Buyers Agents vs Doing It Yourself

April 16, 2021
Many property buyers are tempted to forego hiring a buyer’s agent in Sydney and just do it themselves. So, let’s compare the two to see if the DIY approach is really worth it.

Pros of Buyer’s Agents

Saves Time

Buyer’s agents save their clients loads of time and we all know that time is money. Buyer’s agents do all the heavy lifting including searching for available properties, vetting and inspecting the properties, negotiating with the sellers and a long list of other time-consuming property-related activities.

Peace of Mind

Highly undervalued but certainly important to note, buyer’s agents offer peace of mind. Buying property is stressful no matter what. It’s a big purchase and there’s often a lot up in the air during the process. So, you’ll want someone with an expert opinion on your side who’s slightly removed to help you get through all the emotional aspects of buying a home.

Expert Negotiation

Buyer’s agents are expert negotiators and can negotiate on your behalf to ensure you’re getting the best deal on any property you’re interested in. In the property market, things move fast and you’ll want someone with top-notch negotiation skills advocating for you every step of the way.

Strategically Sound Purchases

At Wealth 360°, our buyer’s agents operate strategically. That means we’re not just guessing or making decisions on a whim. Our approach is based on data and we have a clear strategy when it comes to helping our clients purchase property and build wealth.

Cons of Buyer’s Agents

Buyer’s Agent Fees

In Sydney, buyer’s agents charge either a commission of anywhere between 1.5% to 3% on the final purchase price of the property you choose to buy or a flat rate of anywhere between $8,000 to $21,000.

 

Pros of DIY

You’re In Control

If you’re interested in buying a home DIY, you probably like to have control. We get it, you want to be in the driver’s seat when it comes to making such a big purchase. But, keep in mind that even if you work with a buyer’s agent Sydney-wide, you’re always 100% in control of the final decisions.

Feel Accomplished

Purchasing property is no small feat and you’ll certainly feel accomplished after doing it yourself. It just depends on whether this feeling is worth it to you for all the stress you had to endure on your own.

Cons of DIY

Risk Overspending

Without working with a buyer’s agent in Sydney, you risk overspending on the property you choose. After all, the seller’s agent, lawyers and other professionals who are working on the sale will, in most cases, have a lot more knowledge and experience than you’ll have. So, when you do things yourself without any insight from an expert, you risk overspending.

Missed Opportunities

Buyer’s agents not only have insider knowledge, but they have access to hidden gems and unlisted property that you’ll miss if you do things yourself. They’ll know when new properties go on the market and when a particular suburb goes up and down in value. In short, you’re risking missed opportunities by not working with a buyer’s agent in Sydney.

Pressure

When you do everything yourself in the property-buying process, you’re putting a lot of pressure on yourself. Again, buying property (no matter how many times you’ve done it) is stressful even more so when it’s all on you. Buyer’s agents give you a third-party advocate who can take some of the pressure off and help to make the whole experience a lot less stressful.

Time Consuming

As the saying goes, time is money. And when you’re not a skilled buyer’s agent, purchasing property can take loads of time. From searching for available properties to back and forth negotiations with the sellers, it takes months to finally sign on the dotted line when you do it alone. However, when you use a buyer’s agent in Sydney, they’ll save you time so that you can get back to what’s important to you.

Final Verdict: Work with a Buyer’s Agent

It’s clear that the benefits of working with a buyer’s agent in Sydney largely outweigh the downsides, while the downsides of doing it yourself far outweigh the benefits.

All in all, working with a buyer’s agent is your best bet. Interested in setting up a consultation with the buyer’s agents at Wealth 360°? Contact us today!

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