What exactly is a buying agent or a search agent, as they are sometimes known?
A buying agent is simply a term for someone who assists the buyer in purchasing real estate. Simply put, it’s the exact opposite of an estate agent, who acts on behalf of the seller, versus a selling agent, who only acts for the buyer. A buying agent will aid in levelling the playing field. Buying agents and search agents are in touch with local realtors and brokers all of the time and generally learn about new listings before anybody else.
Estate agents will collaborate with their network of buying agents since they know that the buying agent’s clients are serious, having appointed a purchasing agent, with an upfront retainer and a pre-agreed fee or commission. We all know there are always a lot of time wasters in the world of real estate sales, so thanks to purchasing agents, much of the separating out has already been done by them.
Estate agents and private house owners alike may rest confident in the knowledge that they are dealing with genuine, serious purchasers because their clients have been pre-screened and have very specific requirements and finances arranged ahead of time.
But why, as a buyer, hire a Cotswold search agent?
Here are 7 reasons why!
Area Knowledge
You can’t underestimate a purchasing agent’s local knowledge, a thorough grasp of the region, in this case, the Cotswolds, or what they might contribute to the table.
We’re talking about things like schooling, local infrastructure, planning, planes, trains and automobiles (is the home next to a cut-through or is the road very crowded during certain hours of the day?). Even mobile phone signal strength and Wi-Fi infrastructure may be important considerations.
Where is the “in” village now, or more crucially, where will the next “in” village or must-live area be? We’ve seen North Cotswolds rise; Daylesford, Soho Farmhouse, and Cotswold Distillery; and Diddly Squat…What’s next?!! You can’t put a price on getting in the wrong place!
Time
How many of us have time issues? How many of us are purchasing a holiday cottage or second home in a location where we are at least two hours away? Perhaps you live abroad and are relocating? Leave the communication with your buying agent (who enjoys calling estate agents anyhow!) so they can seek out any private owners interested to sell, appointment-making, property previewing, and compile a short list of the most suitable properties for you to evaluate.
They’ll also ensure that they have a well-researched application from you since a poorly written one may result in missed viewing appointments. Let’s be honest: purchasing a home, a second property, or an investment is a full-time job, therefore let us relieve you of the burden!!
Off-market
There’s been a lot of interest in this sector lately, and it has risen significantly as a result of the pandemic. A competent buying agent should be well-connected to the community and have excellent contacts, and he or she should be able to “extract” a few sellers interested in selling off-market.
You pay for first dibs – first chance to get in the door. Do you ever hear about a home until it’s on the market? Regardless of whether it is off-market, pre-market, or on-market, a reputable buying agent will work tirelessly to ensure that you are introduced to the house as quickly and quietly as possible in a competitive market.
Research
Valuing assets, testing the estate agent, and assessing the value of a home are all aspects that have previously been addressed in this chapter. This time, however, it’s about your buying agent conducting hours of research into each aspect of a property.
They’ll look at the location, history, and purpose of the sale. They will consider the property’s present owner, its recent selling price, prior ownership histories, current problems, and potential structural surveys.
Finally, this study will put you in a far better position for the next key point, which is either avoidance or negotiation and acceptance.
Negotiation
Because property is typically the most expensive personal asset that most of us will ever acquire, employ a specialist who understands what they’re doing. They can be priceless.
In most situations, a buying agent will save you money, not cost you money, since they will know property values better than anyone else in their area and can provide useful and sensible comparisons. In comparison to the vendor’s agents
Many real estate firms will link commissions to savings achieved on the asking price, so make sure that your and their interests are aligned. Make sure your purchasing company receives only part of your commission as a result of their purchase and negotiation on your behalf. Remember, it’s not just about money; some transactions may be concluded depending on who is buying and whether or not you can continue.
Advice
Hand-holding, advising, and supporting you through the process is part of a buying agent’s duty. If you’re a first-time buyer, having someone on your side might be beneficial. A purchasing agent will bring knowledge and alleviate a significant amount of time and stress while gathering information, performing the local interrogation, obtaining facts, and ultimately giving you the confidence to buy.
A fantastic buying agent will take the time to fully understand your needs and motives. Many buying agents will be familiar with investment strategy or the holiday home market in their region, such as the Cotswolds, and be able to advise on returns from top-notch holiday lets that would provide a high yield and ROI.
Exchange, completion and post-completion
Buying agents are frequently overlooked when it comes to choosing one. The task isn’t finished once the offer is accepted. Now the real process begins, with the goal of exchange and completion! A decent buying agent will guide you through many of your conveyancing problems, including solicitors, surveyors/valuers, bankers, and mortgage brokers.
A buying agent’s “little black book” of contacts should all be included in the service, so after you’ve completed your ideal property, some agents will provide post-sale advisory services such as property project management, planning, and design.
Finally, where do you go to find a buying agent?
StayCotswold frequently gets inquiries from purchasing agents seeking our advice on what makes a successful holiday cottage in the Cotswolds, so we’ve compiled our own list. Our first suggestion is to contact StayCotswold Holiday Letting Agency.
