The JZ Real Estate Buying Process
What is a buyers agent?
A buyers agent is a licensed real estate agent who specialises in acting on behalf of the buyer. The buyers agent is paid a fee by the purchaser to write the buyers brief, find the property and to negotiate the price and settlement terms. Their core skills should be personable, research and analysis, negotiation and project management. Their background experience should be in sales, management, investment, banking, development, renovation or real estate. They must understand; property markets and competition conditions, develop a workable offer strategy and deliver consistent results.
The buyers agent follows specific rules as scheduled in the Property, Stock and Business Agents Regulation 2014.
Choose a service?
You need an experienced buyers agent to search for properties or projects, contact agents, attend inspections, shortlist properties, provide market sales advice, write an offer strategy and negotiate. The capped fee is $15,400 inc GST, agency agreement term is 90 days. An engagement fee of $2,475 inc GST is payable.
You have found the property, inspected and want to buy it*. You need an expert to negotiate on your behalf. The capped fee is $7,700 inc GST, agency agreement term is 90 days. An engagement fee of $2,475 inc GST is payable. *unlimited negotiations, meaning you can submit as many properties as you like.
You have found the property, inspected and want to buy it*. You need an expert to negotiate on your behalf. The capped fee is $3,300 inc GST, agency agreement term is 30 days. An engagement fee of $825 inc GST is payable. *one negotiation.
Auction Bidding only
You have found the property, you know your buying limit and it goes to auction. You need an experienced auction bidder acting on your behalf.
A standard fee of $275 inc GST is paid prior to the auction. No more to pay.
Send us more information
Get to know you and write the buyers brief
We schedule a consultation and start building your buyers brief. We cover the location, style, character, type, purpose, project objectives, market conditions and much more. We can do this during or after business hours in person or via most video conference applications.
Receive the buying proposal and buyers agency agreement
All buyers briefs are different; therefore, we ensure you receive the best proposal for your circumstances. Enclosed in the proposal is the buyers agency agreement and an invoice for the engagement fee.
Buyers agent fee
We have a unique fee for service model. It is simple, you engage we deliver. Our buyers agents have prescribed milestones to deliver to you. The goal is finding you the best property which is underpinned by delivering the best real estate experience for you.
Each service has a list of deliverables with an associated fee. The statement of property details (your property requirements) is written by the buyers agent based on your instructions. This is agreed and signed by both parties before any work is commenced. The buyers agent will deliver the prescribed milestones within the chosen service and agency agreement timeframe.
As the buyers agent delivers a milestone, the associated fee is accrued toward the final invoice. Some millstones maybe repeated numerous times such as shortlisting, CMA and offer strategy. There could be multiple negotiations however, you only pay for one and on its success. There is a capped fee applied to the service so you can budget accordingly. When the property transaction occurs you will be invoiced the capped fee less what you have already paid. If there is no property transaction or you terminate you only pay for what you have accrued.
Write the buyers brief
We spend as much time as needed to help you write the buyers brief. This could be buying a family home, investment, development site, commercial site or a renovation project. We bring our experience and resources to fine tune the buyers brief that is just right for you. Once the parameters are agreed upon we commence the research and shortlisting.
How you plan to finance the purchase is confirmed
Your financier will take the lead on this, however the buyers agent will need to know some of the detail. This includes how the deposit is being paid and a copy of the finance pre-approval. Specific items such as a re-finance plan or you are borrowing equity from another property is important for us to know.
Milestones we deliver to you.
Shortlist of Properties (only available for the full service)
At this point the buyers agent has called agents, inspected properties, crunch the numbers and check all the listing portals. The buyers brief filter has been applied and the shortlist is presented to you. Time is of the essence, therefore we book further inspections and provide you advice along the way.
Comparative Market Appraisal
You love the property, project or development site and want to proceed. The buyers agent will provide a comprehensive comparative market appraisal which enables you to make an offer.
The buyers agent will assist with the coordination of your due diligence. This could be but not limited to; contract review, project feasibility, building and pest report. This part is spread across the process and is dependent on the urgency and 'as required'.
Experience tells us that every situation is different and there is always many variables to consider. The buyers agent will understand, filter and interpret these variables and develop the best way for you to approach the negotiation. Once you approve the plan we begin the negotiations.
The buyers agent will finely tune all the variables and begin the negotiations on your behalf. The how, when and why is the key to your success. Not everything goes to plan and you may miss out. Rest assured we would of done everything we possible could to bring you success. If unsuccessful we start the whole process again, starting with shortlisting.
The buyers agent will book an inspection at the property you have found. We have a pre-auction meeting where you sign the authority to bid and bidding limit. The buyers agents registers their authority to bid and proceeds to bid on your behalf.
Exchange of the contract for sale and purchase of land
The selling agent will lead this phase, however we are by your side to ensure everything this done properly. The buyers agent will coordinate with all parties involved to ensure a smooth transaction for you.
Your solicitor will take the lead on this, however the buyers agent will ensure you are prepared for the transaction. This includes homebuyer or investor tips for the big change and a pre-settlement inspection.
Congratulations! you made it
Making the transition as a homebuyer into your next home or an investor adding to their portfolio is not easy. The reward is your family is safe, housed and happy. As an investor your reward is the ongoing ROI and the comfort knowing your financial security is one step closer.