It’s never been a better time to be an agent; and a worse time to be a buyer.
In today’s market, floods of buyers are bidding decisively, limited stock is selling swiftly, and agents are enjoying the pace and buoyancy that comes with this quantity of ready buyers and low interest rates.
Meanwhile, that flood of buyers are struggling with the power imbalance.
They say there’s nine underbidders on every prestige property in the market, and that’s an exhausting roundabout to be on for months for those unsuccessful prospective buyers.
Of course, this scenario is a result of a shortage of premium stock and unending supply of competitive offers.
What agents are missing here is the opportunity to rectify their own shortage of new listings while simultaneously appealing to the hapless buyers seeking, but not securing, a property in this market.
There is no denying that a buyer who engages a buyer’s agent has a market advantage.
In our last period as selling agents with Sotheby’s, 15 of the 25 prestige properties we transacted were successfully secured by buyers with a buyer’s agent.
What is underappreciated is that agents, too, benefit from working with buyer’s agents.
How? Buyer’s agents know exactly what their buyers are looking for and can connect agents with unsigned properties, delivering an expeditious commission opportunity.
After all, every agent in this market is stock-starved and can benefit from leveraging buyer criteria to bring unsigned properties to market.
Approaching homeowners of unsigned properties based on buyer’s agent client feedback is one way to do more deals when your stock pipeline is constrained.
We all know that there are a plethora of reasons would-be sellers are holding back, but having a strong offer presented to them is one way to change the conversation.
That’s one of the many reasons my brother Barry and I have shifted out of sales and launched our own buyer’s agency.
After more than 20 years in the real estate market, most recently as successful Sotheby’s agents in Sydney’s eastern suburbs, we can see the need is greater than ever for both buyers and agents.
We intimately know the whole process from start to end: locations, valuations, auctions, negotiations and everything in between.
Our buyers commonly seek to divest their existing asset, so we look forward to referring our clients to prestige agents in Sydney’s east while we focus on finding their next purchase.