If you have ever wondered what it is like to work with a buyers agent, this article is for you.
In this article we will take you behind the scenes so you can see what the process is like when you work with a Melbourne Buyer Agent.
If you are wondering if using a Melbourne Buyers Agent is right for you, you will want to check out this post “4 People Who Will Not Benefit From Working With A Buyer Advocate” and “Don’t Hire A Buyers Agent Without Reading This First”.
From Search to Settled, here is what to expect when working with a Melbourne Buyer’s Agent.
Step One – Briefing or Strategy Session
Setting the foundation is the key to our success when helping our clients find the perfect home or investment property. This starts with a home buyer briefing session for our home buyer clients or a strategy session if you are an investor.
Clients may be surprised by the depth of our questioning but going deep is how we really get to know you. This is the real art to a proper briefing session. It is not just about finding out your wish list, it is a chance for us to get to understand your personality, how you live, what is important to you in life, how and where you commute to on a regular basis. We also want to address your future plans, (kids, dogs, visiting family, home office etc). This helps us to view properties with your present and future needs top of mind.
If you are a property investor your strategy session will be focussed on finances, goals for the investment, risk profile, cash flow and property strategy.
Step Two – Area Analysis & Selection
Did you know that most homebuyers get stuck in this stage for several months? It is not uncommon for homebuyers to bounce from suburb to suburb over a period of 6-12 months without becoming any clearer about what type of home they can afford and which locations are best suited to their budget.When our clients work with us we nail the location and property type within 2 days to a week or working together. That means that clients hit the ground running immediately and begin their search looking at realistic options rather than wasting months chasing aspirational homes that sell 20% above their budget.How do we drastically reduce all that wasted time for our clients you may be wondering? We use a systematic and proven approach to provide our clients with a short list of suburbs to choose from. Supported by the latest industry reports and demographic analysis as well as a tour of each location, clients are able to make an informed decision from the get go.
Don’t know the suburbs of Melbourne? No problem!
If you are a homebuyer and don’t know the areas of Melbourne we will help you get to know the different options. Supported by the latest industry reports and demographic analysis as well as a tour of each location, clients are able to make an informed decision. Once you are clear about your preference for area and property type the real fun begins.
Step 3 – Search Phase
A good, experienced advocate should know which purchasing strategy will get their client the best result. Whether the decision is to focus only on off-market opportunities, pre-market or on-market options, there should be a method and reason for each decision when tailoring a search to a client’s needs and budget.
During the search period we utilise up to 7 different strategies to uncover the right property for you. Having been in the industry for 20 years now we rely heavily on our network of agents who work diligently behind the scenes to give us first access to properties they think might suit our clients needs. Selling agents love working with us because of the ease and efficiency we bring to the transaction.
Watch out for advocates who promote a high off-market acquisition rate. With the lure of off-market properties being the flavour of the month we are seeing some advocates pay higher prices for off-market properties just so they can boast an impressive off-market statistic in order to win your business.
There is a lot to understand about off-market properties. If you would like to learn more about them you can take my “How to Access Off-Market Properties” short course. It will be a worthy investment and potentially save you up to 5% off your budget if you like the idea of only accessing off-market homes.
How Many Properties Will We See for You?
During the search phase we will analyse hundreds of properties, and only the top 10% of properties make it to the inspection list. All the while our clients continue to work, sleep and play, enjoying their free time to do things other than stand in line at open for inspections every weekend.
A full search client might only personally view 1-5 properties before committing to “the one”.
We have a proven process that allows full search clients to buy with complete confidence after only seeing a few properties, however some clients still like to be more hands on in their search. This is where our assisted search comes in really handy.
Step Four: Finding the one
Once we find a property that meets your brief, we move really fast. You will be invited to enjoy a private tour of the property with your advocate. Your advocate will highlight all the positives and negatives about the home, point out any maintenance issues that are evident and discuss rectification and renovation suggestions and costs.
If you feel the home is the perfect fit for you we then move swiftly to complete the due diligence and secure your dream home or investment property.
Step 5 – Avoiding lemons
Once you have decided on your dream home, we have a team of three full-time staff members who will work swiftly to complete the due diligence for your purchase. This occurs behind the scenes and will take anywhere between 5-20 (wo)man hours depending on the property and what is uncovered during the due diligence phase.
We have a 90 point due diligence process for home buyers and 120 points for investors. The due diligence process lays the foundation for us to then advise you on the value of the property and recommend a purchase strategy.
If the property is going to auction and we think we can buy the property for less money at auction than in a pre-auction offer scenario, we will prepare for the auction and bid on your behalf.
Pre-auction offer or private sale offer – no worries, we will have your dream home under contract within the next 4- 24 hours.
Step 6 – Post Purchase
Buying a home doesn’t end once the contract is signed, and nor does our support.
There is a lot to navigate between purchase and settlement. You will be armed with 2 post purchase guide books and a post purchase meeting to discuss what you need to do between now and settlement.
We will then conduct a pre-settlement inspection and follow up with several touch points at key times during the settlement and post purchase period.
Summary
Searching and buying property is a full time job. But it doesn’t have to be your full-time job.
Using a buyer’s agent to assist you with your property search can be quick and easy. We have thorough and proven processes to help people just like you buy the perfect home or investment property without all the hassle.
Knowing someone has all the important aspects of your purchase covered so you don’t make a mistake can make the home buying process so much more enjoyable. If you would like to find out if using our service is a fit for you, contact us today for an obligation free consultation and tailored quote.
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