BUYER REPRESENTATION - What it means and why you should consider it
When considering a property, buyers rightly ask, “What is buyer representation, and why do I need a buying agent?” In the UK, we traditionally associate the idea of agent representation with selling a property, but this perception is starting to change.
The right buyer agent can distinguish between a good deal and a bad one on a property. A good buyer agent should also ensure you have a buffer between the daily stress of purchasing a property and the crucial decisions you need to make in the right headspace. Let’s explore these questions to understand the tangible value of employing the services of a buyer agent.
What does Buyer Representation mean?
Typically in the UK, only sellers receive representation from an agent while selling a property. Estate agents are traditionally invested in the seller's best interest, which can leave buyers navigating the purchasing process with zero guidance.
The traditional approach doesn’t make sense from the buyer’s perspective. This is why I encourage using a Buyer’s Agent, who is employed specifically to ensure the buyer's best interests, meaning both sides of the negotiation and transaction have a professional acting in their best interest.
Why would I pay for buyer representation when I don’t need to?
Purchasing a property is likely one of the largest investments you will make in your lifetime. I completely understand the scepticism around spending more money to engage buyer representation. However, the right buyer agent could and probably will save you money on your purchase.
A professional negotiator is very likely to be able to agree on a purchase price at a lower level than a buyer acting alone, who is likely to be emotionally attached to the property they wish to own. A buyer’s agent has the local knowledge, negotiation skills and experience to give buyers an advantage when dealing with a seller, who will almost certainly have a property professional supporting and negotiating.
By employing a property professional, you will have someone working on your behalf to take the pressure and stress away from you, who truly has your best interests at heart. As part of their fee, a buyer’s agent will also provide expert support throughout the mortgaging and conveyancing process, make recommendations where appropriate and cut through any industry jargon, so you have clarity around your purchase.
We feel that the overriding reason to employ a buyer’s agent comes down to money – a professional buyer’s agent is very likely to save you more than their fee in the final price you will pay for the property, meaning the service you pay for is likely to cost less than the price you could negotiate for the property on your own. Also, agreeing to a fee isn’t the sole purpose of employing a buyer’s agent.
While getting the best price is a key service provided by a buyer’s agent, the fee you pay will also include several other services that will make purchasing your property a far easier and more enjoyable.
You can choose to employ the services of a buyer’s agent at several different points throughout the purchase – from searching for properties, enquiring and conducting viewings to professional negotiation, supplier management and sales coordination.
Buying a house is naturally a very emotional and involved process. Investing in a buyer’s agent will ensure you feel as comfortable as possible throughout and go on to achieve the best price possible on your new home.