What is a buyer’s agent? Since opening our doors almost 10 years ago, we are progressively hearing this question asked less and less. However, many people have never heard of buyer’s agent, or what we do, so here’s an overview of the services we provide our clients.

A buyer’s agent is essentially a licenced real estate agent except for one important difference – instead of representing the seller (vendor), a buyer’s agent works on behalf of the buyer.

The services we offer at Cura Property are essentially broken up into two main phases which can be opted into separately, or together.

Finding your property

The first phase involves jumping online, connecting to www.realestate.com.au or www.domain.com.au to find properties that are listed. There are other means of sourcing property as well. Such as linking up with real estate agents who we have in our database from previous searches or property inspections. These relationships also provide us with off-market property opportunities that you won’t find listed. The latter part of this phase involves inspecting a shortlist of properties as well. A lot of buyers we work with usually do this search themselves (well at least to start with) and engage us to research and negotiate once they have found the property they want to go for.

Negotiating and Auction Bidding for Buyers (bringing in the “heavy-hitters”)

Sellers engage a professional to negotiate on their behalf – the selling agent. Now more and more, buyers are choosing to bring in their own professional “heavy hitter” to give them the edge in negotiating or to bid at auction – The Buyer’s Agent.

Once a buyer has indicated that we have found a property they like and want to go for, we then move into the second phase… this is called Advocacy. The Advocacy phase involves doing the work that needs to be done to help the buyer make a decision to proceed with making an offer on a property, or attend an auction given the information they have been provided with. Advocacy is essentially:

  • Conducting the due diligence which includes reviewing building and pest inspection reports, strata reports, and any other documentation involved including the final contract. We always recommend that buyers also use the services of a conveyancer or a solicitor to do a full review of the contract. However, as a buyer’s agent, it’s always best practice to have eyes on the contract to gain a full understanding of the terms and conditions surrounding your client’s agreement.
  • Doing the research to help the buyer understand the market value of the property. We will always provide our clients with an indication of the range where we see the property will sell for a bargain, a range where we anticipate the property will sell for market value and a range beyond a certain price where we believe the buyer will be paying a premium to secure the property.
  • Building a strategy specific to the buyer that will put them in the best position to negotiate to buy the property, or;
  • Preparing for auction.

Once the due diligence and research phase has been completed, we then enter into negotiations with the selling agent to purchase the property. We take all that information and with the buyer’s permission we start to engage with the real estate agent to negotiate not just the price, but also the terms and conditions of the sale – the settlement date, size of the deposit, any conditions in the contract that need to be amended or changed, and we do all these things in conjunction with the buyers lawyer or property conveyancer.

An important point to note here is that anything is up for negotiation in the contract. And it isn’t always up to the lawyer or property conveyancer to conduct the negotiations and follow through to ensure all the wording in the contract is correct.

Not every buyer will need us to help find their property but we always recommend that we conduct the negotiations to every buyer who works with us

If you’re purchasing a Sydney property and would like an expert opinion, advice or the additional fire power of a buyer’s agent, contact the team at Cura Property! We would love to help you with your search!