Flexibility on property selection when using a buyers agent

Discussion in 'Property Experts' started by Oyster, 9th Feb, 2020.

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  1. Oyster

    Oyster New Member

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    Hi All,

    I have recently engaged the services of a buyers agent. The agent has selected an area and provided extensive report which is fine, we are currently now in the process of finding a property. I wanted to understand people experiences on how much input they had with the buyers agent around property selection. I can understand it would be unproductive and frustrating for a buyers agent where a client continually knocked back property recommendations and wanted to micro manage property selection, but I feel buyers agent needs to work with client on a property they are ultimately comfortable with. I am concerned I am heading to a scenario where my buyers agent is dictating the property recommendation with a stance of they are the experts and I have paid for their service, so get on board or get off. What are peoples thoughts?
     
  2. Trainee

    Trainee Well-Known Member

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    Shouldnt this have been discussed in detail with the buyers agent before you engaged them?
     
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  3. Oyster

    Oyster New Member

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    First time around using BA, topic was discussed but details weren’t explicit. In any case what is typical experience with BA, some flexibility and consultation over property selection or more being dictated to e.g. I know best
     
  4. Ian87

    Ian87 Well-Known Member

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    You should absolutely be doing your own due diligence, if they put forward a property and suggest bidding 600k and all similar properties in the area are going for 500k you should want to know why. There is a lot of money in property if they charge you 10k and get you a property in a week they can move on straight away rather than spend weeks with you. Of course they are the “experts” but it is you that is going to be paying for the thing for the next 30 years...
     
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  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Fair comment, especially with the plethora of new BAs with no professional, and sometime little personal experience. Typically one needs one or the other, but even there, thats not the core issue I suspect with the OP.

    On Balance though, and On the basis of my comment above, and assuming a client selects a trusted service provider with requisite experience, I can tell you that 10 k and more is a fair market price.

    I have many BAs as mortgage broking and some as Financial Planning clients.........I get to see the company and personal tax returns so have a bit more insight to the numbers. Perhaps we attract only the poor financially performing ones :).

    As an aside, when we go and see our dentists for some "minor" work, we arent paying them for the current time expended...........we are paying them for the time expended and income lost while earning their craft/art. A plumber or a neurosurgeon I suspect have that same issue - at obviously different scales.

    The very fact that the OP has concerns and is asking for input from a public forum to give them comfort is telling about the level of trust.

    If the BA isnt sufficiently skilled to screen who they are best to work with for a win win outcome, that speaks spades to me.

    A great service provider in these types of emotionally charged topics aims for a comfortable transaction from the very start.

    Real Empathy, relateability, tolerance, posture and the courage to challenge existing "programs" that may no longer serve one's potential client are mission critical as Oxygen is to mammalian life.

    As a business owner you can buy technical skill, negotiation skills on a per project basis, volumes more research than one person can ever do. What one cant buy is the Oxygen.

    I have been doing this type of work since 1996, and still get it very very wrong.


    ta

    rolf
     
  6. Morgs

    Morgs Well-Known Member Business Member

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    It sounds like you need to go back to the drawing board with the BA and refine the brief so they're clear on what you are after.
     
  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    This sounds to me that you have handed the area selection and property selection over to the BA.

    Isn't this a question you should be putting to your BA?
    If I were you I'd be having a conversation with them that went something like this: "I know I told you at our meeting that I as a novice and I'd be relying on you to make the right selections, but I feel like I'd like more involvement please, so that I can learn". yadda yadda
     
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  8. FatElephant

    FatElephant Well-Known Member

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    Hello,

    I am currently working with a BA as well, trying to buy my first investment property and they are currently sourcing a property for me so I'm in a similar position to you. But I have made clear to my BA and I think you need to do the same, that I am not one of those people who sit back and let you do all the work and just say okay to everything and sign all the papers. I will be verifying what you find for me myself as well, to see if the area/suburbs match up and work for my strategy. Then down to the property type and features and all the way down the price of the property.

    I hope he doesn't see that as me 'micro managing' him but at the end of the day there are no guarantees that just because you are using a BA you will get an outperforming asset as there are no guarantees on performance (he also said this to me on several occasions) - but we can look at good, solid fundamentals to reduce our chances of buying a lemon. And like one of the other members here have pointed out, it will be YOU who will be paying the loan, so it is very important that you are in line with what they are looking for and you understand what it is that makes that area/property a suitable one for your strategy.

    We have discussed with each other and unlike his other clients where he might just present them with properties in different areas that he chooses, I have requested that he let me know of 'areas that he is currently looking into' even before he has found any particular property for me. That way I can be prepared and can double check the areas to see if we are in line with each other. Then when he has a 'potential list of properties' he is looking into he will give me updates, then ask for my opinion on it before we move forward.

    I think if your style is similar to mine, then it is best to find a BA who is happy to accomodate that and work WITH YOU. Rather than have their own style and biases and not be very flexible around that. So I think you should go back to your BA and chat with them regarding expectations and if it doesn't work out then I say you part ways with them and look for another BA that is perhaps more suitable.
     
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  9. Jacque

    Jacque Jacque Parker Premium Member

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    @Oyster Agree with @Propertunity here in that you need to be more vocal with your BA, and stipulate what you want your involvement to be in the process. This ideally should have occurred upfront, however, so is there a reason why you are feeling this way now?
    Has a property been presented that you are feeling pressured to buying?

    Having been doing BA work for 15 years now, and very involved in the industry (including training BAs), I do know that the service offerings from one service provider to the next do vary, so you need to ensure you engage the right BA for you.

    The final decision to purchase, however, is always with you as a client. Your BA knows this and should never be putting you under pressure at any stage- their job is to represent your best interests, search, locate, collate and present relevant information as per your brief. Then it's YOUR decision to progress with an offer and/or request further data/research.
     
  10. New Town

    New Town Well-Known Member

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    At the same time, if you want more involvement in the decision making process you probably need to hugely increase your knowledge of property investing. Buy a few books and study them