Why use a buying agent?
People often falsely believe that an estate agent is a relatively neutral party in the house buying process, but that’s actually not the case. Their client is the person who pays them, the seller, and their primary interest is to secure a sale for the highest price they can. A buying agent, on the other hand, solely represents the buyer. So when it comes to such a substantial purchase as a property, having someone working on your behalf makes sense.
Who uses a buying agent?
Buying agents are for anyone and everyone. They generally charge a fee that’s based on a percentage of the purchase price, so the less you spend, the less you pay.
At Stacks, we are often involved in a house search and purchase when someone is time poor. However, it can equally be for a range of other reasons such as when local knowledge is needed for a second home purchase, people are relocating or moving back to the UK, parents are looking for a property for their children, or someone is retiring and looking to downsize. In all cases, though, our knowledge of the area, our experience of the buying process, and our time and dedication mean they are likely to find the ideal property for a better price and terms than if they did it on their own.
Using a buying agent is not simply the domain of the rich and famous, therefore. House buying is a stressful, complicated process, and anybody buying a property will benefit from the expertise of a buying agent. Often, because of our local knowledge, we are aware of properties that aren’t even on the market… but could be. And we’ve experienced pretty much every glitch possible at some point, so know how to iron out problems so you don’t lose the house you’ve fallen in love with.
What can a buying agent do for you?
These are the services and benefits you’ll enjoy if you decide to use a buying agent. They will:
- Bring to the party all their local knowledge of the area you’re planning to move to.
- Spend time understanding what you’re looking for and why.
- Search the market for properties that meet your needs and tastes.
- Track down properties that may be available even if they’re not on the market.
- Spot properties whose particulars don’t do them justice.
- Research both the vendor and the property to ensure they are in the strongest position they can be to negotiate the best price and terms on your behalf. This can include:
- Assessing the value of the property (not just believing the asking price).
- Assessing the situation of the vendor to establish what they might be willing to accept.
- Considering other aspects of the local area to ensure you’re buying a property will continue to meet your needs in the future.
- Negotiate the best price and terms on your behalf.
- Often save you money well in excess of their fee.
- Oversee the entire purchase process and save you significant time and worry.
- Liaise with surveyors, solicitors, planners, removals companies etc. and iron out any problems on your behalf.
- Be there even when you’ve completed to answer questions and hand you the keys!