MAP arranges a lot of pre-approved home loans for expat clients but many end up expiring as the task of finding the right property is too difficult when living overseas. This is whether a buyers agent can assist.
A Buyers Agent (or Buyers Advocate as they are sometimes known) are essentially real estate agents who represent the buyer rather than the seller. So a standard real estate agent representing the seller is trying to get the best price for the seller – the buyers agent is attempting to get the best price for the buyer.
The services offered by Buyers Agents does differ from agent to agent. Obviously all Buyers Agents will, on your behalf, locate suitable property for you and negotiate the purchase of that property. Some buyers agents though will also take care of or assist with;
1) Ongoing property management of the property if its an investment property (ie, find tenants and handle the ongoing management of the property),
2) Renovation and Development – some buyers agents will purchase property on your behalf with a view to renovate for profit. The Buyers Agent in this case will highlight the renovation plan and call for tenders from their panel of experts to determine cost of the renovations. The Agent will then project manage the renovation/development through to completion.
There are several reasons to use a buyers agent, here are just a few;
1) If you are an Expat or Non Resident living overseas the Buyers Agent is your eyes and ears on the ground keeping a look out for property on your behalf. They will also handle all the negotiations on your behalf so you save time and money by not having to make the trip back home,
2) Buyers Agents often get access to property before they are advertised to the general public. This is because Real Estate Agents selling property will have clients that require a quick sale so will offer the property first to a Buyers Agent who they know have buyers lining up to purchase.
3) Many Buyers Agents are qualified valuers so know what a property is worth. Many have also bought and sold 100’s of millions of dollars worth of property and therefore know a deal when they see one,
4) A limited number of Buyers Agents will also take care of renovations and will locate property with this idea in mind. So Expats and Non Residents living overseas can still take advantage of buying and renovating Australian property for profit.
Prices do vary between agents but generally they charge around the 2% mark. Most will require a deposit upfront (generally around $1500) which is non-refundable however it will come off the total fee payable upon purchase of a property.
If you would like to use a buyers Agent but are unsure where to start, MAP has access to a network of Buyers Agents Australia wide so contact us for a referral.
More information on Australian Citizens buying property in Australia from overseas here
Ashleigh StanleyWe’ve had the pleasure of working with Justin Thom to refinance our loans in order to purchase another block of land, and we couldn’t be more grateful for his support throughout the process.
From start to finish, Justin made everything feel straightforward and explained concepts to help us understand the process too. He went above and beyond to help us secure the best possible loan, taking the time to find the right bank and deal to suit our needs. Even when a few hurdles came up from our side, he was very flexible and found solutions for us! He is proactive in his approach, had very clear communication, and was always willing to make time for us.
Justin is very professional, yet we felt he genuinely cared for helping us. We felt completely supported every step of the way and would highly recommend him to anyone looking for a knowledgeable and dedicated broker! We will definitely be using him as our broker from now on.
Kyle MeehanWe had an exceptional experience with Justin. His patience throughout the process was remarkable, always taking the time to explain every detail and answer our numerous questions. He kept us informed at every step and ensured we understood all our options. His support throughout, and post completion, was invaluable, making us feel confident and secure in our decisions. We couldn’t have asked for a better partner in securing our mortgage. Highly recommend!
Ari & Nadene ThomasWe recently worked with Justin refinance our loan. This is the 2nd time working with him and both times have been a pleasure.
Justin has always gone above and beyond to assist us to ensure we get the best possible service. Not only does he show a professional attitude toward his role, but he also shows a genuine interest in our family to assist with our financial matters.
I would have no hesitation in recommending Justin to people important in my life.
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