Pacific Property Buyers has launched a new buyer’s agent service designed specifically for first-home buyers, removing the upfront engagement fee and lowering the cost of professional property advice.
Founder Albert Sassoon said the idea came after analysing his own client base and recognising a clear pattern in the market.
“About 40 per cent of my clients were first-home buyers,” Mr Sassoon said.
“That told me there was a real opportunity to focus on that part of the market.”
He said many first-home buyers approach a buyer’s agent only after months of trying to navigate the market on their own.
“All the first-home buyers that came to me had been looking for three months or more,” he said.
“They’d missed out on property, been outbid at auction, or just didn’t understand the strategy.”
Removing the biggest barrier
Mr Sassoon said one issue consistently came up when speaking to first-home buyers: the cost of engaging a buyer’s agent.
“The main thing was money,” he said.
“Their affordability to access a buyer’s agent is an upfront fee of about $5,000 and then a success fee of around 2.2 per cent.
“If you’re buying a place for a million dollars, that’s about $20,000, and that’s a big hit when you’re already trying to come up with the deposit.”
He said many buyers were also hesitant to risk paying a fee without knowing whether a purchase would ultimately happen.
“There was also the concern that if they paid the $5,000 upfront and couldn’t find the property they wanted, they’d wasted the money,” he said.
A new model for first-home buyers
To address that concern, Pacific Property Buyers has introduced a model that eliminates the upfront engagement fee.
Under the new structure, buyers pay no upfront fee and a reduced success fee of 1.5 per cent, only if a property is successfully purchased.
“I asked them, if I provided the service and didn’t charge an upfront fee, and the fee was lower but only payable if I found the property, would they be more inclined to use a buyer’s agent?” Mr Sassoon said.
“About 80 per cent said yes.”
The service operates under a 90-day agreement, designed to give buyers enough time to work through the process with professional guidance.
“The three months give me a really good opportunity to establish what they’re looking for, educate them on the market and help them understand what they can afford,” he said.
“It’s not about locking someone into something they can’t get out of.”
More than just finding the property
Mr Sassoon said first-home buyers often need broader support beyond simply identifying properties.
“They want education, strategy, structure and access to off-market properties,” he said.
“They also want someone who can negotiate, give auction advice and help them understand whether they can actually buy the property.”
The service also connects buyers with professionals, including mortgage brokers, lawyers and tradespeople, so they can better understand renovation costs or property improvements before committing to a purchase.
“What I’m trying to do is give them more information so they feel more confident about spending their money for the first time,” he said.
Access to off-market opportunities
Mr Sassoon said another advantage of working with a buyer’s agent is access to properties that may never reach public listing platforms.
“About 43 to 44 per cent of what I buy is off-market,” he said.
“That’s a whole part of the marketplace that first-home buyers just don’t see when they’re only looking online.”
Ultimately, he said the goal is to help more young buyers successfully enter the market.
“If I focus on supporting first-home buyers and building relationships rather than just chasing the biggest deal, I can help more people get into the market,” he said.
