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Selling a property is a big deal, so why is buying a property not?

Melbourne Buyers Agent

Selling a property is a big deal, so why is buying a property not?

For decades, it has been the social norm to have a local real estate agent list and sell your property whether it be a family home or an investment property.  So why do we still buy our own properties and not enlist professional help?

There are a few factors that I believe play a part in our decision.

Factor number 1 – the absolute inundation of information available online.  This can be very helpful in terms of sales history, growth predictions, suburb analytics etc. However, it can also be an overload, and give buyers ‘paralysis’ with all the decisions about where to buy and what is a ‘good price’.  Not all this information is credible, in fact a lot of it is purely based on statistics and does not factor in current market intel.  It is critical to either spend a few months tracking the market to get a thorough understanding of what factors will play a part in your final purchase outcome OR engage a professional who will hit the ground running and be able to advise you on the market from day one.

Factor number 2 – the cost. Yes, it does cost to use a Buyer’s Advocate and for good reason.  They will coordinate the entire process from the searching, due diligence, market knowledge and experience to tough negotiations to secure you the best property for the best price. All of this with as much or as little input as you wish.  Your Advocate should be saving you the fee they charge in their negotiations alone, let alone the quality asset they select and the extra growth it will attract. When we sell a property, we expect the agent to collect a fee, usually a percentage of the sale price for marketing the property and negotiating the sale.  So why do we resist this same service and fee and expertise when buying?

Factor number 3 – Australians love property.  If you attend any BBQ or social gathering this weekend, there is a strong chance that the property topic will be raised and robustly discussed.  We all like to think we know the property market well and that we can pick the next ‘hot spot’ or snag a bargain, but in reality a lot of Australians have had good property outcomes purely from the natural rise in the market which is nothing more than luck.  When the market gets tighter, experience counts when we want the same property wins.  To a certain extent, it is our egos telling us not to engage a professional when we think we can do the job better ourselves.

Factor number 4 – lack of understanding of what benefits a Buyer’s Advocate provides.  When speaking to people about what I do for a living, most people give me a blank look when I tell them I am a Buyer’s Advocate.  I go on to explain in simple terms that I help people to successfully buy property.  In the past, there was a myth that using a Buyer’s Advocate was only for the wealthy.  The benefits of engaging a Buyer’s Advocate are well worth the cost.  Understanding the market, knowing the suburbs, working with agent’s day in day out, having access to off market properties, understanding what makes a top-grade property, professional negotiation and bidding skills are only a few of the benefits.

In conclusion, selling a property is a huge decision and is not taken lightly given we spend thousands of dollars to appoint a qualified and experienced local Sales Agent and trust they will do a good job.  So why not use this same logic and appoint a qualified and experienced local Buyer Agent/Advocate to ensure your hard-earned dollars are well spent on the best quality property you can afford?

If you would like independent, experienced and friendly assistance when purchasing your next home or investment property, then please get in touch with The Property Bureau on 03 9018 7870 to book a no obligation appointment with one of our Buyer’s Advocates.

About the author

Alastair has over 15 years academic and professional experience in international and local property markets. He began his career in Belfast as an investment property buyer and development manager after completing a BSc Hons degree in Estate Management at Heriot-Watt University in Edinburgh.

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