Poll- Used a buyers agent?

Discussion in 'The Buying & Selling Process' started by Nate-J, 31st Dec, 2017.

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Who has used a buyers agent?

  1. Yes

    55 vote(s)
    43.0%
  2. No

    49 vote(s)
    38.3%
  3. Would like to, but too expensive

    24 vote(s)
    18.8%
Multiple votes are allowed.
  1. Nate-J

    Nate-J Member

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    Hey all

    Just out of curiosity who here has used a buyers agent?

    I've considered it, but since I scrap through with money for my purchases, I just research myself and buy.

    I think in the future I will be using one though.
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Where are you thinking of buying?
     
  3. Travelbug

    Travelbug Well-Known Member

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    I used a buyers agent for my first few properties. I found it to be worth the money. I would have wasted years procrastinating and I feel I would have paid more also. After that I was more educated in property and knew what type of properties were good for my situation. That gave me the confidence to go it alone. It was $5,000 then and I was buying properties around $200,000.
     
  4. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Not personally. I am good at researching and getting out there finding good deals. Its why I became a BA, as I couldn't buy them all and I like to help others as much as I can with their financial success.
     
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  5. TheGreenLeaf

    TheGreenLeaf Well-Known Member

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    Hey Nate-J,

    I used a buyer agent for all my IPs (3 of them) as I'm living overseas. It worked pretty well for me, and I've been happy with the service I got.
    2 IPs are in Vic, for which I used the same agent. The other one is in Brisbane.
    Communication with them were through phone and skype, and I felt confident during the whole process.
     
  6. kierank

    kierank Well-Known Member

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    We were going to use a BA in 2016 but we thought the fee was a bit steep ($40,000 from memory).

    So we went and did it on our own. Lucky we did. The BC chairperson was an previous neighbour and they who were really, really helpful with our due diligence.

    We wouldn’t have got that type of intelligence if we have gone with a BA.
     
  7. The New guy

    The New guy Active Member

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    Hi could you recommend your Brisbane BA to me. I am looking to get my first IP.
    Thanks.
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Don't think a polls pr se about value for money relates much to the reality of one persons situation.

    Value or perceived value has specific context to the many variable involved, not the least of which if is confidence and knowledge and access to the Local market one is buying in.

    Biggest challenge with the choice is that many client s look to BA services as a replacement for invetsment advice, which the majority do not provide

    Ta
    Rolf
     
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  9. Otie

    Otie Well-Known Member

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    Each time I’ve bought (3 IPs) I’ve considered using a BA, however each time I have easily been persuaded not to by my husband, who tells me, “you don’t need one, you do enough research yourself” and each time after speaking to BA’s I’ve never had the confidence in them to use them. I think it’s a bit of a gamble considering there’s no guarantees provided. I would only use one if I was looking in a city that I’m not familiar with and if I hadn’t researched, but I spend hours every night researching. I always feel that I can’t be sure that the BA is getting me a better deal/better location that I could get myself
     
    Anthony Brew likes this.
  10. tattoo

    tattoo Well-Known Member

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    Just my 2 cents, am using a BA right now. A few comments
    - be clear from get go who will actually be doing the work for you, you may think you're getting the head/flag name agent from initial conversations, after you sign the service agreement you oculd be paired with a more junior employee. They probably won't lie if you asked them directly about it, but they def did not think it was their duty to tell you up front. I suspect they gauge whether you a high value enough customer take on in person at the start, and if not pass you on to another team member. In the past, same experience with a well known broker from here.
    - their 'tailor' made area reports are nothing more value adding then what you can find with some general research on the internet
    - have found them to be quite pushy once they've got 'recommended' properties over to you. Appreciate there are time efficiencies needed for good deals, but honestly the several deals I've been given so far were pretty standard with no real reason to rush (eg. one was part of an almost completed development, where none of the properties had been sold. The developer hadn't been able to sell at auction few weeks back and asking price still high, BA said it was a real steal and pushing for me to sign on slight discount). Some times I wondered whose side they were actually on (probably their own).

    all in all, I'm not regretting going with a BA this time. They do bring good value as I'm buying interstate and short on time. But if you do just - trust no one
     
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  11. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    Unless BC person was a previous neighbour of the BA
     
  12. God_of_money

    God_of_money Well-Known Member

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    Nope.. unless I m buying interstate.
     
  13. Jamesaurus

    Jamesaurus Well-Known Member

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    I think this is a good policy especially if you cant easily get to the property to inspect it yourself
     
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  14. Rich2011

    Rich2011 Well-Known Member

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    Is there ever a guarantee with buying an investment property? Think of the BA as a value add service, use their knowledge and skills to help find the best possible properties in the area you are investing in.
     
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  15. Otie

    Otie Well-Known Member

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    Exactly, I really don't see an incentive to throw away 10-20k without any guarantees that my investment in the BA will be realised. I have a lot more confidence investing the time into myself to research and have confidence that I will be acting in my own best interest.
     
    Anthony Brew likes this.
  16. Lawrence Barnes

    Lawrence Barnes Well-Known Member

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    Used one for the first time last year and it was a positive experience and i got a good property that rose quickly in value as soon as i purchased it. You need to find one that aligns with your strategy.
     
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  17. Lawrence Barnes

    Lawrence Barnes Well-Known Member

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    I should add BA's are especially useful when you purchase in high demand locations as the chance of your losing out to someone else is very high. The BA gives you the edge and knows how to play the game. Real Estate agents like dealing with them as they don't mess them around. If you are buying in outer regions probably less useful as little competition.
     
  18. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    And often, right there is the issue of unmet expectations that can cause a perception of poor outcomes.

    Many people expect the BA to build a strategy for the investor, which is a bit inverse.

    while some BA's can and will actually do that............... most BA's do NOT have that speciality.

    ta

    rolf
     
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  19. Lawrence Barnes

    Lawrence Barnes Well-Known Member

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    Can be yes. I already knew my strategy before I enlisted the help of the BA otherwise would not have used them. As a bonus the company I use also have a property strategist to bounce ideas off. Like any profession BA's come in all shapes and sizes.
     
  20. sash

    sash Well-Known Member

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    I agree...otherwise...why would you **** that much money down the drain.

    By the way anyone who pays 10-20k is just plain insane...the service should not cost more than 16k
     
    Last edited by a moderator: 5th Jan, 2018