Why buyers' agents are vital to returning ex-pats
Living overseas can be an exciting adventure. Whether it is to attend university or for a job offer of a lifetime, people leave home for many reasons. Returning — whether pre-planned or for emergency reasons — is quite an undertaking.
Returning ex-pats face some special challenges, especially if they are doing so with families in tow. Among the many undertakings when returning is finding a place to live. Lining up a home sight unseen can be a scary experience. The ability to scope out the neighbourhood — and all the people living in it — is just one of the many advantages of hiring a buyer’s agent.
What is a buyer's agent?
Buyer's agents are individuals or companies that specialise in guiding buyers through the home buying process. They serve as an authorised representative of the buyer in absentia and have the legal obligation to serve and protect the interests of the buyer during a real estate transaction.
Not to be confused with listing agents, buyers' agents solely represent a buyer. Some real estate agents are capable of serving both a buyer and a seller, but it's not always in a buyer’s best interest to work with them. There are distinct advantages to working with someone whose focus is not split between opposing parties.
Buyers' agents must be licensed to run their own agency if they wish to do so instead of working as an agent for another firm. Buyers' agents also are required to obtain a full real estate agent licence. The Department of Fair Trading can confirm a buyer’s agent licence.
Advantages of hiring a buyer's agent
Ex-pats, international home buyers, and real estate foreign buyers will find that working with a buyer’s agent has several benefits.
- They are time savers
Returning home after living overseas is an exhausting process without adding home buying to the ‘to-do’ list. Here is where a buyer’s advocate comes into play. Buyers provide a budget and expectations for housing and leave the rest to the agent. Researching properties that match a client’s requirements is a time-consuming process. Your buyer’s agent does the heavy lifting, sharing perfect matches from which to choose.
- They have the inside scoop
Buyers' agents are familiar with the market and have access and advance knowledge about properties coming onto the market. Off-market and pre-market properties can be a steal if you know how to find them. Buyers' advocates are ‘in the know’ when it comes to these kinds of properties.
- They are your eyes and ears
When you are an ex-pat returning home, having someone you can trust to check out a property thoroughly is a definite advantage. Buyers' agents not only find properties that match client requirements, but they also evaluate it in person for any signs the property might not be as good as it seems. No one wants to spend hard-earned money on what looked like a great house online, only to discover after they arrive that it is located right next to a noisy national highway or neighbours who like to party late into the night. Buyers' agents can reduce the risk of these and other unpleasant situations that lead to buyer’s remorse.
How much does a buyer’s advocate cost?
Fees for a buyer's agent can vary depending on how they charge. Some charge a set fee while others receive a percentage of the sales price, similar to how a listing agent is paid. Properties in affluent neighbourhoods earn buyers' agents a hefty sum, so it might be worth negotiating on their fees if you are an ex-pat searching for an upscale property.
Interested in learning more about how a buyer’s agent can help with your move back home or get the best deal for an investment property? Reach out to our knowledgeable team today for a no-obligation consultation.