“As a result there are far more buyers’ agents out there now, which is making it a more competitive market. Therefore to succeed you need to stand out from the crowd.
“If you find what it is about you that is different from your competition, you will attract more clients. In my case, my background as a selling agent has really helped me to demystify the whole process (particularly auctions) for our clients and also gives me an advantage in dealing with agents as we speak the same language.
“In addition, I know what sort of properties are hard to sell and which ones are easy, which helps me to guide clients away from those likely to be poor capital growth performers.”
Critical thinker
Veronica says there are many elements required to be a good buyers’ agent, and a crucial part is being a critical thinker.
“A good buyers’ agent needs to be a critical thinker who actively analyses and evaluates information to take the correct action.
“You need to have good negotiation skills and because every purchase situation is different, you need to be able to read the play and react accordingly.
“You also need patience because in a hot market you may need to hold a client back from rushing into a purchase which is not right for them.
“It is important to understand the sort of objections buyers would have with any particular property, and decide if they are reason enough not to buy or whether they can be addressed and the issues fixed.
“You need an ability to understand your clients’ requirements in the context of the big picture in order to put it into perspective.
“Clients’ needs can change over time and you need to understand this and to adapt accordingly.”
Earning trust
“We need to earn our clients’ trust and to demonstrate why we are worthy of it, because they are engaging us to help them make good decisions and spend (often) millions of dollars.
“There are times when you need to push them and other times you need to hold them back. We are here to protect them from making the wrong decision.”
With the increased competition in the market, Good Deeds Property Buyers offer a questionnaire for buyers to ask a potential buyers’ agent to see if they are experienced enough to do the job well. Read it here.
They also have a guide on questions to ask past clients of a buyers’ agent. Read it here.
Veronica added: “It can be easy for buyers who are time poor to be convinced by some buyers’ agents who may not be very good: these two documents are designed to help buyers to make a more educated choice.”
Observing a couple’s dynamic
“One thing I have always found fascinating is how a couple’s relationship evolves when buying a property. Sometimes their dynamic can make a search very difficult, particularly if one half feels like they have to make all the compromises.
“You don’t want to have one partner being resentful and sabotaging the process. To avoid this, we have a process to ensure that both are equally represented.
“Once you dig into their family and lifestyle needs you start to see the big picture and find out both their similarities and differences. It’s these differences that you have to quickly come to grips with.
“That’s why sometimes we call ourselves “property therapists!”
Building relationships
“It is important to respect sales agents and their role. Because I have been a selling agent, I understand what their job is, which helps me to develop a better relationship with them.
“It means the sales agent knows I can talk their language and demonstrate that I know where they are coming from.”
Veronica added that Good Deeds has researched and developed a list of eight different characteristics of a selling agent. The team then assess the agent using this list which helps them to decide on their best approach and negotiation tactics.
Mentoring program
Veronica is currently working on a mentoring program for new buyers’ agents. Contact her at [email protected] if you’d like to find out more.