Working together with a Buyer’s Agent: how involved will I be?

The Great Australian Dream is to own your very own home.

But far before you can live the dream and get your hands on those keys, there is quite a complex process of searching, inspecting and negotiating you have to go through first.

Fortunately, a Buyer’s Agent is available to make this process really easy for you. They work by your side to do all the research and make all the preparations so that it’s a simple and stress-free experience.

However, you may be wondering where you fit into the buying process.

So, to help you understand how a Buyer’s Agent works together with you, here is a summary.

How does a Buyer’s Agent help you buy property?

A Buyer’s Agent is a real estate professional who helps you find your ideal property at the best possible price according to your requirements and circumstances. They use their real estate knowledge, network and outstanding negotiation skills to work on your behalf to take away all the tedious parts of the purchasing process and help you buy smarter.

Simply put, a Buyer’s Agent does everything for you. What you mostly do on your part is sign and prepare some necessary documents.

Nevertheless, to help you make informed decisions and purchase the right home, it’s important to have a good working relationship with your Buyer’s Agent.

How can you work together with a Buyer’s Agent?

While a Buyer’s Agent is there to help make the process simple, they must keep you in the loop and will get you involved with important matters throughout the whole journey.

To give you an idea of how involved you will be, a typical process to purchase an investment property involves the following: 

  1. Initial Consultation

Before you engage your Buyer’s Agent, you begin with an initial chat about your goals and preferences, your budgets and requirements. This helps them to understand what you’re looking for and to check if they’re the right agent for you.

The Buyer’s Agent will then tell you about their service and will provide you with a Buyers Agency Agreement, once an engagement fee is paid work can commence.

  1. Finance Pre-approval Letter

You must provide a copy of your finance pre-approval letter from your Lender to your Buyer’s Agent, this needs to happen before getting too serious about research and negotiations. If you don’t have a trusted mortgage broker, your agent can offer suggestions on where to obtain a mortgage, finance is an important step towards purchasing a property and it needs to be done right.

  1. The Research Phase

This is where your Buyer’s Agent starts searching for ideal property locations and homes around Australia that fit within your requirements and budget. This includes online research, calling real estate agents and inspecting properties in person.

Essentially, this step cuts out the days you would have otherwise needed to scout the entire market.

  1. Negotiation

Now, your Buyer’s Agent will speak to the Selling Agents and discuss price. Here, you can sit back and let them do all the hard work of getting you the best deal.

  1. Contract of Sale

Once the price, settlement date and other terms of the contract have been agreed, the Buyer’s Agent will arrange for the Contract of Sale to be prepared.

  1. Property Presentation

The Buyer’s Agent will now present you with the selected property, their research, as well as their rationale behind the choice. They will also present the Contact of Sale to sign and offer guidance and answer any questions.

This is where you come back in – to review the property and discuss your thoughts with your Agent and make a decision to purchase and move onto the next step.

Just make sure to return the Contract of Sale as soon as possible, because until the contract has been signed by both seller and buyer, it is not binding, and the seller can change their mind and sell it to someone else.

  1. Holding Deposit

Your Buyer’s Agent will give you the details for the Real Estate Agent’s account to place your initial deposit into.

  1. Solicitor or Conveyancer’s Contact

Your Buyer’s Agent will liaise with a Solicitor and/or Conveyancer who will work on reviewing all legal processes and documentation. Fortunately, you can rely on your Buyer’s Agent to have a wide network of legal professionals who can provide the services at the best price. This way, it’s all arranged for you.

  1. Inspections

Your buyer’s agent will ensure your property undergoes quality building and pest inspections. They will source the right service providers for you and will review the reports to check for any issues.

Your Buyer’s Agent will raise any concerns with you and then organise any further negotiations with the seller as required.

  1. Written Approval

Once you’ve reviewed the reports, you must provide written approval of the property within 24 hours. Your agent will assist you and provide guidance here.

  1. Insurance Policy

Your Buyer’s Agent can provide you with guidance and suggestions about Insurance requirements, including Building and Landlord Insurance – it’s important to ensure you’re covered.

  1. Property Management Paperwork

If you are planning to lease, your Buyer’s Agent will search locally and negotiate with Property Management Agents to find the best option for you.

  1. Depreciation Schedule

A Depreciation Schedule is a document that tells your accountant how much depreciation you can claim on your investment property. A Buyer’s Agent can also help you organise this too.

  1. Final inspection

Your Buyer’s agent will conduct a final inspection before you settle, just to check that the home is still in the same condition as it was when first inspected.

  1. Settlement

Your Buyer’s Agent will liaise with the conveyancers/settlement agents and confirm when settlement has been completed, they will then ensure that you receive all the documentation you need. Congratulations, it’s now time to sit back and let capital growth do the heavy lifting.

As you can see, a Buyer’s Agent will transform the whole property buying process at every stage from being complicated and stressful, to convenient and hassle-free.

How can Worth Property Investing help you buy an investment property?

At Worth Property Investing, we partner with you throughout your investment journey.

Led by Simon Read, we are passionate about building a strategically sound and highly diversified property portfolio which can help you fulfil your dreams.

As your trusted licensed property Buyer’s Agents, our experienced team guides and supports your property investing education, so you can achieve your property goals sooner.

Worth Property Investing can help you find the right property to meet all your requirements when considering your next purchase. We use real facts, due diligence and solid research to locate the right investments, and we have a proven track record to help you succeed.