Buyer’s agents, also known as buyer’s advocates, are property professionals and negotiators who act on behalf of a buyer, as opposed to a selling agent who acts on behalf of a vendor.Buyer’s agents, once briefed by their clients in terms of requirements and budget, are able to source suitable properties much faster than the clients themselves could. They know exactly what to look for and what to avoid and can quickly create a shortlist of potential candidates from all the properties that exist on the market. In addition to that, they can also access suitable properties not currently advertised for sale, which are said to be off-market, either through approaching the owners directly or by contacting estate agents in the area who may have potential vendors not wanting to go through the expense and stress of a public marketing campaign. In these cases, given the lack of buyer’s competition, sometimes vendors might even be happy to accept a lower price for the benefit of a quiet sale.
The buyer’s agent will inspect several properties on behalf of the buyer and when, after physical examination and detailed analysis, a property is deemed suitable, the agent will submit it to the buyer’s consideration. If the buyer approves it, the buyer’s agent with liaise with the vendor or vendor’s agent to negotiate the most favourable terms and conditions for the buyer, including the lowest price. Even when a property is scheduled to be sold at auction, and there is little or no scope for negotiation before the auction, the buyer’s agent will bid on behalf of the buyer ensuring no costly emotional mistakes are made. In the event however that the bidding does not reach the vendor’s reserve price and gets passed in, again, the buyer’s agent negotiation skills become critical to ensure the buyer does not end up paying more than necessary.