Question for Buyers Agents

I have used a BA in the past and found the service highly effective. As part of the service I was mentored and gained confidence and knowledge that would otherwise have taken years to gain. My question is; now that I have a better understanding of how to do parts of my own research and due diligence and don't need as much hand holding, how much can I negotiate the price with my BA? Yes, want to use them again as their professional knowledge and negotiation skills are far superior to mine and I want to buy soon.

Obviously, I will speak to my BA but just wanted some idea of what others would be willing to negotiate. What can I expect in terms of a win win for us both in terms of fees?

 

If you found their service highly effective and you want to use them again, wouldn't that mean their fees are worth it?

 

@Xie They might have specific process, so if you take over part of those process yourself, they might be able to give you quotes on doing the other parts.

 

Many BA's will do a negotiate only fee where they engage with the agent and vendor once you have done your own search

 

^ ^ yes this. Most BAs have a service where they evaluate & negotiate on a property/ies that you find. Usually about half the cost of a full search.

 

Yes, but why pay them to do the searching when I've worked out how to do it myself and enjoy this aspect? I needed the full service the first time around as I had no clue but feel much more confident now.

 

Feel like I am not quite at that stage yet where I can do a full search i.e I'm confident with the suburb DD and have a good understanding of better areas and doing leg work to further improve my knowledge. But, still not yet confident with the individual property DD. I.e. Still struggling with how to determine an accurate price range and having accurate figures. I am also struggling with where to find the information I need for this research as it's a minefield with so much information. I feel like I still have so much to learn. I will keep reading and asking as I know this is the only way forward.

See my dilemma - not quite independent and could procrastinate for the next year without some help. I don't want to wait and don't want to pay full amount. I guess I need to be clear about what services I need from my BA any further advice??

 

Well it depends on what you want. If you dont need a full search but want a specific set of engagements then that can likely be quoted or done as a professional service fee.

For example, you may negotiate a package where you do the time consuming search and the BA then will evaluate and inspect up to 3 properties that you put forward, and negotiate on 1 or all 3, with additional properties at a fee.

 

Ok great that's the sort of info I am after.

 

Unfortunately just because I like trying to 'self diagnose' myself on Google when I'm not feeling well - my doctor doesn't give me a discount. He is a professional - providing a professional service. Just like a Buyers' Agent. If you think you know what you are doing - or you don't see value in what service someone is providing - don't pay them any money. It's that simple. If you however require professional assistance and see value in the service they provide - ask. Just make sure you are very clear of the service they provide and what you are going to get for your money. If you are comfortable and see value - you have your answer.

 

Your question is probably less around 'negotiating' and more around understanding what services particular Buyers' Agent's provide. Have a full understanding of the different services they provide and go from there.

 

Pay for the service in full and continue to learn.
There are always new things to learn... even if you think you already know them.

 

@Xie I started doing research on few areas in NSW since July last year and recently bought a place with the assistance of a BA. I contacted the BA to only negotiate the purchase price and deal was done within 3 days very quickly. it helps when the BA knows the area and agent well enough. As for research, I did my own with help from a mentor but I had to make the final decision myself. So if you are comfortable with your research and analysis and confident in making the decision, you might want a BA to negotiate for you and to snap up the property quickly. The BA can help you to form the T & C on your offer.

Otherwise, like @neK said, pay for a full service and learn how the BA analyse properties and close the deal. My next property may be interstate and I'd probably want to rely on a BA first.

If you are serious about it, start ringing up the BAs and discuss your needs.

 

Best idea I heard all day I'm gonna start asking for 50% off coz I read google before all my Dr visits!