What does a Buyers Agent do?
First and foremost a buyers agents should really get to understand your “why”?
Our job is to drill down to clearly understand your property requirements and the specifics of exactly what you are looking to buy. With our experience we look to provide you with clarity and guidance on target areas, suburbs, streets, property types and features to suit your budget. We will review properties that are currently on the market and together we’ll debate their pros and cons as to whether or not they meet your brief.
We then reach out to our exhaustive list of sales agent contacts with the goal to introduce you to properties that are coming to market (pre-listings) and to “off market” opportunities. An experienced buyers agent should be able to open doors for you that you would not be able to yourself.
Once a target property is identified we then conduct very thorough due diligence on the property which enables us to determine its current market value. We will investigate any potential building and/or pest risks, advise on local thoroughfares and environmental issues, and assess any neighbouring development risks.
Next, we initiate a negotiation strategy and work on securing the property for you at the lowest possible price. This is where it pays to have a well-trained, experienced, confident negotiator in your corner. We do not see our role as ending once contracts are exchanged. We will be there to guide you through the process, arrange measure-up inspections and conduct the pre-settlement inspection on your behalf.
House hunting does not need to be a stressful, worrying, and time-consuming process. Let us do the running around and do all the heavy lifting for you, so that you can confidently enjoy the process and know that you have bought your ideal property at the right price.
Who typically uses a Buyers Agent?
Any committed buyer can use a buyers agent, whether buying a home or an investment property. We work with buyers with all different needs from first time buyers, up-graders, downsizers, portfolio builders and prestige property buyers. Our clients range from locals, interstate buyers and expatriates.
Do you have access to properties before they become available on the market?
Yes. We have extensive relationships with selling agents and work hard to uncover off market opportunities (properties that are not on the real estate platforms) that are suitable for our clients briefs. In addition to “Off Market Opportunities”, we also get presented pre-listings, where we gain access to properties prior to them being listed on the open market. This often happens when photos are being taken and it gives us a great opportunity to get a jump on the market, complete our due diligence and put our clients in a strong position to secure the property early in the campaign.
Are Buyers Agents expensive to use?
When our fees are looked at in isolation, some may draw this conclusion. However, each individual needs to consider the value of their time (as house hunting can be a very time consuming process), their expertise and their confidence in negotiating with an experienced selling agent.
Buying a home or investment will likely be the largest financial commitment someone will make in their life and there are so many potential risks that need to be avoided. Our fees are a small insurance policy to ensure that our clients have a professional in their corner, to ensure they mitigate the potential risks of making a mistake.
Through our negotiation experience, we will also set out to save you as much money as possible by deploying a strategy to secure your property at the best price possible. Experienced agents are very good at squeezing every dollar out of a buyer and we have witnessed that many times over, buyers paying a lot more for a property than they would have, had they had an experienced professional guiding them.
What are your fees?
We charge a fixed fee, rather than a percentage-based fee model. We believe a percentage-based fee model is a misalignment in our industry as it would mean the more we pay for a property the more we get paid.
We do provide a tiered fee schedule, however essentially, we like to get a clear understanding of a clients brief and their needs so we can provide them with an accurate fixed fee quote for our service. Our fees are broken into two parts with a small up-front retainer/commitment fee and the balance of our fee is only payable when we successfully secure a property for you.
What suburbs/areas do you cover?
We have offices in Sydney and Brisbane and smaller satellite offices in Newcastle and the Sunshine Coast. From our Sydney office we specialise in Sydney’s Northern Beaches and North Shore. From our Brisbane office we specialise in a 10km radius from the Brisbane CBD. We also have a partnership with two others firms who have similarly aligned values and service ethics to PMC and they have exposure to Melbourne, Canberra, Adelaide, and Perth (and major regionals in their respective states). This enables us to provide unbiased national investment advice.
We are area agnostic. We have direct exposure and team members on the ground in Sydney, Newcastle, Brisbane, Sunshine Coast and Toowoomba, however we have partnerships with another independent Property Advisory business that has direct exposure and team members on the ground in Melbourne, Geelong, Ballarat, Canberra, Adelaide and Perth. We determine which market to target for our investor clients after we have assessed their current situation (risk profile, yield sensitivity, investment term and any existing properties) and where each market is currently in its growth cycle.
How long will it take you to find me a property?
This timeframe varies depending on the type of property you are looking to purchase, the available stock that we can source and the complexity of the brief. Importantly we will address these expectations upfront to ensure we are all on the same page. The timeframe can range from 1 week to 6 months, however typically we secure a property for a client within 3 months of engagement. Either way our team will be communicating with you regularly so you are right across the progress of your search.
Can you help me if I live overseas or out of my target area?
Yes, most definitely. We regularly work with expats and interstate purchasers. Through a combination of phone calls, emails, zoom meetings and video calls regardless of where you happen to be located you will always feel well connected and across the search for your ideal property. When inspecting suitable properties on your behalf we’ll take a number of photos, video walk throughs and give you the option of live video inspections.
Is there a minimum period of engagement?
Our usual terms of engagement are for 6 months. However, we can be flexible depending on the client’s specific requirements.
I want to find my own property; can PMC help me buy it?
Yes. We offer an ‘Appraise and Negotiation’ service. If you like searching and inspecting properties however don’t have the confidence to negotiate, you can engage PMC to assess the current market value, conduct due diligence, negotiate on your behalf and manage the contract process.
Why would I pay a Buyers Agent when I can do it myself?
An experienced buyer’s agent will not have the same emotions and inexperience that most buyers have. Our buyer’s agents bring a level head, industry knowledge and contacts, we know what’s really going on in the property market as we are in it every day. We can qualify what is a good property fast, gain access to off market properties and our expertise will save you significant time and stress. We are experienced negotiators and we understand how to deal with selling agents and cut through their sales tactics. To often, inexperienced buyers will either secure the wrong property that does not suit their requirements or overpay due to their lack of negotiation experience coming up against experienced selling agents. We are passionate about representing buyers to ensure they do not go through either of these experiences.
What is the difference between a Buyers Agent and a Real Estate Selling Agent?
Buyers Agents do not sell real estate. Buyers agents are engaged independently and paid for by the buyer to act on their behalf. Real estate selling agents are engaged by the seller (vendor) and legally bound to get the best sale price for them. While they can support buyers, they legally act for the vendor. A buyers agents role is to source and secure a property at the lowest price possible for their client, the buyer. The key difference between a selling agent and buyer’s agent is who they represent as, by law, an agent cannot act for and accept a commission from both parties in the same transaction.
How do I know that I am not paying too much for a property?
A number of our team members have valuation backgrounds and experience; therefore we pride ourselves on the market assessments we provide our clients to ensure they have an accurate understanding of the current market value.
Are Buyers Agents licensed?
Yes. All buyers agents and agencies should be licensed in order to legally act for a buyer. PMC Property holds a full real estate and corporation license. We are also active members of The Real Estate Institute of NSW (REINSW), The Property Investment Professionals of Australia (PIPA) and The Real Estate Buyers Agents Association of Australia (REBAA).
Are Buyers Agents fees tax deductible?
If you are purchasing a property for investment purposes, our fees may be tax deductible (part of the acquisition or “cost base”) but not for a home you intend to occupy. We recommend you check with your accountant or tax specialist to see if the fee would be tax deductible in your case. Often the engagement fee can be tax deductible, however the success fee is treated as a capital expense, similar to stamp duty.