Are Buyers' Advocates An Investment, Or A Cost? - May 2023

By Rich Harvey, CEO & Founder, propertybuyer.com.au

Buyers’ advocates are growing in prominence as the go-to professional for those serious about acquiring real estate. That said, we still have a way to go in becoming the primary choice for all purchasers.

One of our greatest challenges is the perception that what we do as professionals can be replicated by the average, everyday Aussie purchaser – which simply isn’t the case.

It’s an interesting quandary because few people question the use of a selling agent who earns thousands in commission. However, buyers’ advocates need to educate consumers one purchaser at a time on why our service is such a valuable addition to their property search.

So, I’m going to set the record straight. Here’s five reasons why a buyers’ advocate’s fees are an investment, not a cost.

1. Specialisation

Almost everyone in the world has a specialisation.

It will be a skill they’ve mastered throughout years of study, guidance and experience. From medical doctors and lawyers to mechanics and carpenters, each participant can do something exceptionally better than the rest of the population. Specialisation is the reason people choose to have an accountant complete their tax returns, a carpenter build their house or a lawyer represent them in court. Sure, you can try to build your own house or represent yourself in court – but the specialists will do it in a fraction of the time and deliver a markedly better outcome.

The same thought process should apply to property buying.

A home or investment is a huge financial commitment and any errors during the process can be costly and stressful. A buyers’ advocate has travelled the road many times and knows how to navigate the potholes and deliver a terrific outcome. All you need to do is trust their process and let them guide you.

2. Time

Far too many people in this world undervalue their own time.

This includes the personal time you spend with family and friends, or the moments pursuing your hobbies and interests. That time cannot be returned or wound back.

Then there’s the time committed to your own profession. You earn an income from this effort and every minute you devote to it increases your bank balance.

It makes no sense wasting time on something that can be outsourced to a professional.

Using a buyers’ advocate gives you back these hours. It saves you from spending Saturdays at open homes and auctions. It stops those distracting middle-of-the-weekday phone calls from multiple agents. It releases you and your loved ones from wasted minutes stressing about things related to buying a home.

Also, buyers’ advocates can do all their tasks far faster and much more efficiently than you can. That means a great result will come about sooner via a buyers’ advocate.

3. Contacts

Buyers’ advocates build a network of industry contacts that help them find all sorts of listings, particularly off-market opportunities. It takes years to create this network of selling agents who are willing to report on upcoming listings before they hit the online portals. It’s a buying source you can leverage by having a buyers’ advocate represent you.

In addition, the buying process involves multiple people tackling a variety of tasks, from selling agents and building inspectors through to conveyancers and even mortgage brokers. Being on hand to juggle all these people and their requests can be overwhelming.

That’s where a buyers’ advocate comes in. Your advocate is your primary contact. They will stay right across your buying process, handling the everyday process requirements and helping you overcome unexpected challenges. A buyers’ advocate can even draw on their contacts to secure the best specialist, such as a building inspector, at short notice if needs be.

Your advocate is the team leader who keeps everyone on track.

Skills

While some people may think being a great property buyer comes naturally, that’s simply not the case. Unless you are doing it day-in, day-out, you won’t get an optimal result as a purchaser.

Buyers’ advocates not only unearth the best possible property options and conduct comprehensive due diligence, they’re also skilled negotiators who are used to dealing with agents throughout the buying process. As a buyers’ advocate, we get far more call backs from agents than the average purchaser.

The negotiation skills and strategies of the buyers’ agent are a vitally important function in the buying process too. They can read the situation, understand the motivations of both the vendor and agent and know how to position your offer in the best possible manner to get it accepted. They offer an objective opinion of value and know the right moves to make in the private treaty process or during an auction. Just a few words from a buyers’ advocate at critical stages during a negotiation can make all the difference between securing a property or losing an opportunity.

Support

There will be times during the buying journey when challenges arise, emotions run high, and solutions need to be found. There will also be times of doubt for you. Are you paying too much for the home? Does it really suit your family’s needs?

Your buyers’ advocate is your confidante and support person. We are there to guide you safely through it all and offer informed, impartial, independent, unemotional advice on how to proceed.

When you adopt the right mindset about engaging a buyers’ advocate, the results can be outstanding. We can deliver benefits to your transaction that are well in excess of our fee.

In the end, it will be a low-stress, high-reward property buying journey that you can rely on.

In a nutshell, our buyers’ advocates are on your side.

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