Researching

Here’s how a buyer’s agent can help you buy (or find) your first home

They’re the optional extra, but the benefits could be big. Introducing… the buyer’s agent. But what do they do exactly, and why might you consider working with one? We’ve taken a closer look at how a buyer’s agent might fit in with your first home-buying journey so you can make the call. Plus, we’ve asked an actual buyer’s agent, Rich Harvey, CEO and founder of Propertybuyer, to outline how it all works. From briefing them on your must-haves and deal breakers to those final few days before settlement, plus everything in between, here’s what buying your first home with a buyer’s agent could look like.

But first: what role do they play, exactly?

You might think a buyer’s agent is for the investor set, but really they’re for anyone who needs (or wants) a hand. Typically, the services they offer come in different packages and pricing, depending on what a buyer is after. But their business is built on helping the buyer first and foremost.

“A buyer’s agent is someone who works exclusively for the buyer – who helps them search for, appraise and negotiate their ideal property. Whilst the selling agent is on the seller’s side, the buyer’s agent is exclusively on the buyer’s side,” Rich tells us.

And with all that happens when buying a home, a little extra help – even having someone to bounce your ideas off at the earliest stages – could mean a better decision later.

“Buying a property is an emotional rollercoaster. It’s really important you understand your motivation for what you’re buying and why you’re buying,” Rich says.

Briefing and making a strategy

One of the first things a buyer’s agent can help you with is working out what kind of home is right for you.

“The first thing we do is sit you down and define what you’re actually looking for. What are the must-haves versus the nice-to-haves, the deal breakers, and you tell us what your budget is.” Rich says.

So think about this list of what you want – and don’t want – as your brief for the buyer’s agent. This step will help them strategise their search for your ideal property.

Researching extensively

With a clear brief from you in the bag, the next step is matching that brief with potential properties in the neighbourhood you want to live in.

Suburb profiles form the basis of this research. “We give you examples of properties that have sold in the past two to three months within your price range and in the target area that you’re looking,” Rich says.

And this research can go beyond easy-to-find advertised listings. Some buyer’s agents will find private sales and off-market opportunities. So if you’re looking to find out how much a dreamy converted church might cost, even if it’s not on the market, a buyer’s agent can probably find out for you. Plus, the added bonus at this step is that the buyer’s agent will wrangle the real estate agents too.

“Because we’ve been in business for 20-odd years, we have a huge agent database. So we send out your brief to our agent network. We get access to newly listed properties, off-market properties or pre-listed properties,” Rich tells us.

After all their research, the buyer’s agent will give you a shortlist of properties that match your brief to a tee.

Organising inspections

What’s this? A knowledgeable helper to keep you on track and on brief as you visit properties (and stop you being wooed by those carefully curated soft furnishings that weren’t in your brief)? Sounds dreamy, right?

Yep, a buyer’s agent will head along with you to private inspections at convenient times that fit into your schedule. So no more rushing about in the whirlwind of the property-inspection frenzy.

And, if you’re buying from a distance (like from another city or country), they’ll even run a virtual inspection with you. Or if you can’t make that, they will shoot through a report on what they’ve found.

Appraising and negotiating (so you don’t have to!)

Found the property you think you want to go for? This is where the buyer’s agent sprinkles a little more of their magic. First, the appraisal. “We’ll give you a detailed and written report on what the property’s estimated to be worth in today’s market,” Rich says. Getting an accurate, independent estimate on what to pay for a property is critical.”

Then comes the thing that might stress out the steeliest of first-home buyers: the negotiation.

“After the appraisal, the next step is negotiating. This is where a lot of people fail. They think they’re great negotiators, but they actually fall apart when it comes to buying their home because they’re so full of emotion. It’s fear of loss, fear of missing out, and that’s a big problem for a lot of buyers out there,”Rich says. And it’s at this potential slip-up point where a buyer’s agent, who is often professionally trained in negotiation tactics, will have your back.”

“We step in as your negotiator. We attend the auction and bid on your behalf up to a pre-agreed limit. Or if it’s a private treaty negotiation, we simply negotiate on your behalf and attempt to secure the property at the lowest possible price we can. And then if we’ve got acceptance on price, we get onto exchanging contracts,” Rich says.

Managing legal reviews – including building and pest reports

If you’re buying via a private treaty subject to conditions (like a building or pest report) and you’ve made an offer and it has been accepted, now is the time to engage that building and pest inspector and get your solicitor or conveyancer to check all legal requirements. A buyer’s agent can help organise this step, too. “This step is all about completing the due diligence,” says Rich.

Finalising your settlement prep

Now we’re really getting close. You can almost hear the keys in the lock and the front door opening into your new home.

“The last thing we do for you is a pre-settlement inspection. We make sure everything is there and ready for handover,” says Rich.

To a degree, this final step is simply making sure all the settlement dominos are lined up. The buyer’s agent will stay across your settlement and let you know about any issues that arise or help out if you have a question. Then the job is done. You’re settled.

The keys are in your hands and you’re ready to load up that truck and move in (you could ask nicely but your buyer’s agent probably won’t help you with this part).