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Finding the right property to purchase takes time, effort and knowledge, and for brokers with clients who are pre-approved, a buyer’s agent may be the answer.
When mortgage brokers have clients who have been pre-approved for some time, it can lead to clients getting frustrated with the purchase process and can leave the broker with potentially valuable, unfinished deals on the table. A buyer’s agent can assist clients with the purchase process, and for brokers, it can reduce the length of client pre-approval periods and thus increase overall loan volumes.
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At 1st Street, we work with a number of buyer’s agents who are each specialists in different localities. These buyer’s agents are highly aware of the daily shifts in the market and, in many cases, they have access to databases and information that’s not available to the public, including off-market properties. This market insight can be of assistance to buyers, as it provides them with greater access to properties for sale and helps them to identify the market price for a particular property.
For clients looking to purchase investment properties interstate or overseas, a local buyer’s agent can be their eyes and ears on the ground in that area, saving the client time and money in travel and providing them with in-depth market insight.
One of the main advantages of clients using a buyer’s agent is that they only deal with a single person who has their best interests at heart, rather than dealing with a number of real estate agents who are employed by the sellers. As 1st Street offers clients one dedicated broker who is with them from the initial meeting through to settlement and beyond, we like to keep everything as simple and stress-free for clients, and a sole buyer’s agent complements our personalised broker service.
For pre-approved clients attending auctions, the bidding process can be daunting and difficult to negotiate, and we have seen buyer’s agents offer clients an edge by taking part in the auction, following the client’s instructions and bidding on their behalf.
When 1st Street clients engage a buyer’s agent, we try to oversee the interaction as a duty of care to ensure that our clients are comfortable with the process. We’ve found that the more specific the client is with their requirements, the more success they will have when using a buyer’s agent. Clients also seem to prefer buyer’s agents who are paid on performance rather than those who charge an upfront fee.
Brokers who are able to assist clients to purchase a property faster will have more satisfied clients and an increase in settled loans.
Jeremy Fisher, director and founder, 1st Street Home Loans
Jeremy Fisher is one of the most awarded mortgage brokers in the industry and winner of the Australian Broker Association’s prestigious ‘Australian Broker of the Year’. Since 2001, Jeremy has settled in excess of $750 million worth of property loans and delighted clients with exceptional results and highly personalised service.
