Thomas James KW - A guide to using a buying agent pdf

A guide to using a buying agent

Whether you’re a first-time buyer, downsizer, or somewhere in between, a buying agent can help you find your ideal property and negotiate the best price.

We are based in the local community.

We work outside normal office hours and on hand at all times, so we’re always there when you need us.

At Thomas James we offer buying agency and search services. Here’s an explanation of what we can do for you.

Thomas James has the backing of the largest referral network in the world as all 190,000 Keller Williams agents share resources and buyers across 46 countries, offering a global service for sellers.

As a group we buy and sell more than 4,300 homes a day – that’s 180 per hour and a sale or purchase every 20 seconds.

Visit thomasjamesestateagents.com

What is a buying agent?

A buying agent is an expert who works for you, helping you to find and buy a property, whether it’s your new home or an investment. The buying agent will run the entire process from search to move in day.

Why haven't I come across them before?

Why do I need a buying agent?

Although it’s becoming more common to use a buying agent they don’t yet have a high profile in the UK. It’s normal practice to instruct a buying agent in other countries, especially in the US.

In most other countries people don’t consider taking a DIY approach to finding and buying their next home.

In the US 90% of buyers use a buying agent. They helped to buy more than 5 million US homes in 2022

Buying agents are experts, skilled at finding properties, negotiating deals, and seeing deals through to completion, liaising with all parties to make sure your purchase stays on track.

The Expert.....

Although lots of buyers love browsing for properties online, most don’t have specialist knowledge or the required skillset to find and secure the best deal Most of us only buy properties a few times in our life (the average is three) and have only a loose awareness of the process.

This enables unscrupulous estate agents, acting for sellers, to take advantage of the relative ignorance of many buyers. You need a buying agent on your side to make sure you get the best deal.

Why should I consider instructing a buying agent?

A good buying agent is invaluable. As a property expert they will help you to find your ideal property, make sure you agree a good deal, and advise you at every point of the purchase process, just as selling estate agents do for vendors.

Many people enjoy searching for property online, becoming an expert on using property portals.

In the UK the average number of house moves per oerson in their lifetime is just 3.

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What can a buying agent do for me?

At the initial stage your buying agent will:

Identify your search zone (based on your specific criteria)

Understand and improve your status as a buyer (potentially saving you £1000’s)

Clarify the types of properties that meet your wants and needs Carry out a detailed search

What can a buying agent do for me?

A buying agent search involves much more than just registering on property portals and setting up alerts. They will employ their contacts and expertise to....

Talk directly to local estate agents Connect to their network of property professionals Target off-market properties (via agents, developers & owners) Use specialist software to target and refine the search process

Often the first people to react to a new property listing are seen as preferred buyers 5

Found something Once they have found properties that match your criteria, the agent will do all the following for you, liaising closely with you at every stage: Viewing Arrange logistics for the visit / viewing Prepare ahead of the viewing Follow up as necessary Create a shortlist for 2nd viewings etc Negotiation Advise you on price Structure and place your offer Negotiate the deal Make sure you’re the successful bidder (over other potential buyers)

Conveyancing

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Conveyancing Help meet the milestones on schedule Confirm any chains & identify potential pinch points Manage the process through to exchange and completion Help with removals Offer trusted contacts for any works

Get ready be prepared

Most common buyer mistakes

Buying agents are skilled negotiators. When they register with an estate agent or request to view a property they will let them know that you’re motivated, committed, and ready to buy a home – today!

Not having your own property under offer Not having funding in place

No solicitor

Estate Agents 3 out of buyers don't appoint a solicitor ahead of starting their search

Buying agents convince estate agents that you’re the ‘best buyer’ for a property, they’ll report this to the seller and put you to the top of the pile. These are some of the steps they take to do this.

Appoint a solicitor before you arrange any viewings Make it clear to agents that you’re ready to buy a property right now Be ready to show proof of funds for the cash element of your purchase Get an agreement in principle from your mortgage broker

We can recommend trusted solicitors, surveyors & trades people for checks on properties

Conduct vauation

Check the price A buying agent will check before you it’s fair price by doing extensive research. Looking at recently sold prices as well as current asking prices for similar properties.

Verify Seler

Check the chain & marketing history If there’s a chain, the buying agent will ask to see the seller’s agreement in principle confirming the chain is ready to go.

If you’re planning to do a homebuyers survey as well as a mortgage survey, decide who will do this Be ready to send offers in writing (by email) and including all relevant information (as above)

No emotion

Pressure agent

Check your emotion Not showing your emotions. This can be difficult and it’s one of the main reasons people appoint a buying agent to represent them.

Check progress Once an offer is accepted a buying agent makes sure the seller instructs a solicitor and that the sales memos are distributed within 48 hours.

Stay in touch

Check communication A buying agent makes sure that all parties stay in touch with each other. We speak to the selling agent a minimum of once a week.

How much does it cost?

The fees are 1.2% of the purchase price or a flat rate of £12,000. If you choose the 1.2% route you’ll need to pay a £2,000 deposit up front with the balance due on exchange of contracts. If you choose the £12,000 flat fee this is paid in full up front.

Is this expensive?

This is a competitive rate compared to most buying agents. We expect to save you not only time but also money, by getting you the very best deal on the price of the property and ensuring that it progresses to completion.

Around one quarter of housing transactions fall through, leaving both buyers and sellers hundreds and even thousands of pounds out of pocket on fees to mortgage companies, surveyors, conveyancers and estate agents.

Why don’t I just do it myself?

If you’re still dubious that it’s worth instructing a buying agent, ask yourself these questions: Is your time important?

Do you have access to off-market properties?

Do you want to place yourself as the best buyer?

Is it important for you to negotiate the best deal possible?

Would you like someone on your side to protect and advise you?

Would you like someone to deal with everything that comes your way?

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What if I just want a bit of help with the search?

We offer a search only service to help you access the off-market properties. The fee is £600 (including VAT).

If you’d like any more information about exactly how our buying agency or search services could help you, please get in touch.

E: james@thomasjameskw.com E: tom@thomasjameskw.com T: 0208 226 0068

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Tom

James

Buying property and selling property is a disruptive and emotional experience, and you need an agent who is experienced, well-informed and, above all, on your side, to guide you through the process.

Who are Thomas James Between us we’ve worked across London and in many sectors of the property industry.

We decided to work together because we share the same values and a genuine desire to help people with all their property needs by listening and caring – not behaviours usually associated with estate agents but luckily it’s an ethos that gets great results!

We both work within our local communities, with our neighbours and friends, relying on word of mouth recommendations and the evidence of our excellent track records.

We’re pooling our knowledge and expertise to provide first class estate agency services, specialising in the Winchmore Hill, Palmers Green and the surrounding area.

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