Local Expertise Essential When Purchasing Property
There is no doubt that buyer’s agency is starting to surpass the tag of “cottage industry” with plenty of media articles each week around the country featuring comments from buyer’s agents or talking about the involvement of a buyer’s agent in the buying process. Gaining access to the knowledge of a local property professional is one of the key reasons to engage a buyer’s agent to act on your behalf. But if that buyer’s agent is not local, are they really the best person for the job?
Looking Beyond Sydney and Melbourne Real Estate Markets
With the capital city markets of Sydney and Melbourne peaking and commencing a decline phase many investors are wanting to explore other markets. Brisbane is in the ‘box seat’ to benefit and has certainly had its fair share of press as Australia’s major eastern seaboard capital city which has been under-performing. Engaging the services of a buyer’s agent local to the area a purchase is to be made in would be paramount, right? Unfortunately this is not always the case, and the loser is usually the client/investor.
Here is the scenario, a buyer living in Sydney appoints a Sydney based buyer’s agent to purchase a property in Brisbane. They do some online research and short list a few properties, fly up to Brisbane to inspect them and more than likely purchase one of them to make the flight worthwhile. They may even perform this service for several clients over a 12 month period, does that equip them with 30 years of local market knowledge and experience? Of course not!
When Sir Edmund Hillary reached the summit of Mt Everest he succeeded because he had an expert with him, a local Sherpa by the name of Tenzing Norgay guiding him, someone he could trust that had local knowledge of the Mountain and the conditions. Hillary previously had a near miss after falling into a crevasse and was saved by the quick actions of Norgay. This led Hillary to consider Norgay as his climbing partner of choice for any future summit attempt.
This obviously has direct correlation in the professional services industry. To achieve the best result when purchasing a property, you should always engage a professional with experience and local knowledge to do the job, not a professional working outside their area of expertise.
Call us to speak with a local expert in the Brisbane property market on (07) 3368 1604 or email us.