Hi all, I was hoping someone could provide some advice.
I?m looking at purchasing my first investment property in Melbourne and was considering using a buyer?s agent. I?ve looked at a few companies that offer these services and I?m getting a little bit stuck. The companies I?ve spoken to thus far have the full package which is around $10,000, for that they handle everything and put forward what they feel the best investment option is. The second option is to do all the groundwork yourself and then have them step in for the negotiating process, which is significantly less, between $2,000-$3,000.
I?m apprehensive to depart with $10,000 but at the same time I?m concerned about paying overs if I?m dealing with Real Estate agents directly. I was interested to hear about other peoples experience and what you?d recommend. I?m looking to spend approximately $400,000 on the property.
Last year we used a BA for our first investment property and I would not hesitate to recommend use of a BA to anyone, particularly in the hot market that we are in now.
Honestly, you get what you pay for and more. A $10K investment will save you that plus more in time, stress, anxiety, research and connections. The BA will be able to recommend you great lawyers, building inspectors, architects, designers.. whatever you need. As it is in an investment property, the cost is also tax deductible in the same way as your other purchase expenses will be.
I would suggest in your situation a BA would be incredibly helpful - they know the market better than you, are closer to it and have the relationships with the agents. IMHO it is a no-brainer. Do it!
Fungus - we looked at using Suburbanite when we were selecting our BA. We met with Anna and she was great. We ended up using another BA, but she was clearly very knowledgeable and professional. I'd suggest you meet with her and see for yourself.
vtt