Australia’s largest residential property buyer’s agency, Cohen Handler, moved into the nation’s capital last year after identifying a need in the market. Photo: Cohen Handler.
Increasingly complex and competitive property markets have given rise to an age of buyer’s agents in most big cities, save for the nation’s capital, where there are still a limited few. But a shift is coming and with good reason.
Australia’s largest residential property buyer’s agency, Cohen Handler – which now has offices in every state and capital bar the Northern Territory and Tasmania – entered the Canberra market last year.
“A buyer’s agency is still relatively new to Canberra but it’s growing year on year. We saw so many of our clients in places like Sydney’s eastern suburbs were also buying in here,” Cohen Handler Canberra Buyer’s Agent Alexander Anlezark says.
“Canberra is a very unique market that, for those who aren’t in it day in, day out, can be difficult to understand and read. So, having a representative on your side who knows the ins and outs of the local market and who has qualified in-house specialists to carry out due diligence gives you the confidence you need to make a purchase.
“It’s a transient city, and many people who don’t know the market at all find themselves at a loss when buying in the nation’s capital. But our clients are not just interstate – lots of locals see the value of buyer’s agents in this market. One market I didn’t expect to see in the number we’ve had is first home buyers.”
It comes down to a shift in the perceived value of a buyer’s agent, Alexander says.
In the high-stakes arena of house hunting, these agents represent the buyer, not the seller, by scoping out and evaluating properties and negotiating or bidding on their client’s behalf. Once seen as a commodity of the rich, modern buyer’s agents deal in all ends of the market.
“That’s because they can save a person tens, sometimes hundreds of thousands on what’s most often the single greatest investment of their life, so it makes fiscal sense,” Alexander says.
“We purchased a property at the end of December off-market within five days of the client signing up. They were willing to pay $1.1 million for it, and we negotiated $910,000. A greater than 15 per cent saving on a million-dollar property is not a small amount.”
As strong as the economic case might be, for many clients, the most compelling argument for using a buyer’s agent concerns different kinds of currency: time and stress.
Canberra’s property market can be overwhelming to navigate, with plenty of stock and major disparities in prices. Photo: Cohen Handler.
Armed with a ‘buyer’s brief’ – the ‘wants’, the ‘must-haves’, the ‘nice-to-haves’ and the ‘deal-breakers’ that culminate in a person’s ideal home – a good buyer’s agent taps into local expertise and a bevy of connections to quite literally open the door to that property.
They have access to off-market and pre-market stock that house hunters may not otherwise see, as well as the inside knowledge and clout to cut through the noise and negotiate the best deal on their behalf.
“We go to about 25 open homes a week on scouting missions, so we know what’s out there and the number of buyers coming through. We have exclusive access to properties people generally don’t see. We speak to agents week in and week out. We work hard to maintain good relationships with them, so we can speak transparently when the time comes to negotiate on behalf of our client,” Alexander says.
“Families are getting fed up with dragging kids around from property to property every Saturday for months on end. We give them that time back to them.”
Ultimately, the buyer’s agent’s role is to make superior asset selection for clients, acquiring the right property at the right time in the right location for the right price.
A significant factor is objectivity.
“It can be difficult when you’re purchasing to identify where the market value truly lies, and that’s a trap for a lot of buyers who fall in love with a style of house or how it’s presented and miss some pretty important things,” Alexander says.
“There’s a lot of due diligence a buyer’s agent does on behalf of a client to avoid costly mistakes down the track. For instance, in the ACT, building reports can be difficult to interpret. We have James Meli on our team, a licensed builder and building assessor with over 25 years’ experience in the Canberra property market, to take the stress out of understanding reports. Having the ability to explain defects often helps us negotiate price.
“We do extensive research into the property before we make recommendations on a purchase. We can then negotiate the best price or attend auctions and liaise with solicitors all the way up to the settlement of your dream home.”
For more information, visit Cohen Handler Canberra.
Loading ...
