5 Benefits Of Using A Local Buyers Agent
When it comes to buying property, having a buyer’s agent on your side can be incredibly helpful. However, not all buyers agents are created equal.
While some may operate across multiple geographical locations, others specialise in a specific region or city. If you know you want to buy a property in a specific city or suburb, here are 5 reasons why you should use a local buyers agent:
Local Knowledge
An experienced local buyers agent offers an unparalleled advantage in their extensive knowledge of the local market. Their deep understanding of the distinct neighbourhoods, market trends, and property values can prove invaluable in finding a property that aligns with your needs and financial constraints. When vetting buyers agents, ask questions about the localised area to gauge their understanding of things that are important to you.
Access to Local Networks
A local buyers agent will deliver a higher level of access to a broader network of local contacts, including real estate agents, conveyancers, mortgage brokers, and other industry professionals. These connections can be beneficial in identifying off-market properties, negotiating with sellers, project managing the purchasing process and detecting potential issues that may impact a property's value.
Familiarity with Local Laws and Regulations
Every region has its own laws and regulations when it comes to buying and selling property. A local buyers agent will be familiar with these laws and regulations, ensuring that all the necessary paperwork is completed correctly and that the buying process goes smoothly. An example in Newcastle would be an understanding of the Development Application (DA) process required if you would like to renovate or extend the property you purchase.
Understanding of Local Demographics
A local buyers agent will also have an understanding of the local demographics, including the types of people who live in the area, their income levels, and their buying habits. This understanding can be helpful when it comes to identifying properties that are likely to appreciate in value over time, as well as those that may require more investment to maintain or upgrade.
This is very evident in mid-ring suburbs such as Mayfield & Waratah which have historically had a strong negative stigma. With a strengthening trend of younger first-home buyers entering the market due to affordability factors, Mayfield & Waratah are experiencing a high level of gentrification which will contribute to price appreciation over the medium term.
Available for In-Person Meetings and Showings
Finally, a local buyers agent will be available for in-person property inspections, rather than relying on the Real Estate Agent, as you would do if you did not use a buyers agent.
This availability can be particularly beneficial if you're relocating to Newcastle and need someone to show you around. We often plan ‘briefing days’ with clients relocating to Newcastle to give them a crash course in the area and help them feel more comfortable about the purchasing decision.
If you want to get the most value from your buyer’s agent, before you engage them to purchase a property, ensure that the agent and agency are local market experts.