Buying property is a big deal, and the number of people involved and their exact roles in the process can be confusing if you have limited experience in the property market or are a first-home buyer. Clearly, with the RBA's flag that they will pause interest rate rises and the forecast that the property market is likely to recover from 2022's losses much sooner than we thought, now is the time to invest. 

But to make that leap, it makes sense to have all your ducks in a row and a team of professionals around you to support you through the process. And for that, you must be able to distinguish between their roles. 

“An expert is someone who knows some of the worst mistakes that can be made in his subject, and how to avoid them.”
― Werner Heisenberg

On paper, the job description of a Buyer’s Advocate sounds very similar to that of a real estate agent - after all, they are usually both fully licensed real estate agents with an equally impressive knowledge of the local market and area - but if you look more closely at the unique services they offer, there is one major difference.

Buyer’s Advocates works solely for the buyer

Think of your Buyer’s Advocate as your right-hand man or bodyguard. As the name suggests, their sole job is to protect YOUR interests. They focus their expertise solely on the buyer's needs, which amongst other benefits, guarantees their lack of bias. For example, when they carry out your property search, do due diligence, or organise your inspections, they have YOUR best interest at heart and are actively looking for any red flags that may prove detrimental to you in the long term. When they negotiate on your behalf, they are working to achieve the best financial outcome for YOU.

"A good buyers advocate doesn’t just consider the value of a property now – but looks carefully at the data around what it could be worth in the future." Kate Hill

Conversely, real estate agents work for their sellers

A real estate agent's main motivation is to sell property, so although they will alert their database of buyers to any new listings in their portfolio, their reasons are not entirely selfless: their main reason is to generate as much interest in them as possible. Their commission is directly related to the sale price, so the more interest they create around the property, the greater the competition and their chances of a good payday. 

However, real estate agents are working with a number of vendors at one time, so buyers should stay mindful of where their allegiance lies and cautious of their recommendations. It isn’t a real estate agent’s job, for example, to consider any potential issues with the property or long-term maintenance requirements. This is why it pays to work with a Buyer’s Advocate.

It pays to work with a Buyer’s Advocate

In case you need reminding, we’ve listed below some of the advantages of working with a Buyer’s Advocate:

• Using your search criteria, their network of agents, their access to information unavailable to the public, and their in-depth knowledge of the local market, they save you time by narrowing down their research of the property market to a manageable shortlist of properties that suit you best.
• Their comprehensive research helps prevent any shocks in the future in terms of big developments that may affect the quality of your lifestyle or the value of your property.
• They offer investment advice.
• If required, they take care of the administration that accompanies buying a property, such as liaising with solicitors and your local council, even pest inspectors!
• They are objective, skilled negotiators who are a great sounding board when you need a second opinion.
• They are professionals who don't overstep and only take responsibility for the aspects of the purchase you assign to them.
• They are flexible in their services. You can tailor your agreement with them to meet your needs and budget.

Ideally, the relationship between Buyer’s Advocates and sales agents is symbiotic 

Often, the best outcomes eventuate when Buyer’s Advocates work in tandem with real estate agents because they depend on agents to alert them to new listings and agents find them easier to work with than unqualified buyers.

And where do property managers fit in?

Property Managers are another crucial member of the team for investors. And their focus is different again.  

“Property managers are solely focused on managing your property and are dedicated to growing your investment,” says Property Alchemy.

For an agreed percentage of the rent, property managers take care of the maintenance and the rental of your property, but it is wise to seek their advice from the get-go before the settlement has been drawn up for their insights into the potential growth in the area, rental income, and the demographic of renters in the area. They also take responsibility for compliance, preparing the property for rent, marketing it when it is untenanted, screening new tenants, and handling any maintenance issues or problems with renters.

The success of any business transaction relies on good teamwork 

We talked about the value of good teamwork in our other posts about the advantages of Buyer's Advocates and their vital role in property transactions. Of course, some buyers still attempt to manage their purchase by themselves, but why would you when there is such a steep learning curve in real estate and a network of specialists with their ears to the ground and fingers on the pulse? If you are working full-time, have a young family, or are searching for a property in an area you are not familiar with in this current, unpredictable property market, it makes sense to talk to the experts first.

Talk to the experts first

For our members who sign up for Buyer Assist, we include the services of one of our Buyer’s Advocates. These trusted and valued members of our team work in partnership with our buyers for as long as they need them to ensure the smooth running of their purchase and that they have all the information they need at their fingertips. To learn more about Buyer Assist, stay in the loop and book a consultation with one of our wonderful team who will walk you through the many benefits of this popular service.