Bryce and Veronica share their expert advice about the role of a buyer's agent.
If you're planning on relocating to an unfamiliar area, like Vanessa and Dwayne, using a buyer's agent who knows the area comes with many benefits.
The role of a buyer's agent is to master four main things:
Clarify, Find, Assess and Negotiate on behalf of their clients.
The first thing is to develop a wish-list of what someone wants and then quickly move that into needs vs. wants. You really need to understand how much you can borrow and what your borrowing capacity is to determine what you can afford. Write a list and prioritise it.
Along with looking on the internet for properties there are also off-market properties that need to be considered. A buyer's agent usually has a really strong network of real estate agents that will give them opportunities that actually never make it to the market.
Once finding something suitable, you've then got to match it off against your wish-list and your needs. You also need to determine if it suits you in the short-term, medium and long-term. A classic example of that is when you've got young kids, open-plan is great, but when they're teenagers, they want their own space and separate areas.
As a buyer, unless you negotiate as part of your job, chances are you will be out-negotiated when it comes to dealing with the real estate agent. Once the clarifying, the finding and the assessing has been done by the buyer's agent, they really earn their money in that negotiation phase: they level the field and make sure that you get the very best deal, both in terms of price, and terms and conditions that you possibly can.