How Using a Buying Agent Saves Both Time and Money

Buying agent fees are an investment well made. Buying a property is often one of the biggest investments people make in their lives. It therefore makes sense to have your interests represented by a professional buying agent to ensure your purchase is successful and you don’t end up with post purchase regrets. It’s not often you get the chance to save both time and money, or have access to properties that are not on the open market, but that’s exactly what buying agents like Black Brick can do for you. 

In this guide to the main buying agent benefits, we’ll be looking at how buying agents help, some of the additional services they offer, and why the overall process runs so much smoother with an expert buying agent involved.

Buying agent 101

The first time you hear about buying agents, there’s a good chance you’ll think they’re the same as estate agents, but this can be a costly misconception.

One of the most significant differences is that buying agents work for the buyer, whereas estate agents represent the interests of the seller. Because of this, in the professional relationship of estate agents vs buying agents, always remember that buying agents are on your side when you invest in property.

So how do buying agents help? As well as searching for suitable properties that fit your criteria, they offer unique local knowledge built up over years of previous transactions, negotiating expertise to get the best deal, and a range of other services like investment advice and property management. Buying agents can also access off market property and with research from estate agent Hamptons suggesting that 23% of homes sold in London are not widely marketed, this is an important part of the market not to be missed. 

A typical buying process with a buying agent

Let’s break down the process of what you get for your buying agent fees – and remember that in addition to this, there are often many more consultations and calls along the way.

1. Initial meeting. A ‘get to know you’ opportunity to make sure your buying agent knows what you are looking for, how you live, what’s important to you now and in the future and where you’re willing to compromise.
2. Research. This is the ‘leg work’. We research properties throughout your target area and make sure they match their description and photographs. Only the best prospects make it on to your personalised shortlist. 
3. Mapping the market. We leave no stone unturned, meticulously searching on market, pre-market and off market properties, but we work efficiently, so you get the best results from your property search, without an excessive wait time. 
4. Pre-purchase advice. We ensure you understand the market by providing in depth market analysis so you can feel confident with the property you end up offering on. 
5. Negotiation. We are expert negotiators having secured almost £2 billion of properties for our clients since 2007 in a range of different property markets. From initial offer to final exchange, we know how to position you as the best buyer for the property, negotiate to get you the best deal and ensure your interests are always protected. 
6. Legal help and other professionals. Having the right team in place can make or break a deal. We work with leading London law firms, mortgage brokers, tax advisors, surveyors, and valuers to ensure our clients have the best team around them to help support the purchase and ensure a timely exchange, completion, and handover of keys.
7. At Black Brick, all of our clients benefit from our complimentary post purchase property concierge service which assists with switching the utilities over and ensuring a smooth move-in process. 

We’re with you at all times to provide local knowledge, source the most desirable properties both on and off market, accompany you on viewings, and give you our honest, objective opinion, so you can make a well informed and confident buying decision. 

Expected fees and overall savings

We’ve listed some buying agent benefits, but how do buying agents help you save money? Obviously, there are buying agent fees to pay, so how do they deliver net savings?

Black Brick get paid in three ways:

• An initial sign-on fee of £3,000 plus VAT AND
• 2.5% plus VAT of the final purchase price OR
• 20% plus VAT of the negotiated saving, whichever is greater.

Compare this with estate agents who typically make 2-3% of the selling price, which means it’s in their interests to sell the property for as much as possible.

In contrast, buying agents often make more by saving you more on the purchase, especially on the highest value homes in prime London locations. Again, we’re on your side when you’re buying property and will always look to maximise your savings, not just our fees.

Saving you stress and time

Not all buying agent benefits are financial – remember we can also save you time, while keeping stress levels to a minimum.

Advice is a key element in this. Our experts have been through this process many times before in every area of London, the Home Counties and West Country, so we know how local markets differ and what to look out for to avoid any problems.

By compiling a shortlist of only the ‘best fit’ properties, we avoid the wild goose chase that estate agents will take you on. If we show you a new-to-market property, it’s because we think it’s perfect for you, not because we’re looking to make a quick sale.

Even more buying agent benefits

Some of the best buying agent benefits are well-kept secrets, and your buying agent fees are your passport into that circle of trust.

We can offer insight you won’t get elsewhere, including:

• Up-to-date info about emerging property hotspots in London, the Home Counties and the West Country
• Our own insight into prime London property investment from overseas
• Industry contacts and established relationships with estate agents
• Access to properties not yet on the market including private sales
• Market analysis of buyer trends so we always know what’s hot

To get Black Brick’s team in your corner for your next prime London property search, contact our buying agents today.