Property buyers who engage a buyer’s agent have a huge advantage in a seller’s market, according to Mark and Barry Goldman of Goldman Bros – Sydney’s Buyer Agents. Of the last 25 properties sold by their former business, Sydney Sotheby’s International Realty, 15 of the successful purchasers were represented by buyer’s agents.
Of the last 25 properties sold by their former business, Sydney Sotheby’s International Realty, 15 of the successful purchasers were represented by buyer’s agents. Other agencies are anecdotally reporting ten committed buyers per property and record high registered bidder numbers at auction.
The Goldman Bros, who are transitioning their real estate sales business into a buyer’s agency this month, say that buyers who have access to off-market and pre-market properties, and outsource negotiation to an expert are better placed to secure their desired property.
“Properties are being sold before auction, many properties aren’t even making it to the public market…”
“Properties are being sold before auction, many properties aren’t even making it to the public market, and agents are struggling to handle the volume of buyer enquiry,” Mark Goldman explained.
“It’s little wonder that buyers are disgruntled by the process of perusing properties, doing due diligence, and putting forward an offer that’s superseded, only to have to do it again and again for months. In prestige markets like Sydney’s eastern suburbs this issue is conflated by the number of international purchasers also vying for properties over $5million,” Mark Goldman said.
“Wherever you are, buying a property is a legally and financially complex transaction for both buyers and sellers. At least for sellers, the sales agent guides and advises them through the various stages of selling,” he continued.
“There’s a power imbalance between sellers and buyers that’s unmistakeable in this market..”
“Most buyers, on the other hand, are battling through the process on their own, and they’re up against the most active buyer pool in history. There’s a power imbalance between sellers and buyers that’s unmistakeable in this market.”
If you wound back the clock ten years or so, the concept of a buyer’s agent was foreign to the Australian market. It has been a staple of U.S. real estate for decades, with every property transaction there involving both a sales agent and a buyer’s agent. There are many benefits to this process, according to Barry Goldman.
“In a sellers market like this, buyers often complain that their calls are not returned promptly if at all, and their strong offers are being outbid,”
“In a sellers market like this, buyers often complain that their calls are not returned promptly if at all, and their strong offers are being outbid,” Barry Goldman said.
Barry Goldman explains there are three types of properties: those marketed publicly, those sold off-market without advertising and unsigned properties.
“Unrepresented buyers can only access publicly marketed properties, and in Sydney’s prestige markets publicly listed properties represent a diminished segment. That’s why my brother Barry and I have launched our own buyer’s agency. After more than 20 years in the real estate market, most recently as successful Sotheby’s agents in Sydney’s eastern suburbs, we can see the need to connect prestige buyers with property that is off-market or unsigned, and to negotiate professionally on their behalf, is greater than ever.”
“More importantly, we have access to two types of property that buyers can’t otherwise access. Properties being sold off-market, and unsigned properties…”
“As former selling agents, we have peerless knowledge of the process. We know value, location, negotiation, agent processes and personalities. More importantly, we have access to two types of property that buyers can’t otherwise access. Properties being sold off-market, and unsigned properties. We know hundreds of homeowners of prestige properties that are not on the market for sale… yet but would be with the right offer,” Barry explained.
“Client care for buyers means providing total focus and end-to-end solutions from pre-approval, accessing off-market property, negotiating favourable terms to introducing reputable stylists, architects and tradespeople.”
In their final month as sales agents the brothers transacted multiple properties ranging from $6m to $15m. This month they are transitioning out of sales to focus exclusively on buyers going forward.