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Five reasons to hire a buying agent when purchasing a home

A good buying agent understands the industry and the market. Photo: Tolga Akmen/AFP/Getty Images

Hiring a buying agent could be the shrewdest decision a property hunter could make if they’re looking to spend hundreds of thousands of pounds, if not millions.

Buying agents act on behalf of purchasers, helping to source potential properties and take part in negotiations once the ideal home is found.

They are typically found at the higher end of the property market, though some offer streamlined affordable services to assist mid-market buyers too.

There are many buying agents working in the UK housing market. Here are five reasons to consider hiring one when you’re looking to buy a new home:

Expertise

Buying agents are property experts. Often they have worked on the other side of the deal as estate agents.

A good buying agent understands the industry and the market — and can tell you what is a good price for a property.

READ MORE: The most expensive properties for sale right now in London

Contacts

Agents tend to be well-connected in the markets they serve. That can help in negotiations if they already have a rapport with the estate agent on the seller’s side.

Moreover, these buying agents can access off-market properties through their agency contacts. These properties are for sale but not publicly listed, broadening the pool of homes for your consideration.

Time saver

A buying agent will carry out the necessary local market research on your behalf, saving you time that might otherwise be spent doing all the homework yourself.

Using their expertise, they will assess the state of the current market, taking in recent sales, prices, and the broader economic considerations that help determine a good offer, as well as what price should make a potential buyer walk away.

READ MORE: Britain's biggest rents: Would you pay £65,000 a week just to rent a home?

Negotiator

Estate agents work for the seller, not the buyer. Their goal is to achieve a sale at the highest possible price for their client.

A buying agent levels the playing field for you by acting solely in your interest. They understand the dynamics at play and can tell when an estate agent is going beyond what is a reasonable price for the property.

Save money

Most importantly of all, a buying agent can save you a lot of money through comprehensive research and shrewd negotiating. You will end up with much more cash in your wallet at the end of the process than if you went in alone.

That’s the bottom line — a good buying agent is an investment.