Estate Agents – do they have your best interests at heart?
It’s not uncommon for buyers to misunderstand the role of an estate agent and who they are there to serve.
Estate agents work with homeowners to help them market and sell properties on their behalf. Ultimately, it is an estate agent’s responsibility to secure the best deal for their client.
As a buyer, your understanding of how an estate agent operates is important and can help you secure the best agreement possible and be at the top of their hot buyers list when purchasing a new home.
In our latest blog, we explore the relationship between a buyer and an estate agent in greater depth.
What’s the difference?
Estate Agent
An estate agent will manage negotiations and act as the ‘middleman’ in any communication between potential buyers and the property’s current owner.
It’s important to understand all estate agents act in the seller’s best interests. They are not there to work on behalf of the buyer, although some offer services including mortgage broking and discounts with partner solicitors.
Buying Agent
A buying agent will act solely in the interest of the buyer. They offer quality and trusted support on all aspects of purchasing a home including:
- Finding a property which suits your key requirements
- Unlocking access to unseen off-market properties
- Advising on local schools, transport links and points of interest
- Assisting with negotiation and work towards completion
- Post-purchase after care support
READ MORE: How to identify a good buying agent
How an estate agent operates
After valuing, marketing and assisting with viewings on a property, estate agents will manage negotiations on behalf of their client – the seller.
During this period, estate agents have two key priorities:
- To help secure the best sale price for their client
- To ensure interested buyers are serious about purchasing the property
Liaising with serious buyers not only avoids the seller engaging with potential time wasters, but also significantly reduces the chances of an agreement in principle falling through.
Ultimately, a buyer’s status as a ‘hot’ or ‘cold’ buyer can impact their ability to have an offer accepted and opportunity to secure a better deal. Examples of a hot buyer include:
- A buyer with nothing to sell
- A buyer who have exchanged on the sale of their home
- A buyer working with a quality and trusted local buying agent
Working with a buying agent
One of the most effective tactics to be immediately considered as a serious buyer by an estate agent is to work with a trusted and reputable buying agent.
A good buying agent will be in constant contact with estate agents operating in their area.
This ensures they are on top of the ever-changing housing market and are aware of not only all properties currently available for purchase, but also those which aren’t listed on the open market.
By investing funds in a buying agent to locate a dream property, it is evident to any estate agent that the individual or group is serious about purchasing a property within the local area.
Buying agents consider purchasing a home as a full-time job and work with clients to save them the time, money and stress associated with purchasing a new home.
READ MORE: Is using a buying agent for me?
What do our clients say?
Oxford Property Consulting works with clients interested in purchasing and renting properties in and around Oxfordshire for residential, commercial, investment and development purposes.
In January 2021, Walter Sekundo completed a buy-to-let purchase of a two-bedroom apartment in Oxford city centre for investment purposes. Our team handled the entire search, negotiation and purchasing processes.
To this day, Walter still hasn’t viewed the property himself!
He said: “I had never purchased anything in my life without seeing it, but now I have. I was amazed with what Oxford Property Consulting achieved in such a short period of time communicating via phone and video call.”
Mr Sekundo, who is a professor of Ophthammology, added: “If you have a problem with your eyes, you come to see me.
“If you want to purchase a property in Oxfordshire, you go to Oxford Property Consulting.”
Contact us today!
Are you interested in purchasing a property in or around Oxfordshire in 2023?
If you answered yes, why not drop our friendly team a line today via 01865 553956 or email info@oxfordpropertyconsulting.co.uk.