If you are thinking of working with a Buyers Advocate you may be wondering what you need to do to be prepared for the journey. In this article Lisa Parker, Melbourne Buyers Agent and Director of Parker Buyer Advocates, shares the 3 things you will to have in order before hiring a Buyers Advocate.
Deposit
Have your deposit saved and move it into an account you can access at short notice.
The search process can occur very fast when you hire a Buyers Advocate. For this reason you need to be able to access your deposit promptly. If you have your deposit sitting in a managed fund, off-set, overseas, or an account with an online only bank, it will usually take 3 days for the money to appear in your desired account, and then a further 24 hours before it will hit the real estate agents trust account.
Aint nobody got time for that!
Making your deposit accessible will ensure you can jump on great opportunities without delay. In a fast moving market, being purchase ready will place you in the front seat to beat your competition (other buyers), give you a stronger position to negotiate from and in a fast moving market could save you from losing out on properties which are hard to replace.
Pre-Approval
Most Buyer Advocates will ask to see your pre-approval or at the very least a written confirmation from your lender/mortgage broker of the amount you are able to borrow.
Knowing the amount you can borrow gives everyone a clear indication of your maximum and preferred budget which will guide the search parameters and suburbs your Buyers Agent will focus on for you. It also prevents you and your buyers agent from spending time discussing and searching for properties
Have A clear goal or outcome for the property
Knowing the goal and outcome for the property will result in a very smooth process and get you and your buyer’s agent started on the right foot.
Outcome Versus Checklist of Requirements
The outcome is what you hope to achieve from the property. For example, is this purchase a home, an investment, a property you can add value to, your forever home or a stepping stone?
The Checklist is the preference for particular attributes in the suburb/location or in the property itself. For example, double storey or single, 2 bathrooms or 1, a small courtyard or a larger yard.
You don’t have to have your checklist fully refined because an experienced advocate will conduct a detailed briefing session with you. This session is designed to help uncover and prioritise your preferences.
If you still don’t know what your preferences are, we have solutions for that too! So long as you know what your end goal is for the property most experienced Buyers Advocates will help guide your brief to suit your longer term objectives.
What happens next?
Getting to a point where you are ready to hire your Buyers Advocate is really easy and straight forward. And if you have chosen to outsource your purchase to a professional property buyer then the rest of the process will be equally as easy. Once you have these 3 items in place and ready to go, you’re ready to hire your preferred buyers advocate.
Did You Know?
When you work with a Buyers Advocate your total time commitment will usually be no more than 5 hours. Yes, 5 HOURS! We take care of all the hard work for you and because we do this all day every day your purchasing process should be an absolute breeze! If you would like to find out more about working with us contact us today.
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