Why buyer's agents are now a common fixture in the real estate landscape

Twenty years ago, it was uncommon to see a property transaction involving a buyer’s agent. Purchasers often navigated the process solo, while sellers relied on the expertise of specialist marketers and negotiators.

However, with more and more time-poor buyers engaging professionals to assist them, times have changed. Buyer’s agents are now a common fixture in the real estate landscape, bringing with them many benefits for all parties involved.

From a sales agent's perspective, the emergence of buyer’s agents has ushered in a new era of collaboration and efficiency. Gone are the days of dealing solely with individual buyers. Instead, buyer’s agents serve as professional intermediaries, streamlining communication and expediting the transaction process.

Providing pre-qualified buyers

Most importantly, buyer’s agents bring pre-qualified, ‘ready to go’ buyers to a transaction. While a DIY buyer may or may not have finance prepared, may or may not be quite in the mindset to ‘pull the trigger’ on a transaction, a buyer’s agent is going to have a client who is motivated and ready to buy.

The process a buyer’s agent goes through with their clients often starts weeks, if not months, prior to initial contact with a sales agent about a specific property. Having a clear understanding of our clients’ budget as well as specific ‘needs and wants’ minimises the ‘tyre kickers’ and time wasters that sales agents see daily.

Facilitating smoother transactions

Buyer’s agents can also aid sales agents by facilitating much smoother negotiations. Unlike individual buyers, buyer’s agents approach negotiations with a level-headed, objective mindset, focusing on facts and reasoned decisions rather than emotional impulses.

This not only fosters a more constructive dialogue between parties but also leads to quicker and more mutually beneficial outcome.

Furthermore, buyer’s agents play a crucial role in guiding buyers through the intricacies of the due diligence and settlement process, addressing any post-contract issues that may arise and ensuring a smooth transition to property ownership.

By acting in this way, sales agents often find themselves being updated on the process by a buyer’s agent, more than needing to ‘follow up’ as they would with a DIY buyer.

The full-service commitment offered by a buyer’s agent extends beyond transactional support, providing ongoing assistance and support to clients long after the deal is done.

Long-term benefits

Often, when the time comes to sell a property, an owner who used a buyer’s agent to purchase, will reach out to them to seek guidance on which sales agent they should sell with. This long-term relationship can lead to additional potential listings for sales agents with minimal groundwork required.

The emergence of buyer’s agents has revolutionised the real estate landscape, offering a host of benefits for buyers, sellers, and sales agents alike.

By fostering collaboration, streamlining communication, and enhancing market efficiency, Buyer’s agents are instrumental in driving successful real estate transactions and elevating the overall experience for all parties involved.

Bryan Loughnan is Head of Property Acquisitions at Propertyology.

Read another sales article from the REIQ: An examination of the PO Form 6 Appointment for sales agents.

Or browse our suite of sales articles.