Belinda: Rich, What does a great buyer’s agent do? Of course, you contributed to my book so there’s a big section in there about how this all works. If you could give us your story here?
Rich: When a client engages our services to find a property, we go through a seven- step process and the first one is understanding your needs. We look at your requirements, your desirable and essential requirements. For example, it might be a three-bedroom townhouse close to the shops – walk to bus, walk to shops, for example.
For downsizers, low maintenance, less land – I know exactly what they are. We really just try to get inside the clients head and understand exactly what they’re after. We create what’s called the client brief.
When we know it’s realistic, we know it’s achievable, they pay the engagement fee, then we start accessing property. We look at everything that’s online, on market as well as off market. As I said before, we’ll email that to our agent database to find all those off market properties. And that’s called the short listing process. We go and inspect them before we show the client. We spend all of our time and spin our wheels looking at properties that we then know we don’t want, and then we pick out the good ones. Or the ones, we think might fit the criteria. We arrange it at a convenient time. We take the client, have a look, get their feedback and if they liked one of them and they say, “Yep, I think I could live in that one, that’s a really good one”. Then we do that detailed appraisal report I’ve just talked about before, where we spend over two and a half hours doing comparable sales research, and we give them a written report on the value of that property. Then if they’re happy to move forward with an offer, we do the negotiation on behalf of the client. This is a really powerful step – you’ve got a professional negotiator between you and the selling agent, because the selling agent, their alliance, or allegiance is solely with the vendor, whereas my allegiance as a buyer’s agent is with you as the buyer. So we are strictly independent and loyal buyer’s agents. So we step in, we negotiate the price. We liaise with the solicitor to get the contract reviewed, negotiate the terms and then we get the property exchanged. That’s quite an exciting time putting pen to paper and exchanging and securing a property. We also attend to what’s called the pre-settlement inspection which is before the property is settled, normally a 42 day or a six week time period. We’ll also just check that nothing’s been taken from the property, nothing missing and that everything is going forward.
That full process is normally 30 to 60 days on average, depending on what is available on the market. We do have, on average, a six months agreement, so there’s no rush to buy the right property. We work with everyone at the right pace to help them find it. We essentially act as your sounding board and give you that confidence to move forward on the right opportunity.
Today’s blog is a nugget from last week’s Right Size Your Home Online Workshop. Every Friday at 10:00am, join me as I take you through the “Rightsize Your Home” framework to help and support you move through the process effectively and efficiently with a practical, step-by-step roadmap on how to overcome the fears and challenges of Rightsizing and plan to make the journey a fun, stress-free and profitable process..
This Online Workshop is full of tips and guidance: I Want to Rightsize, But How and When Do I Find My New Home?
With over a decade of experience as a Property Makeover and Change Specialist, I have spent many years helping transform homes and lives. My experience in helping those looking to Downsize has led me to write my first book – Rightsize Your Home – The Empty Nester’s Guide to a Stress-Free Downsize, available to download or in hardcover.
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