Nine Reasons You Shouldn’t Use A Buyers Agent.
When it comes to buying an investment property, there are so many things to consider. Which is probably why some people choose to use a buyers’ agent – but why fork out for this, when you can gain so much from going through the ordeal yourself?
Here are some really good reasons not to use a buyer’s agent.
1) You would have too much time on your hands.
Imagine, you have spent all day at work, the kids have finally gone to bed and you and your partner actually have some alone time.
What on earth would you do with yourself?
Not using a buyer’s agent gives you something to do every night. You and your partner could make the most of these boring few hours of peace and quiet before going to bed, by looking at sales results, trying to make sense of the market updates and trawling through thousands of online listings.
And what better way to bond with the whole family, than to attend inspection after inspection each Saturday? You could even bring a picnic lunch to fill in that gap from 11.45am to 12.15pm.
2) You can meet lots of other buyers.
Since it can take several months or even years to settle on just one property, you will be likely to make some new friends at inspections and auctions. Sure, most of these friendships will end badly once you start the bidding process, but since you will be doing this for so long your, emotions will become desensitised so it won’t affect you as much.
If you used a buyer’s agent you would never get this opportunity, as they would find you something much quicker and you wouldn’t have to leave the house. How anti-social is that?
3) They cost money.
As if you would pay someone to find you a property. It’s a complete waste of money! It would be better to spend months of your time driving around to different properties, as well as travelling interstate, while having offers knocked back and being outbidded at auctions.
Sure, a buyer’s agent would probably get you something for a lower purchase price, and in a shorter amount of time. But then you wouldn’t get to take annual leave off work to travel around.
And I guess that if they got it for you for less than market value, you would have some starting equity to use for your next purchase or as a buffer… but still, you’d have to pay them for the service, so, you know …
Not to mention, if they find you a property below market value, you can’t join your friends in complaining about how property prices are too high. (How dare they take that away from you!)
4) You would never get to deal with real estate agents.
If there’s anyone worth talking to on a daily basis, it’s those real estate agents! They are always so genuine, helpful and honest – just imagine never getting the pleasure of talking to them.
If you hired a buyer’s agent, they would be the ones who got to listen to the selling agent’s sales pitch. They would get to negotiate during a bidding war. They would get the satisfaction of smashing the agent over the head (with a cheaper price).
You miss out on all the fun.
5) Buying a property is like living in your own game show.
There’s so much drama involved in buying a property. The highs! The lows! You could even pretend you are in a television game show!
After going through a series of challenges such as “Is this too good to be true?”, “What is that stain from?” and “Fumigate or detonate?”, the lucky winners get to interpret the contract of sale and navigate the findings of the pest and building report, before putting in an offer that is less than market value yet higher than all the other contestants.
And at the end of all of this, whoever makes the highest offer takes home the prize – a potentially termite infested, overvalued property in an area with low rental demand.
6) You don’t get the emotional roller-coaster ride.
There’s no point wasting money on thrill seeking activities like skydiving, when you can get that same rush of adrenaline every time you put in an offer.
Then when it gets rejected, or you find yourself embroiled in a bidding war, the feelings of disappointment and anxiety really heighten that next rush of adrenaline you feel when you put in your next offer.
Why would you pay someone to take away this buzz?
7) You would have less to complain about.
If you used a buyers’ agent, not only do you not get to complain about the price of property (because they’re getting you one below market value), your friends wouldn’t get to hear all about the other crap you are going through right now trying to buy an investment property.
What would you talk to them about? Besides your usual gripe about how your kids don’t listen to you or how your boss is a total narcissist …
8) Sorting through paper work is very therapeutic.
Studies from the Institute of Therapeutic and Mindful Ways to Waste Time (ITMWWT) have shown that reading through a contract of sale teaches people how to identify their own mental limitations.
Further studies revealed that when the participants contacted their solicitors to help – and found out that they had gone overseas for three weeks – they developed a keen interest in the smell of brown paper bags after a good bout of hyperventilation.
9) It’s too damn scary.
If you use a buyer’s agency to find you a property, they will almost certainly find you one that suits your budget, goals and appetite for risk – which means you will actually have to pull the trigger and buy the damn thing.
That means no more sitting on the sidelines.
It means committing to the purchase – and that would be way too scary!