keep their situation private.
Are buyer’s agents worth their cost?
Due to most real estate agents preferring to deal with buyer’s agents, this alone proves that a buyer’s agent is really worth their weight in gold.
A buyer’s agent isn’t just about negotiating and buying a property, they will conduct extensive due diligence and market research on the property, which will save you a lot of time. As well as they know what to ask and what to look for in a property, including any red flags!
A buyer’s agent will also not fall for real estate sales tactics as they have seen every trick in the book. A selling agent will not try these tactics on a buyer’s agent because they want to build a long-standing relationship so they can offer them more properties over time.
A selling agent will also be more transparent and honest with a buyer’s agent in order to build this relationship and offer special deals and new properties to buyer’s agents to secure a quick deal.
A buyer’s agent will also know how to negotiate with each of their selling agents as they would have dealt with them over a long period. They begin to understand what they are willing to negotiate on and the negotiation tactics that are likely to secure a better deal for the buyer.