A Buyer’s Agent in Brisbane
In a previous blog, I made mention of the importance of choosing a Buyer’s Agent that is local to the area. I can’t impress upon this enough, and potential purchasers must be cautious when they make enquiries with Buyer’s Advocate agencies.
It is quite concerning when I am conducting an inspection of a property and I see a buyer’s agent who has flown in from interstate spend 5 minutes at the property. It is simply not possible to conduct a thorough inspection of a property in that amount of time. There are far too many items to look for. These include building quality, building faults, construction type, drainage, security, does everything open and shut ok, noise considerations, the potential for adding value, rentability, heating, natural light, what condition are the appliances in, how adequate is the storage, and what about neighbouring properties? The list goes on…
Some interstate buyer’s agents spend a day in Brisbane looking at 10-15 properties and present the best to their clients. It takes a lot more care and research before a decision can be made on whether the property is a good option or not.
Beware of Operators that aren’t Locals
Even more worrying is a practice that I was informed about by a buyer’s agent only last week. The agent had purchased several properties that were interstate in a variety of areas. My concern was how would they be able to recommend so many areas for investment, and how would a buyer’s agent be able to have the extensive knowledge required in which to make a purchase on behalf of a client, in multiple locations.
I was shocked at the answer…
The buyer’s agent chooses an area they believe is a growth area, finds a property or properties on the internet, then calls a local property manager to inspect the property on their behalf in exchange for the property management service. So, let’s say that again in case you were dumbfounded because I was!
The buyer’s agent relies on a person they have never met before, or ever had dealings with, to make a recommendation on a property of which they will receive a benefit should the buyer’s agent decide to facilitate a purchase. There is absolutely no reason for a property manager to disclose anything negative about the property at all, or they cheat themselves out of a new listing. They have no relationship with the purchaser, no-obligation (certainly no legal one), yet they have everything to gain if they give the property a glowing report.
When you’re considering a Buyer’s Agent, ask the right questions. The first and most important is: Are you living in the local area? Who conducts the inspections? What experience do you have? Don’t assume anything! More and more buyer’s agents are coming onto the market, some even without any real estate experience. It is a worry, so do your research and pick a buyer’s agent who is experienced and will make your investment work for you. Otherwise, you could be buying a dud.
For more information on buying property in Brisbane, contact us.
