Until 1984, there were no buying agents in the UK, then came the first, Stacks Property Search, now celebrating its 40th anniversary. The 1980s saw the launch of several other companies that represented buyers during the property buying process. Today there are well over 700 buying agents in the UK. In 1984 one in a million buyers were represented by a buying agent; in 2024 the market penetration is around 2% – 3%.
With so many companies offering seemingly the same service, how can a buyer go about choosing the right one for them?
James Law of Stacks Property Search says, “There are a whole range of buying agents, from one-man-bands, to large national businesses, to those that are the buying arm of selling agents. So the first decisions tend to be around local or national; large or small.”
1. Make a shortlist of agents that properly cover the area in which you are looking to buy. Make sure there is a local representative, based in the region, who knows the area inside out.
2. If the area you are looking in is extensive, is there a neighbouring representative who will contribute to the search?
3. Do they do much in the price band you are interested in? Don’t use an agent who specialises in country estates to find you a cottage, and vice versa.
4. A buying agent needs to have good relationships with the selling agents that cover your area; talk to top selling agents who are marketing properties in your price range and ask them their opinion.
Clare Coode of Stacks Property Search says, “While local knowledge and contacts are a pre-requisite for a good buying agent, buyers may prefer to use a company that has the weight and breadth of knowledge of a larger organisation or network. Our advice would be that using a buying agent who doesn’t have a local representative is a mistake. Local people with a national reach is a reassuring option, and means that if a search covers several different areas, the buyer will have several different local experts providing input.”
5. How much experience do they have?
A buying agent is so much more than a search agent, and will require extensive knowledge of the entire buying and selling process, together with an understanding of specialist surveys, searches, planning issues, local regulations, Listed properties, AML checks, and a whole range of issues that may be specific to the area.
Coode says, “Individuals may have the search element of the service under control, but a network of experts who share experiences and specialist knowledge is a valuable asset when it comes to the intricacies of the negotiating and buying process. You will gain plenty of insight into a buying agent by looking at their website and literature. Make sure you look at case studies to find out the extent of work the buying agent has put into a purchase. Social media is a good way of investigating case studies, reviews and testimonials, as well as the kind of houses they are talking about, and whether they resonate with your requirements.”
6. Is there any conflict of interest?
“If they already have a client (or several) who are looking for exactly the same thing as you are searching for, the conflict could cause difficulties. At Stacks, we are upfront about this, and will turn down a conflicting piece of business, or suggest they come back when the current client has been found a property and the sale is progressing.”
7. What and how do they charge?
Nick Cunningham says “Different companies charge in different ways. Most will charge a percentage of purchase price, some charge a flat fee, and many will charge a retainer to cover work carried out that may not result in a sale. A retainer activates the contract and demonstrates commitment on both sides. Don’t get too caught up on price; a good buying agent will almost certainly save you significant sums of money, and while a difference in fee will obviously be something you factor in to the decision, it shouldn’t take priority.
8. Finally, but arguable most importantly, do you like them?!
James Law says, “The relationship between buyer and buying agent is by necessity a close one. It’s really important that you get on well, and have an affinity, with your buying agent, and that the buying agent empathises with you and with the criteria of your search. You need to know that you’re being understood. Pick up the phone at an early stage in your search for your buying agent, if they’re not happy to have a good ‘without obligation’ chat on the phone or in person, they’re not for you.”
Stacks Property Search & Acquisition, 01594 842880 / www.stacks.co.uk
