September 12 2015
Sydney’s property market will have spring purchasers out in force as more homes come up for sale, yet many of them are turning to buyers agents – who are readying themselves for one of the biggest selling seasons yet.
Since 2000 when 15 buyers agencies were in operation, they have soared to 120 nationally.
Agents help buyers find and negotiate the purchase of a property. The majority of agents are in Sydney and Melbourne where each property boom has seen interest in expert help surge, said Byron Rose, chief executive of one of Sydney’s longest-running buyers agencies, Rose and Jones.
Starting in 1998, the majority of his clients were wealthy businesspeople buying in the $2 million to $5 million range. “Now we’re dealing with a lot of different first homebuyers and lower -priced purchasers, something he said would have been ‘unthinkable’ in the 1990s.
Binvested co-founder Natham Birch recently extended his business to cater to the homebuyer market, rather than just investors. Buyers are already lining up to engage a buyers agents this spring, such as Guru, 37, who is looking to buy his first investment property with Mr Birch.
“There’s growing education around how a buyer’s agent can help and how their relationship with real estate agents enables them to get good buys,”Mr Birch said.
Through spring, it’s likely the uptake of buyers agents will surge as high prices and more choice leave investors facing an overwhelming number of properties to choose from , and home buyers facing high seller expectations and strong competition.
Principal of buyers agency Good Deeds, Veronica Morgan, said many of the clients came to her after missing out at auctions.
Rich Harvey, who founded buyers agency Propertybuyer in 2000 said buyers from the $3000,000 end of the market all the way to those wanting prestige $25 million homes were now seeking agents. “Ex-selling agents are hanging up their hats on the selling side and coming across to the buyer’s side,” he said.
Buyers agents frequently charge a percentage of the purchase price or a flat fee that can range from $10,000 up.
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