The Common Reasons People Don't Think to Use a Property Buying Agent

The Common Reasons People Don’t Think to Use a Property Buying Agent.

A Guide to the Most Common Concerns We Have to Overcome from Prospective Clients by Ben Procter

What is a Property Buying Agent?

A property buying agent is an agent who acts on behalf of someone who is looking to find a property to buy. They are experts in property transactions with great connections throughout the property world. They are employed to handle all aspects of the buying process and to act as the agent for their client throughout the purchase.

At Oxford Property Consulting, we source great properties which our clients could not themselves while saving them time and ensuring that the property is bought under the best possible terms. We ensure that our clients are mostly the first over the threshold of the most suitable properties giving them the best opportunity to buy without the competition of the open market.

We hear lots of very similar objections as to why people wouldn’t want to use a property buying agent. From “the fees are too high” to “you wouldn’t help someone with my budget” and “I can find properties on my own for free.”

Here I will be looking at some of the most common objections which are raised and highlighting the reasons why everyone should give real thought to using a buying agent, irrespective of why you have thought not to in the past.

“I can find properties on my own for free.”

Of course you can. Everyone can find properties for free. Gone are the days of having to go into every estate agency on the high street and registering your details to find a property. With online property portals such as Rightmove, Zoopla and OnTheMarket you can access lots of properties online.

But do you know how many properties transact off-market? According to Hamptons across Great Britain in 2023, 33% of properties over £1m sold “off-market”. So, if you have over £1m to spend on your next home, if you are reliant on online portals, you will miss out on a huge proportion of the market available. At Oxford Property Consulting around 60%* of the properties we help our clients buy are “off-market”.

What’s more, trying to find these properties is time-consuming. Save from speaking with every agent a couple of times a week, there is no way of guaranteeing you will be at the front of the queue to see the next great property which is available off-market. By employing a property buying agent you will greatly increase your opportunity of seeing more off-market homes.

“The fees are too high”

At Oxford Property Consulting we charge our clients 2.4% (inclusive of VAT) of the purchase price for a property search. What do you get for this?

Aside from access to properties you wouldn’t be able to see on our own and timesaving by having us do all the leg work and preview properties on your behalf to rule out all the duds, there is added due diligence, market knowledge, access to professional networks and skilled negotiation.

On average, we help our clients save 7% from the guide price* by asking the right questions to get pertinent information and to help position our clients as the best buyer for the property. And all property buying agents have a little black book of tried and tested professionals who will make sure that you have all the information needed to make informed decisions about the biggest purchase of your life.

As one of our clients said, “Oxford Property Consultants (OPC) were beyond amazing. If you are considering using them, don't think twice. Hire them! You'll get more than your money's worth of service, guidance, contacts to service providers and much more. (And you may even SAVE money of the sales price of your desired property as they are expert negotiators.)”

“I’m not comfortable giving control of the search to someone else.”

It is daunting thinking that you aren’t in full control of your own property search. What if your property buying agent doesn’t understand exactly what you want, and how can you be certain they will find you every opportunity they should. Surely you could do it better yourself?

We work collaboratively with all our clients to ensure that we have a great understanding of what they are trying to find. This will start wherever possible with a home visit to understand where they are moving from and the reasons around the move. If the house is ideal just in the wrong place this gives us a great starting point and helps with perspective when discussing size of house, size of garden or proximity to shops.

By keeping in regular communication, we ensure that our clients know exactly what is going on and everything we are doing to uncover all the best options. What’s more, it is a full-time job trying to find all the best options and if you have a job yourself it will be a strain trying to unearth all the best options.

“You wouldn’t help someone with my budget”

This is a common misconception. Most people think that you have to be looking for a £3m+ property to use a property buying agent. This just isn’t the case. While there are a larger proportion of off-market property sales at higher values there a larger number at lower values. So, if you are looking for access to off-market properties then the value is irrelevant.

What’s more, all the other benefits are the same. You will still save time, see more relevant properties, understand the market better, receive added due diligence and be able to position yourself as the best buyer by leveraging the connections and knowledge of the buying agent. All of which leads to potential financial savings.

The lowest value property we have helped a client buy is £267,000 while the highest value is over £8m. No matter what your budget, we can add value to your search.

Why should you be using a property buying agent even if you are sceptical?

As I’ve highlighted in this article, there are numerous reasons why using a property buying agent is beneficial if you are looking to move home:

• Access to off-market properties
• Time saving
• Positioning yourself as the best buyer when negotiating
• Leveraging our personal contacts and relationships for your benefit
• Access to our “black book” of reliable professional services
• Added knowledge and understanding of the property market
• Help in making informed decisions
• Increased chance in finding the property that best matches your needs

No matter what you are looking for in your next home and at what budget, a property buying agent will help you achieve your dreams. Reach out today for a personal consultation where we can explain in more depth what we do and how we do it.