When it comes to purchasing property in Melbourne, many potential buyers believe they can go it alone. While it’s possible to buy a home without professional help, there are some common misconceptions that can lead to costly mistakes.
At Abode Advocacy Group, we’ve seen it all—from clients missing out on their dream homes, to overpaying at auction & buying someone else’s expensive problems.
Here are some of the standard statements and mistakes we often hear from clients who initially decided to go it alone.
1. “All Properties Go to Auction, So We Can Bid Ourselves.”
Fact: While it’s true that Melbourne is known for its lively auction scene, a significant portion of properties never make it to auction. Off-market sales account for a substantial share of transactions. These properties are often sold before they’re even advertised. The problem is, if you’re not working with a buyer’s agent, you probably don’t even know these opportunities exist. Off-market properties can offer some of the best deals, but they’re typically only accessible through industry networks that most solo buyers don’t have.
2. “We Have Agents Looking Out for Us With Our Brief.”
Fact: While it might seem like a good idea to have several real estate agents on the lookout for you, it’s important to remember that these agents work for the sellers, not you. Their primary focus is on listing and selling properties. An agent might keep you in mind if a suitable property crosses their desk, but their loyalty lies with the seller. This means that your best interests aren’t always their priority, and they’ll only show you properties that they have listed within their own office—limiting your options considerably.
3. “We Can Always Negotiate a Better Deal on Our Own.”
Fact: Negotiation is an art, and without the right experience, it can be easy to make mistakes that cost you thousands. Many solo buyers believe they can negotiate a lower price, but in reality, they often end up paying more. Sellers’ agents are skilled negotiators trained to get the best possible price for their clients—the sellers. Without insider knowledge of the market, recent sales data, and experience in negotiation tactics, solo buyers are often at a disadvantage. Especially when their emotions come into play.
4. “We Can Handle the Legal, Due Diligence and Financial Aspects Ourselves.”
Fact: The legal and financial processes involved in buying a home are complex and filled with potential pitfalls. Misunderstanding contract terms, overlooking crucial clauses, or failing to secure the right financing can lead to significant issues down the line. Many solo buyers underestimate the importance of having a team of professionals, including a buyer’s agent, solicitor, and financial advisor, to guide them through the process.
5. “All homes are under quoted, so we always add XX% or $XX on”
Fact: In many markets agents do quote properties accurately & without expert help & experience you may very well miss a property that was in your budget. Many times as buyers agents we hear the above & then through our knowledge & asking the right questions we buy said property within the quoted range.
Why a Buyer’s Agent Is Your Best Ally
Navigating Melbourne’s property market is challenging, especially when you’re doing it alone.
A buyer’s agent from Abode Advocacy Group provides you with access to off-market properties, unbiased advice, and expert negotiation skills.
Our sole focus is on finding you the best property at the best price, while guiding you through the entire process to ensure you make a smart investment.
If you’re serious about finding your dream abode or securing a solid investment, don’t go it alone.
Partner with Abode Advocacy Group, we are committed n your side in Melbourne’s competitive property market.
