Agent Advice For First Home Buyers

Many of us are familiar with the idea of enlisting a real estate agent to help us sell a home. But have you ever considered relying on an agent’s professional expertise when purchasing property? There are significant benefits to be had – particularly for First Home Buyers, who face unique challenges when entering the market.

Here are some of the ways that forming a relationship with a real estate agent can benefit the First Home Buyer (FHB).

DIGESTING INFORMATION: When purchasing your first home, there’s a lot of information to consider, from budgets and desired locations to contracts and legal considerations. No one is better placed to provide advice on the property buying process than an agent, who oversees such transactions each and every day. FHB’s can feel plenty of pressure when competing against investors and baby boomers, who are often in a stronger financial position and have prior experience of the property buying process. A real estate agent can provide realistic advice for navigating nerves.

OBJECTIVE ADVICE: A FHB’s uncertainty isn’t necessarily helped by well-meaning parents, relatives and friends, who all want to offer tips of their own – some informed, others less so. With so much to take in, it can be hard to remain objective. A knowledgeable local agent can act as an impartial third party, helping to make sense of the various sources of information flying about. In cases where a first home buyer is limited by their budget or other constraints, an agent can suggest realistic alternatives, like a different type of housing or a nearby suburb that may have been overlooked.

MARKET KNOWLEDGE: An agent is a seasoned professional who knows the local market inside and out. They can provide guidance on market trends, property values, and the kinds of buyers you are competing against. They can answer any questions you might have about the market and help you form a much clearer picture of the current situation.

DATABASE DRIVEN: Reputable agencies maintain a database of buyers who are looking for local properties. Having your details on such a database can mean being informed of suitable properties as they go on the market – sometimes, even before they are advertised.

SPECIALIST EXPERTISE: Many agents specialise in a certain area – like a particular suburb, or type of housing such as apartments. Finding out who specialises in the type of property you are looking for and getting in touch is a great way to boost your property search.

PROFESSIONAL NETWORKS: Keep in mind also that connecting with one agent can mean connecting with a whole network. Many agents talk with their colleagues about the buyers and sellers they have met. Even if the agent you have built a relationship with doesn’t know of a suitable property, it’s entirely possible that one of their colleagues has the perfect listing. In such a case, your details can be passed on.

HOW DO I FIND THE RIGHT AGENT?

• The easiest way is simply to approach them directly at an open for inspection or auction. It’s their job to match buyers with properties, and once they know who you are they can keep you in mind when new properties come on the market.
• It’s important to choose someone you feel comfortable with. The best agents aren’t pushy; they will listen to your requirements and only suggest properties that are suitable.
• Remember it’s the seller of a property who pays for the real estate agent’s services, so there’s no cost for a buyer to seek out an agent’s advice.
• Many agents are also easy to contact via phone or email, so you can always send them a quick message introducing yourself and asking their opinion.
• If they send out newsletters or market updates, it’s worth signing up to these – they are a valuable source of relevant information.

Seeking out expert advice when looking for your first property can really help put you ahead of the competition and give you a better understanding of the market.