I used to believe that a buyer’s agent was an unnecessary expenditure. I used to insist that I could find properties for my renovation projects on my own. But, with time, I have realised that a buyer’s agent reduces my workload and makes it easier to ensure that I achieve my profit goals. In the end, they more than justify their costs.
Three Benefits Of Having A Relationship With A Buyer’s Agent
Here are three reasons why you should use a buyer’s agent for your renovation projects:
Benefit #1: A Buyer’s Agent Will Help You Find The Right Properties
Finding the right property for your next renovation property can be a tricky business. There are so many variables to consider. Your buyer’s agent has an in-depth knowledge of the neighbourhoods you are looking at and they will take a lot of guesswork out of your search. They can help you with:
- The best locations to focus on.
- Where the moneyed buyers live and where they are looking to buy.
- Which streets have the most profit potential.
- Which houses provide the best opportunity to add value.
- Which streets devalue properties.
- Which areas are dangerous.
Benefit #2: You Can Leverage Off Your Buyer’s Agent’s Local Knowledge
Buyer’s agents spend a lot of time in the neighbourhoods they work in. They develop working relationships with other agents and professionals in the area. You can tap into this resource instead of finding your way on your own.
Getting recommendations from your buyer’s agent can help you get your renovation project off the ground faster. It also means you can begin with greater confidence knowing that you have received a personal recommendation from a professional in the area.
Benefit #3: A buyer’s Agent Helps Make Sure The Deal Flow Is Smooth
I think this is the most important benefit of having a relationship with a good buyer’s agent. They can help you have a steady flow of new deals and renovation projects. They take the pressure off you when you are busy managing a renovation and don’t have the time to go in search of your next project.
How To Find The Right Buyer’s Agent For Your Renovations
Wouldn’t it be great not to have to go in search of your next renovation project? No more inspecting multiple properties on a Saturday. The properties you look at are exactly what you are looking for. That is what a good buyer’s agent can do for you.
How do you make sure that you develop a relationship with the right buyer’s agent? Use these five tips to help you find the right one:
Tip #1: Make Your Strategy Clear To The Buyer’s Agent
The buyer’s agent you choose to develop a relationship with needs to understand your criteria. If your strategy is to buy, renovate and sell, your buyer’s agent needs to know what that means. The right deal fits both your short- and long-term profit plans.
Tip #2: Investigate Your Buyer’s Agent’s Integrity
Is your buyer’s agent dedicated to finding you the right properties for your renovations. What energy and vibe do they give? Are they proactive and willing to collaborate with you to find the best deal for you? If not, walk away.
Tip #3: Know Your Buyer’s Agent’s Fee Structure
It pays to do some due diligence on how much it will cost you to engage the services of a Buyer’s Agent. Usually they will charge you a percentage of the purchase price as well as a retainer fee, which can start at about $2000. Remember that the fee does not determine the quality of the experience you will have when working with them.
Tip #4: Determine How Resourceful Your Buyer’s Agent Is
If you are purchasing a property in an area that is unfamiliar to you, having a buyer’s agent who has a team of contacts they can recommend is very useful. Relying on their network of professionals such as engineers and builders that you need for your renovation is a priceless asset.
Tip #5: Develop A Strong Relationship With Your Buyer’s Agent
You want the buyer’s agent to be someone you will enjoy working with. Try to build a strong connection with them in the beginning of your relationship.
A Buyer’s Agent Is A Useful Resource For Your Renovations Business
The right buyer’s agent can save you time and money by keeping the property deals flowing. They will help you buy the properties that best suit your vision and your profit goals. Take the time to find a buyer’s agent that you are happy working with and will help you move your renovations business from strength to strength.
Have you signed up for our FREE Women In Renovating Workshop? Our mission at The School of Renovating is to give you the tools and the inspiration to experience all the joy, creativity, and profit that renovating has to offer. In this workshop I am going to be fleshing out some of the solutions I found to help you in your journey.