{"id":14595,"date":"2017-11-09T01:00:31","date_gmt":"2017-11-08T14:00:31","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14595"},"modified":"2017-11-09T01:00:31","modified_gmt":"2017-11-08T14:00:31","slug":"get-a-strategist-on-your-side-bryce-holdaway","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/get-a-strategist-on-your-side-bryce-holdaway\/","title":{"rendered":"Get a \u2018strategist\u2019 on your side \u2013 Bryce Holdaway"},"content":{"rendered":"

Bryce Holdaway<\/strong> explains the difference between a buyer\u2019s agent and a strategist and the questions you need to ask so you know the difference.
\nKevin:\u00a0\u00a0<\/strong>Let\u2019s look at the difference between buyer\u2019s agencies and strategists. EmpowerWealth.com.au, they are buyer\u2019s agents. Bryce Holdaway is with Empower Wealth and joins me.
\nGood day, Bryce. How are you doing?
\nBryce:\u00a0\u00a0<\/strong>Hi, Kevin. I\u2019m good. How are you?
\nKevin:\u00a0\u00a0<\/strong>Yes, good, mate. Nice to be talking again. The difference between a buyer\u2019s agent and a strategist: is there a difference, and if so, what is it?
\nBryce:\u00a0\u00a0<\/strong>Yes, I think there is a bit of a difference. I guess the best way to illustrate it is through an analogy. If you think about someone who\u2019s about to build a house and they have a block of land, they have a couple of choices. They could go and find an award-winning builder to build them a house and they just say, \u201cHey, there\u2019s a block, go and build it.\u201d That builder would build it with wonderful craftsmanship, and at the end of the process, hand them the keys over, and they\u2019d be really happy with the house.
\nBut what they may not have taken into account is the northerly aspect of the property, the floorplan flowing correctly, taking into account that they have young children now but they may need to separate some living areas as the kids get older.
\nEffectively, you would rely on an architect to help you do that. You\u2019d go consult the architect and the project manager and say, \u201cThese are my goals, this is what I need, and then moving forward, this is how I need it to happen.\u201d
\nI think that\u2019s the best way to describe the difference between a buyer\u2019s agent and a strategist. The buyer\u2019s agent is the builder, so the buyer\u2019s agent will go out into the field, find a really great property and do all the things you\u2019ve asked him to do, but you really want a strategist to actually take a step back from the event of buying and look at the process involved.
\nBuying real estate in my view is the fourth step in a five-step process, and if you\u2019re just going straight to step four, that\u2019s effectively what a buyer\u2019s agent does. But if you\u2019re a strategist, you\u2019re going to clarify beforehand, you\u2019re going to evaluate exactly what you need, you\u2019re going to put a plan in place, then you\u2019re going to implement through the buyer\u2019s agent, and the last thing you do is manage it and fine tune it and tweak it.
\nSo, I think there is a difference, and I think if you can get a buyer\u2019s agent who has a strategic mind to take a step back and see the bigger picture, particularly if you\u2019re buying for an investment purpose but also for owner-occupier, that\u2019s the type of buyer\u2019s agent you really want to be involved with.
\nKevin:\u00a0\u00a0<\/strong>When someone goes to talk to a buyer\u2019s agent or a strategist, what sort of things should they have clear in their own mind before they go in?
\nBryce:\u00a0\u00a0<\/strong>What they\u2019re going to compromise on, because they will compromise on something. Unless you\u2019re blessed with a lotto win or a big inheritance, most people are fixed on price, so therefore there are a couple of other variables, like location, size of land, and the quality of the dwelling.
\nKnowing in advance what you are prepared to compromise on is going to help you. I always say there are no \u201cten out of ten\u201d properties but there are heaps of great \u201ceight out of tens\u201d and \u201ceight and a half out of tens.\u201d
\nIf you know that you want shiny taps and brand-new carpet, and you\u2019re fixed on the location and the price, you\u2019re actually going to have to just compromise on the size of the land. You may want a house, but you might not be able to afford it and you have to do a townhouse, or even further, you buy an apartment.
\nIf there are two people involved \u2013 husband and wife, partner, boyfriend and girlfriend, whatever it is \u2013 if they have an honest chat in advance about the big C-word \u2013 \u201ccompromise\u201d \u2013 then I think that\u2019ll set them up for a better experience.
\nKevin:\u00a0\u00a0<\/strong>Is part of that compromise process the fact that we want more than we can afford? We go in with a shopping list which is almost like a wish list, but it\u2019s maybe one that we simply can\u2019t afford. Is that where the compromise comes in?
\nBryce:\u00a0\u00a0<\/strong>Yes. It\u2019s human nature, isn\u2019t it? We all want a little bit more than what we have. You\u2019re absolutely spot on. It\u2019s amazing how if you have $600,000 to spend, your taste is something that\u2019s $650,000. If you have $1.3 million to spend, all of a sudden, human nature says your taste is at $1.4 million. It\u2019s the nature of the beast.
\nYou just have to understand that if you want to renovate or detonate, then you can get a bigger sized land because you\u2019re prepared to do the work, and that\u2019s where your compromise might be. But for other people, they absolutely have to be in this location because of that school zone or because \u201cMy sister is across the road,\u201d or whatever it will be.
\nSo if you\u2019re fixed on price and location, ultimately, you\u2019re going to live in an older house on a bigger block or you\u2019re going to live in a shiny house with a smaller block. That\u2019s ultimately what it comes down to.
\nKevin:\u00a0\u00a0<\/strong>Bryce, we know exactly how selling agents work, and they work off a commission base. How do buyer\u2019s agents work? How do you earn your money?
\nBryce:\u00a0\u00a0<\/strong>It\u2019s kind of a mirror reflection. A lot of buyer\u2019s agents do a percentage of purchase price. So, if you have a budget of $800,000, they may quote you 2% or 2.5% of the purchase price, plus GST, and that\u2019s how they get paid.
\nI tend to go down the fixed fee path myself and at Empower, because if you\u2019re on the seller\u2019s side and you think your house is worth $700,000 and the real estate agent gets you $770,000, you\u2019re happy to pay him a bit more because they got you an extra $70,000, so they\u2019re actually worth paying a little bit more.
\nBut on the buyer\u2019s side, I don\u2019t think it quite works, because if I have a budget of $700,000 and then I suggest that something is worth $770,000 and I encourage my client to pay that, they\u2019re wondering, \u201cIs this a good deal, or is this just because he\u2019s going to get paid a little bit more?\u201d
\nSo, for me, personally, I prefer to go with a fixed fee quoted up front, but it\u2019s a bit of both. It\u2019s either fixed fee or a percentage of purchase price for most buyer\u2019s agents.
\nKevin:\u00a0\u00a0<\/strong>Great talking to you. Bryce Holdaway from EmpowerWealth.com.au, and also co-host on Property Couch. We\u2019re out of time, but maybe next time we talk, we\u2019ll have a chat about the podcast as well. Good talking to you, mate. Thank you.
\nBryce:\u00a0\u00a0<\/strong>Thanks for having me on. See you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bryce Holdaway explains the difference between a buyer\u2019s agent and a strategist and the questions you need to ask so you know the difference. Kevin:\u00a0\u00a0Let\u2019s look at the difference between buyer\u2019s agencies and strategists. EmpowerWealth.com.au, they are buyer\u2019s agents. Bryce Holdaway is with Empower Wealth…<\/p>\n","protected":false},"author":176692471,"featured_media":14596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,22,23,25],"tags":[101],"class_list":["post-14595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-selling-a-property-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nGet a \u2018strategist\u2019 on your side \u2013 Bryce Holdaway - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/get-a-strategist-on-your-side-bryce-holdaway\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Get a \u2018strategist\u2019 on your side \u2013 Bryce Holdaway - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Bryce Holdaway explains the difference between a buyer\u2019s agent and a strategist and the questions you need to ask so you know the difference. Kevin:\u00a0\u00a0Let\u2019s look at the difference between buyer\u2019s agencies and strategists. EmpowerWealth.com.au, they are buyer\u2019s agents. 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