Changing world of buying property

Two generation family looking at a house for sale

The way in which we are buying houses is changing. We all tend to go online to look for properties, deal directly with the owners and try to close the deal ourselves. But as we become more dependent on technology, how important is it to use professionals for their niche roles?

Estate agents are worthwhile

Estate agents in particular have had to repeatedly prove their worth in recent years. Rawson Property Group’s Wayne Albutt says it should be remembered four parties are involved in property deals.

“These are the seller, the buyer, the bank and the conveyancing attorneys – but the real estate agent is the only person dedicated to the marketing of the property and our experience is that agents are totally irreplaceable if a truly effective transaction is to be achieved which serves the best interests of the seller in particular, with due regard to all other parties.”

He underscores the importance of the seller of a property using the input of trained professional.

“All our experience shows that if you remove this personal service from the equation, and rely on the mechanical aspects of online advertising being punted as effective marketing, you will inevitably get a less effective holistic service, which in practice means a lower price achieved, amongst other probable negative aspects like inconvenience and time delays, to name a few.”

Estate agents are valuable as they have the knowledge and experience to correctly value properties. Often you’ll hear stories about people who saved thousands on their home by not using an agents. They say they sold their home quickly, with multiple offers. But the reality is, if you received a number of offers on the first day, your house was likely under price. These people actually lost thousands and likely far more than the agent would have cost.

Using online assistance

As valuable as estate agents are – particularly in the final stages of the deal – there are plenty of online tools which can assist along the way. These are some of our favourites:

  • Use a bond repayment calculator to find out what monthly bond expenses you will have to pay on your home loan.
  • Use an app to find out houses generally cost in areas of your choice. Most agencies have apps or websites which you can use to look for properties.
  • The fun part. Use a decor app like Houzz or Pinterest to put together mood boards of how you would like to decorate your home.

House buying should never be a solo activity. The more assistance, professionals and services you use in your hunt, the better. This is likely to be the biggest purchase of your life, so make sure it is done properly.