It is now becoming essential for homebuyers to consult an agent when buying a home to secure the best properties, according to a property expert.
Having an agent would help many homebuyers see the investment potential of their target properties before purchasing them, said Kate Forbes, national director for property strategy at Metropole.
"Rather, they are too caught up in their emotional connection with their potential new home. Of course, that often means they pay too much — especially at auction," she said in a think piece in Property Update.
Forbes said buyer's agents would be able to help homebuyers, especially those who get obsessed easily with properties in attractive suburbs.
"Clearly, this is where buyer's agents come to the fore because they are professionals who won't let a homebuyer buy with their heart and not their head," she said.
Equipped with the local property-market knowledge, buyer's agents would be able to help home seekers find properties that could achieve solid capital growth in the next five to 10 years.
"In a similar vein, most home buyers give scant regard to the future price performance of their new abode. Usually, that's because they are yet to shift in, so they can't imagine ever shifting out. The truth of the matter is that most people sell within about five years for myriad reasons," Forbes said.
Dealing with an agent also helps homebuyers gain an advantage in competitive housing markets, allowing them to secure the ideal properties.
"Working with a buyer's agent means that the buyer is ready to buy, including finance pre-approval. Selling agents know this, too, which means that home buyers working with buyer's agents have a step up on the competition already," she said.
Lastly, buyers can access off-the-market deals when they consult agents.
"Regardless of the reason, ordinary home buyers would never know about these opportunities. Therefore, they would likely sit and wait in vain for the house of their dreams to come on the market," Forbes said. "Of course, behind the scenes, that home is being sold to another buyer who was savvy enough to enlist a professional to help them achieve their home ownership goal."