Hi
As I am time poor, I've engaged a buyers' agent in Melbourne to source an investment property for us. My criteria is fairly straight forward – budget of $500K, reasonable property in a reasonable location, e.g. bayside up to Seaford. It is now almost 6 months and yet still no purchase (with only a handful of properties, I would say less than 5, presented to me for consideration to proceed further) while I can see hundreds of properties on the internet. Its frustrating to see properties prices have been climbing in the last 6 months.I don't understand why it is taking so long when my criteria is so wide.
Does anyone have similar experiences with the Buyers' Agent? Shall I start sourcing and buy on my own, hopefully getting something in the next month or so (and saving myself the 2% buyers agent fee)?
Thanks in advance!
Is the property an I.P that needs to have other criteria that hasn't been mentioned, such as a certain rent return, land size etc, or is it a PPoR?
The criteria you mentioned seems basic enough, and I am surprised you would need to engage a B.A at all based on that.
I realise you are time poor, but at 2% of purchase price, isn't saving $10k worth the time spent on the phone and the internet?
The other problem may be what you are actually wanting to buy for $500k; is it a house with land, or a brand new townhouse, beach side of Nepean Hwy, or a 2 bed unit, etc.
I think you could contact 3 or 4 agents in the immediate area, give them a very specific list of criteria and let 'em go. This is what agents are good at, and if they have a nice clear list of instructions they will do a good job.
I had a similar issue with my buyers agent. I kept suggesting properties and he kept giving me reasons why they were no good. I got so frustrated that I eventually just bought one that fit my criteria. I then informed him that he could stop looking (and asked him for his bill) and he was mightily p**ssed off! I paid his bill straight away and we haven't conversed since, which is his loss as I've since bought two more. I now back my own judgment as that initial purchase went up 20% last year.
Happy hunting.
Just be careful which buyers agent you use!! It should not take you 6 months to find a property at all! Also when using a BA don't use ones that charge a percentage of the purchase price!! It does not make sense that his pay is dictated by the purchase price, when he is trying to get as low a figure as possible for you.
Make sure your BA is associated with your state real estate instituite and can give you testimonies from other clients. I know its probably too late for this, in your case, but don't be afraid to kick him to the kerb and find another good BA, whom should make your experience of buying a property an enjoyable one, not a headache.
I can recommend a good BA to you if you change your mind just PM me
stuart
Dear Investors,
I am not going to get involved in this one in fear of a backlash.
Kind Regards,
Mark Leith
Property Advocate
Global Buyers Agent
http://www.buyersagent.com.au
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