We have plenty of reasons why we love working with young professionals. They are driven, they know what they want, and they work long hours so they do not have time for much else. Especially searching for and securing great buys in the property market.
Being time poor will make you become very efficient in outsourcing, or you will suffer. It is sink or swim. Young professionals have a support network within their office, ensuring that they can do what they are good at. But this extends outside of the workplace. Online shopping, concierge services and 24-hour gyms are but a few features of society now that allow some driven professionals to live a “normal” life.
There is an opportunity cost of every decision. The “yes” you give something is ultimately a “no” to the alternative. It is seldom that an opportunity cost is so definitive in the cost of a young professional saying “yes” to something that isn’t their career. In the competitive landscape of professional services in Australian cities, you need to be pushing as hard as you can to get to where you want to be.
As with all services out there, you will always get a better result if you enlist the services of a professional.
Have you ever seen someone who has tried to save a few dollars on a hairdresser and cut their own hair? It is never a good result.
Or the home mechanic who services their own car? Unless you have amazing experience in this field then why would you jeopardise your family’s safety.
Enter the Property Buyers Agent…
There are plenty of ways to save money, though you end up spending more time on the task for a much worse result. House hunting is now exactly the same.
A professional Buyers Agent should be saving you time and money, along with taking away all of your stress associated with finding your ideal property. Whether it be your next home or investment property, either within your own city or interstate, the whole process should be “project managed” by your buyers agent.
Firstly, you and your Buyers Agent should spend time on your exact brief. Narrow down exactly what property you want to secure. For your home, numbers of bedrooms and bathrooms, backyard size and parking capacity are usually first and foremost. But also consider layout features (e.g. open plan kitchen / meals / living area; integration of alfresco into your living area). Also consider property orientation (e.g. north facing backyards offer more sun for longer to your useable spaces, say your backyard, alfresco and living areas. With bedrooms at the front of the house these will remain cooler at night through the summer months as they would be facing south).
Investment purchases should be much less emotional. Stick to the numbers, and “stay with the end in mind”. What I mean is, what do you want to achieve by all of this? If you are trying to build long-term wealth, then concentrate on stronger capital growth prospects. If cash-flow is your aim, then your buying strategy should centre around higher yielding properties. There are so many factors that will dictate the success or failure of your next investment so make sure your buyers agent is both qualified and experienced.
Once a solid buying brief is in place, the Buyers Agent goes to work. Finding on-market and off-market properties, pitching them to you before the rest of the market has had time to inspect the property. Organising the due diligence reports (building inspection, pest inspection, strata reports, valuation report, pool compliance report) to analyse whether this property is a “good buy”. Having contracts reviewed by a professional property law firm before putting your Offer to Purchase together.
This is where the value of a Buyers Agent shines through. The way your offer is presented and negotiations are conducted should see you secure the property ahead of your competition, at a price well below what would have been achieved if the property was sold at auction. A professional Buyers Agent can easily save you $20,000 to $50,000 in the space of a few hours by making the right decisions.
Their service should include having a network of builders and trades available to you as their client for any renovation plans you have for the property. If the plan is to rent the property out they should also be able to advise on the best property manager for your property’s type and location (if they do not offer rental management themselves).
Once the pre-settlement inspection is completed and settlement occurs, your Buyers Agent’s work is done on this purchase. And if has been a great experience hopefully it isn’t too long until you are working with them again on your next foray into the property market.
Leveraging your time through outsourcing is an efficient and clever way of making the most of your time. Enlisting the services of professionals is your best option to get the best results. This is particularly true when it comes to buying property in our evolving Australian real estate market. Do your research, find a Buyers Agent who you like and trust, and bring them onboard to get the result you want. You can then get back to doing what you should be doing…working harder for that next promotion.