ngrxUiJVl2
Anyone who has bought a home knows what a difficult and stressful process it can be, especially in the last few years. Finding the right property, bidding on it successfully and negotiating the legal terms of the sale can all be long and arduous, not to mention confusing for people who have never gone through it before.
In Ireland, we have traditionally only had estate agents that represent people selling property, but in places such as the US and Australia, buyers also have an agent to help them through the process, for everything from finding a home to negotiating on their behalf.
Given how competitive the current property market is in Ireland, it’s perhaps not surprising that we’re now seeing a trend of buyer’s agents cropping up here, as well. We wanted to find out more, so chatted to Miriam Finn, a property consultant who set up her business in 2021 following a 30 year career in finance and property.
Basically, Miriam explains, a buyer’s agent is there to take the stress out of the whole home-buying process. “They get to know your requirements and take on the hard work for you to find your dream home,” she explains. “From property searches to viewings to bidding, legal and financial advice and negotiating on your behalf, an independent buyer’s agent uses their extensive knowledge of the market and contacts to the right properties saving clients a lot of time and stress.”
She works with many clients who are not currently resident in Ireland, as it can be notoriously difficult to purchase a home without physically being in the country to attend viewings. “Buying a house in Ireland can be a complicated and time intensive process,” Miriam explains. “Using the services of a buyer’s agent takes the stress off buyers shoulders, particularly international buyers, who don’t know the market well. We do all the legwork for them from searching for properties on and off the market to viewings, bidding and closing the sale.”
However, she is seeing a trend of more Irish clients using her services. “This year, we have seen an increase in time-poor Irish clients with busy and demanding careers who want to outsource their property search to a professional.”
Miriam’s particular area of expertise is the Dublin area, and clients pay an engagement fee to source and negotiate on their behalf. On completion of the purchase they then pay a professional fee which is an agreed percentage of the purchase price of the property acquired on their behalf. While she mostly works with clients interested in properties at the higher end of the market, she does search for many different kinds of properties, in line with their needs.
So what are the benefits of employing a buyer’s agent? There are many, it seems. “We are well-versed in property values, neighbourhood dynamics, and current market trends,” Miriam points out. “This insider knowledge helps buyers to make informed decisions, ensuring that they secure the best possible deal on their desired property.”
It’s also a significant time-saver. Once your buyer’s agent knows what you are looking for, they can do the hard work of looking through listings and viewing potential properties on your behalf. “Trawling through properties websites and listings while trying to juggle home and work life is not most people’s idea of fun,” Miriam says.
“Buyer’s agents do the donkey work for you by conducting extensive research, pre-screening properties, and arranging viewings. This not only saves time but also alleviates the stress associated with the often- overwhelming task of finding the perfect property.” As an added bonus, buyer’s agents often have access to a network of industry contacts that mean they can have information on properties not yet on the market.
Lastly, their expertise is invaluable when it comes to negotiating and the legal side of things. “Negotiating the terms of a property transaction requires finesse and skill. Buyer’s agents are experienced negotiators who work tirelessly to secure favourable terms for their clients. From price negotiations to contract conditions, they have your back and their goal is to ensure that you get the best possible deal.”
For anyone who is not sure whether a buyer’s agent is right for them, Miriam advises to have an initial consultation to see if it’s a good fit for you.
“It’s a big decision to buy a property, and it’s important you find an agent you can trust and who can advise you through what can be a lengthy process. Many people get frustrated trying to find a home due to the lack of supply or if they are living abroad, it can be difficult to know where to start. It can also be confusing if you are not familiar with the financial and legal elements to a property purchase. A buyer’s agent can look after all of this for you ensuring you don’t hit delays or make any misinformed decisions.”