Using a buyer’s agent when buying a home or investment property is essential. Why? It’s simply because you need real estate professionals that will work in your best interest in a given purchasing process.
For emphasis, a good buyer’s agent works as a buyer’s advocate, representing the buyer in the local market. Buyer’s agents help home buyers to win all the wits and tactics of selling agents during a given real estate transaction to get properties at the right purchase price.
Without the support of a buyer’s agent, first-time home buyers or property investors would have to take a sole trip throughout the purchasing process, which can be overwhelming as They would have to deal with different real estate professionals, including selling agents, tax advisors, insurance companies, real estate attorney and more.
Property buyers might find it challenging to find suitable properties in the competitive housing market. Hence, you should hire a good buyer’s agent who can find investment properties at the right price based on the current market value.
It’s unarguable that resourceful buyer’s agents have the local knowledge to secure the most suitable property at the right price. However, you may find it more challenging to identify the right real estate agent to walk you through the buying process without hassle.
So, how do you go about it?
Of course, it might be easy to determine the best buyer’s agent in the market. But you can spot the bad ones that don’t even deserve your penny in the first place. In simpler words, a few red flags suggest a buyer’s agent is in only for your money and not to protect your interests in the real estate market.
In this article, we will enumerate 6 warning signs you must watch out for when choosing the right buyer’s agent. So, without further ado, let’s go into details.
6 Red Flags to Know a Wrong Buyer’s Agent
They Offer Multiple Real Estate Services
It might be a good business idea for a licensed real estate agent to venture into multiple real estate services such as buying, selling, management, and more. But, choosing a property buyer’s agent is not a good criterion.
The reason is simple. Real estate agents who buy, sell, and offer other real estate services may act as a buyer’s agent or selling agent on different occasions, which may result in giving home buyers biased advice when purchasing real estate properties.
From experience, buyers’ agents selling property don’t do much for clients. Therefore, we DON’T recommend hiring a real estate agent offering multiple services. Instead, we are specific about hiring a licensed buyer’s agent with local knowledge. Buyer’s agents are buyer’s advocates. They only know to protect buyers’ interests in every purchasing process.
Using a buyer’s agent also means you have licensed professionals ready to put their expertise on the line to outsmart the wits of sales agents with top-notch investment strategies. Only a buyer’s agent supports you at every stage through the entire buying process. Once real estate agents say they offer multiple services, it’s a red flag.
Specialization is a critical factor in securing the best investment property. Though buyer’s agents don’t deal with one particular property, They must not be too multi-functioning.
They Offer Cheap Buyer’s Agent Fee
in case you don’t know, a cheap agent fee doesn’t mean good business. in other words, because the buyer’s agent is offering a low buyer’s agent fee does not mean you are a suitable investment.
Be cautious of buyers’ agents who charge low agent fees. First, it can signify that you are not dealing with a licensed buyer’s agent. Secondly, you may buy unsuitable properties because they would find a way to get their money in full.
Buyer’s agents charge handsomely when dealing with commercial real estate. And, as a knowledgeable home buyer, you must be ready to pay if you care to buy the ideal property. Therefore, every prospective buyer must understand the essence of hiring a premium buyer’s agent. Otherwise, tens of thousands may end up with an off-market property and still not at the right purchase price.
They Respond Late or Postpone Appointments
Punctuality is one of the greatest qualities to watch out for before choosing a buyer’s agent. It’s a crucial skill with which buyer’s agents get the best investment properties for property buyers.
Experienced buyer’s agents know the essence of time in every real estate transaction. They know how to close a deal before the current market value changes to the buyer’s disadvantage
Summarily, make sure you hire a buyer’s agent that values time and acts smartly when it comes to property purchase. Arriving late to meetings or postponing appointments is simply unprofessional. If your prospective buyer’s agent shows up late for meetings or gives excuses for adjournment on different occasions, it’s a warning sign.
They Try to Withhold Their Success Stories
If buyer’s agents claim they have helped several clients regarding property purchases, they should be proud to flaunt their achievements. However, if real estate agents can’t refer you to some previous clients for reviews, they are playing games.
Ideally, competent real estate agents keep their former clients’ contacts as referral points to new clients who demand to know their efficacies. Therefore, an honest buyer’s agent should gladly provide details of previous clients for testimonials. If the agent hesitates to provide such details, know you are dealing with the wrong one.
They Have More Bad Reviews
Agreed, no product or service provider can have only good reviews. Nevertheless, a professional service provider must have up to 80% convincing reviews. In other words, a prospective agent that wants to act as a buyer’s advocate in a property buying process must have at least eight good reviews out of ten.
To save time in your review findings, check for the buyer’s agent profile online to see what people say about his services. Don’t patronize if the bad reviews are more than the good ones,
They Are Not Full-time Buyer’s Agents
Working as a buyer’s advocate takes time and effort to get things done. It involves doing thorough research, connecting with other real estate experts, and perusing large volumes of paperwork to ensure properties are bought at the right purchase price. They must also be updated with off-market listings, which can be an added advantage in the fluctuating market.
How can buyer’s agents cope if they take the service as a side hustle?
In Conclusion
Finding the most experienced buyer’s agent in Sydney can be somewhat challenging. The hunt requires looking for an agent to help you find the ideal property at the lowest sale price. Not only that, you need a property buyer’s agent that knows how to save time in the purchase process and has the strong connection required to find off-market properties when necessary.
When purchasing a property, property buyers must cautiously hire a seasoned buyer’s agent who can listen attentively and find the right property at the right purchase price.
Without a doubt, buyer’s agents can help make buying property easier. They can also help you find the perfect property to suit your budget and needs. But you have to work with the right one.
Take note of the above-listed red flags when buying your next investment property. Then, if you notice any of the warning signs, run for your money.