What’s the role of a buyer’s agent and how can they help you find your dream home

Whether you’re looking for your first house, an investment property or a new home to suit your growing family, it can be challenging to navigate the Perth market as well as the buying/selling process.

That’s where a buyer’s agent comes in. A good buyer’s agent will work with you from scouring the market to find your ideal home, to negotiating the offer and liaising with the seller and their agent.

We spoke with Liz Sterzel, Director at Property Wizards, to get her insight into the role of a buyer’s agent and how they can assist property seekers, sellers and seller’s agents.

What’s the difference between a buyer’s agent and a seller’s agent?

Buyers can benefit from expert help to secure their ideal property. Seller’s agents, or real estate agents, aim to sell property at the highest price in the shortest timeframe, negotiating contract conditions which benefit the seller. They have to be fair to the buyer, but their duty is to their client, the seller.

In comparison, buyer’s agents are not tied to any listings, their focus is on the buyer’s wishes and they can review all properties available on the market, pointing out their strengths and weaknesses.

Ultimately, buyer’s agents act for the buyer, helping to locate their ideal property and negotiating the lowest price, and the best terms and conditions the seller will accept.

How can a buyer’s agent benefit a property seeker?

For time-poor buyers or those wanting to get the best bang for their buck, a buyer’s agent can remove the guesswork when buying a property.

Through extensive research, networking and experience, a good buyer’s agent will save their clients’ money, time and effort. They must know the real estate market inside out and understand how different properties can best meet a buyer’s investment strategy.

Thorough due diligence, which often goes above and beyond what many buyers take into consideration, ensures no nasty surprises are hiding down the track, and benefits both buyer and seller by helping to avoid disputes.

How do buyer’s agents and seller’s agents interact and help each other during the sale transaction?

Both buyer’s and seller’s agents work towards the best outcome for their clients, representing both sides of the negotiation. A good buyer’s agent takes some power back from the seller, bringing balance to the transaction.

Sometimes this means reining in an over-ambitious buyer inexperienced at negotiating, who may push too hard against the seller and potentially lose the sale altogether. Most of the time though, a buyer’s agent will gather enough information to secure the property for as little as the seller will accept, and never more than it is worth. Once a contract is signed and sealed, both buyer’s and seller’s agents will cooperate to reach a successful settlement.

A great buyer’s agent is also able to build relationships with seller’s agents, opening up opportunities to find newly listed properties which meet their client’s criteria before they hit the open market.

How can a buyer’s agent help the seller and seller’s agent?

Experienced seller’s agents usually welcome the opportunity to work with a buyer’s agent, because they generally only work with qualified buyers. This is very appealing to sellers as well, because working with qualified buyers means the deal is less likely to fall through due to finance being turned down.

Buyer’s agents also work with serious buyers, not “tyre-kickers”. Buyers usually pay their agent an up-front fee, so they only sign up when they are ready to purchase a property.

Further, sellers and their agents recognise that sales go more smoothly when a buyer’s agent is involved, as the buyer’s agent will see to the inspections and closely monitor all deadlines, taking a load off the seller’s agent. The buyer’s agent also educates the buyer so their expectations are reasonable and fair - for example when a building or pest report highlights a problem with the home, the buyer’s agent can advise them about what is reasonable in terms of the contract.