Frequently Asked Questions
To start off with it would be a lot of research on the market and that asset itself, and then we’d move into the sourcing stage. Once we do source some properties that suit that brief we would then present it to you as a client. In that presentation it would be all of the ins and out of that actual LGA, that suburb, and then that pocket of that suburb to a street level, and then property level, and what we think of that property, price point, aspect, building quality, all of that sort of stuff. If you, as a client are comfortable to move forward with that property, we would then move into the negotiation phase and start negotiating for you. If we can come to a reasonable purchase price that we’re happy with, that the agents are willing to accept, we’ll then take you all the way through from the exchange, through to the settlement. Set up insurances, property management, any works that need doing, and that’s basically the whole process. After settlement, for onwards obviously we’d like to nurture our clients and stay in touch with them.
There’s a number of reasons that a buyer would use a buyers’ agent. I think the first one, the obvious one, is that we just hold their hand throughout the whole process, they don’t have to worry, they can enjoy the inspections and we take care of all the nitty gritty. The other thing would be access to stock. We have access to so much more stock than what’s just on Domain and Real Estate.com . Throughout our real estate agent relationships and also directly to vendors. The second is due diligence. Due diligence is not just getting through the contracts and doing a building pest report, it is a holistic approach. We talk to all the neighbours to make sure there’s no housing commission in the area, there’s no hoons that live on the street, the street doesn’t flood. All of that type of stuff. So, it’s a holistic approach to the due diligence side of things. Lastly it’s the negotiation, that’s where we really try to bring the value for our clients. We get our clients in, we tell them exactly what we think it’s worth and how we’re going to get to that price point and we go really, really hard at that in an ethically mannered way between the sales agents and our guys. And we really bring the results as well.
The main reason that most of our clients tend to come to us is because they’re really time poor, so they run their own business or they are both professionals that are fairly time constrained. Logistically some buyers just can’t get to the Newcastle area. Then there’s the people who don’t like dealing with real estate agents, or aren’t confident in the negotiation. The people that aren’t comfortable with that and aren’t confident and don’t spend hours each day in the market and in the data, we do that for them.
It’s fairly standard across the industry, some buyers do a fixed fee but most do a percentage of purchase price. As a rule 2% is basically what most buyers’ agents will charge plus GST normally.
We are completely independent, we work solely for the buyer. Real estate agents are working solely for the vendor, the beauty of it is that they know that we know what that stock is worth and we’re not gonna bugger around. The relationship with those guys is just so key to what we do. The respect, the mutual respect there, knowing how each other works and that trust there is really what gets dealers over the line and is a point of difference for our buyers versus all the other buyers out there.