With an average 10% growth in Buying Agent services in recent years in London alone, we explore the role Buying Agents can have as they are set to become more and more commonplace in the buying process.
Photo Credit: Derek Harper / Flickr
Asking one of our Buying Agent partners how the work has evolved as the market became more sophisticated he summarises:
“Going back 2 - 3 years our job was all about negotiating discounts, something I have 20 years experience in. Now is it more to do with negotiating the best deal for the client while acquiring the property. Often it is simply a case of acquiring the right property. As the competition to secure the best London properties has increased in some cases even having a few hours head start can make the difference. .”
Hiring a buying agent means tapping into their vast contact network and local expertise:
“We have very good relationships with the local Selling Agents; they know how we work and that we only represent serious buyers. As a result we are often first to see new instructions, often before they reach the open market. You can frequently see the floorplan guy or photographer in the background of the video we send to clients.”
Other times they are able to rescue the buyer from making a costly error:
“We had a recent case in North London with a client considering buying an apartment in a period building of 3 flats. The property appeared to be realistically priced from initial viewings and as result interest levels were high. “
“The Selling Agent had 26 viewings in 3 days and 4 asking price offers, so proceeded to sealed bids. On the morning of the closing day for best and final offers, the agent sent round an email detailing works required on the building, the first time it had been mentioned. We knew from the outset that the service charge contained no sinking fund so the cost of the work would be the responsibility of the buyer and other owners (share of freehold). The price of the property no longer seemed as good as it did to start with and the works identified seemed quite extensive for the price quoted.”
“That morning our surveyor (who is also a fully qualified structural engineer) conducted what we call a “pre-offer survey” to find out that the original quote was totally inadequate and whoever purchased the property was liable for a considerably larger bill. We asked the agent for a copy of tender but only then did the agent find out that it had not been tendered. The quotes the agent sent were simply estimates from the vendor, who was a barrister, not a builder or engineer. We withdrew our interest immediately but we know it sold for approx 10% over the current market average for the area once you include the works.”
Photo Credit: David Burrows / Shutterstock
It is advisable that luxury property buyers carefully consider both the opportunities and the challenges of hiring a buying agent; nonetheless we are confident that hiring a professional buying agent could prove to be a very smart move provided that the chosen agent has the expertise , the network and the ability to listen to his buyers’ demands. For this reason, our Property Scouting Service can put its users in touch with some of the best buying agents in London.
Buy or rent a Luxury Property in London | Buy or rent a Luxury Property in Canary Wharf | Buy or rent a Luxury Property in Mayfair | Buy or rent a Luxury Property in Maida Vale | Buy or rent a Luxury Property in Fitzrovia | Buy or rent a Luxury Property in Fulham | Buy or rent a Luxury Property in Bayswater | Buy or rent a Luxury Property in Little Venice | Buy or rent a Luxury Property in Hampstead | Buy or rent a Luxury Property in Marylebone | Buy or rent a Luxury Property in Kensington | Buy or rent a Luxury Property in Knightsbridge | Buy or rent a Luxury Property in Chelsea | Buy or rent a Luxury Property in Belgravia | Buy or rent a Luxury Property in Notting Hill | Buy or rent a Luxury Property in St John’s Wood | Buy or rent a Luxury Property in Primrose Hill | Buy or rent a Luxury Property in Piccadilly | Buy or rent a Luxury Property in Westminster | Buy or rent a Luxury Property in Covent Garden
Have you ever used a Buying Agent for buying a property? Was your agent able to save you money, find a luxury property before it went to the open market or save you from making any mistakes? Let us know in the comments below.