It's unsurprising that as property information has become more readily available on the Internet that the number of buying agents have exploded. The Internet has increased the pace from fast to lightning speed; if you snooze, it’s gone.
When making the largest investment of your life why would you not take professional advise? Surely a person whose job it is to watch, search and study the market all day might prove to be useful.
Some people still think its not worth paying a buying agent between 1 and 2.5 percent to find them a property, yet almost all professional landlords and investors use them. Perhaps that is how they get all the good deals and make large profits?
Property is one of the most complex asset classes and no two properties are the same, especially in Prime Central London.
Landlord and Tenant Act is complex and dated; the lease enfranchisement process has a number of pitfalls relating to voluntary extensions and re-development clauses; there are planning considerations; numerous tax changes surrounding property purchasing, Capital Gains Tax, Inheritance Tax - a good buying agent will often have the answers which makes them worth their weight in gold!
It is important to choose a buying agent who has a good track record, is respected amongst the property professionals community and has deep rooted relationships within it. This all strengthens your position as a buyer. Choose wisely.
Sellers and their estate agents take a buyer who is properly represented more seriously. Estate agents prefer to deal with represented buyers as they have already made the mental leap to purchase; they aren’t just window-shopping.
The best properties are shared with buying agents often weeks before going to the open market, the majority of which will never make it that far.
You may feel like you are saving a percent or two, but invariably a good buying agent will negotiate their fee and more off the asking price. Going alone and getting it wrong can end up being far more costly.
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Please contact Jake Withers.