Finding it hard to secure your next home? A Buyer’s Agent may be the service that you need!
Originally hailing from the east coast there were two things that I was very used to when it comes to residential real estate. The first is that most properties are bought and sold on the east coast via ‘Auction’ rather than via ‘Private Treaty’. The second is that buyers on the East Coast are very busy and sophisticated buyers who place a high value on the use of a professional Buyer’s Agent to secure their properties. Buying real estate is a serious business, requires strategy and is highly competitive and they want to maximise their chance of getting their purchase right. The same is true in most other major cities in Australia, the US, the UK, other European countries and many Asian nations.
In the first quarter of 2023 our team at Inhabit Property have sold three properties to buyers that have employed a Buyer’s Agent to assist them with their purchase. This is far greater than the level that we are used to seeing and it has got me thinking. Is the use of a Buyer’s Agent the future for buyers here in Western Australia?
Throughout 2021, 2022 and 2023, most buyers keen to secure a green title property have found themselves in some serious competition with other buyers, including well researched investors. Many have had to make offers on more than 5 properties just to secure a counteroffer, let alone an acceptance of their offer. It is enough to make a buyer want to quit the weekday website scrolling and the weekend home open day-trips and simply resort to renting rather than buying. But hold on – trying to secure a rental is even harder! Welcome to the Perth residential market in 2023. Add to the strong level of buyer competition the pressures of busy workloads, rising utility and grocery costs, family commitments, time management and busy lives in general and the employment of a ‘Buyer’s Agent’ is a decision that is occurring more often and quite organically.
Buyer’s Agents are property professionals that advocate for buyers and are employed by buyers to conduct property research, compile a buying strategy, complete inspections, assist with negotiations as well as hold the buyer’s hand (emotionally), with the view to narrowing in on the best available options. They work to secure the best possible property for the best possible price. And do Buyer's Agents do a great job? Absolutely, because just like a Sales Agent a Buyer’s Agent is only remunerated on success once the property transaction is completed.
I have been fortunate enough to work with some of the best Buyer’s Agents in WA in 2023 and while they have made my job of negotiating for my sellers more challenging, I have thoroughly enjoyed working with each of them. They have been energetic, honest, diligent, and highly communicative. This is the key to a successful real estate transaction when people are time poor, supply is low, and times are tough. A Buyer’s Agent can even find off-market listings, properties that may never find themselves published on realestate.com.au, domain.com.au or reiwa.com.au.
Now one would think that the buyers that have transacted with our Inhabit Property team in 2023 via a Buyer’s Agent would be east coast based buyers. This was true for one of them, however the other two were well and truly buyers from Western Australia. You would also think that these buyers would be property developer types or professional investors searching for sub-divisible land or properties to renovate and flip for a profit. Once again this was true for just one of the three transactions. The other two were owner occupier buyers. One was looking for their next green title home to live in with their family and the other a buyer searching for her designer waterfront apartment lifestyle. Our team was more than happy to assist with all three of these transactions as when there is a happy buyer there is usually a happy seller.
So, will the rise in Buyer’s Agents in WA continue or is this simply a ‘trend’ that we are noticing in 2023? I guess that only time will tell however my bet is that the use of Buyer’s Agents in WA will continue to climb as our great state develops further into a lifestyle destination for more east coasters and international buyers, those of whom place great value on having a property professional in their corner to protect their interests. As a real estate professional that wants both the buyer and the seller to have a smooth and enjoyable real estate experience, I certainly hope to see more and more Buyer’s Agents at my home opens.
Brendon Habak - Selling Principal