How A Buyer’s Agent Is Your Secret Weapon When Buying Property
Organise + design your Reno with these resources
Australians love property… in fact we’ve been ranked one of the most property-obsessed nations in the world — and apparently spend more time preoccupied with the property market than we do at the gym or speaking to our parents… go figure.
But buying and selling property can be a risky and stressful endeavour, especially if you lack experience, are time-poor, or are looking to invest in an unfamiliar neighbourhood. In my experience, knowledge is the key to mitigating this risk, especially:
Have knowledge of the local property market, buyer demographic and facilities like cafes and schools inside-out.
Build long-term relationships with local real estate agents so you’re the first to be made aware of new properties for sale.
Have knowledge of all recent property sales so you can confidently look at a property and know if it’s fair value or over-priced.
Know the really good and desirable streets and the not-so-good ones!
Ensure the property has a decent floor plan, good flow and aspect/orientation, or is priced fairly to make the structural changes required.
ALL OF THE ABOVE are equally CRITICAL if you’re looking to buy the right house, in the right street and neighbourhood; at the right price.
Overwhelming much!? It doesn’t have to be… because just like you engage a local real estate agent to sell your home, you can also engage a local Buyer’s Agent with insider knowledge to assist you in buying well, and with far less stress. But just like many of you, my knowledge of what a Buyer’s Agent actually does and how the process works was limited. So, when I was interviewed by Gold Coast Buyer’s Agent, Matt Srama, on home design on his podcast The Property Prequel earlier this year, I knew I had to do a contra and pick his brains on EVERYTHING Buyer’s Agents! Here’s what I learnt…
The Property Prequel Podcast • Matt Srama with Ania Forster
Zephyr and Stone • Southeast Queensland Property Coastal Home Facade
But First, Who Is Matt Srama?
Having started his career as a professional NRL athlete, Matt Srama always had a strong interest in property and started in the real estate world by investing in his own properties. After building up his own property portfolio and eventually retiring as an athlete, real estate was a natural fit for his next career move.
Being an active and successful property investor, Matt found himself being repeatedly asked by others to help with their property purchases, and this led him to identify a lack of support for property buyers. From here, Matt’s business — The Srama Group was born, and has quickly grown to be a leading Gold Coast Buyer’s Agency.
Matt is passionate about the lifestyle Gold Coast has to offer and focuses on helping Gold Coast property buyers secure their ideal property at the best possible price. Matt’s local knowledge and contacts save home buyers time, pain and frustration during the sourcing, buying and post-sale process, and Matt’s negotiation skills have saved many of his buyers tens of thousands of dollars during the negotiation process.
Matt Srama • Buying Agent Gold Coast
What Is A Buyer’s Agent?
Unlike a real estate who works for the seller of a property, a buyer’s agent works for and represents a property buyer — actively researching and evaluating properties to suit their buyers’ unique needs and circumstances. Some of the key benefits of working with a buyer’s agent include:
Access to more stock + off-market buying opportunities.
Confidence in purchasing a property for the right price.
Saves buyers time by doing a lot of the legwork, like scheduling inspections and determining and negotiating settlement terms etc.
Matt Srama • Gold Coast Buyers Agent
Matt Srama • Buyers Agent For Gold Coast Property
What Does A Buyer’s Agent Do?
A buyer’s agent can handle all aspects of a property acquisition, including negotiating and bidding on their buyer’s behalf, and will generally customise their service to suit their buyers’ needs. For instance, Matt tailors packages to suit his buyers, as some clients require just a bit of assistance such as access to off-market properties or representation at auction, while others look to his expertise throughout their whole buying journey.
In terms of costs, a retainer is generally charged upfront and refunded on the settlement of the new property. Buyer’s agent total fees usually range between 1-3% of the property purchase price depending on the property, and the services required.
Gold Coast Beach Lifestyle
What To Focus On When Choosing a Suburb Or Location?
When looking to acquire a property that will have good capital growth, Matt’s recommendation is to choose a property location where the suburb does 80% of the heavy lifting; ie. identify a location or suburb that is in high demand for the type of property you’re looking to build, renovate or purchase. Choosing a less desirable location may not achieve the profit you’re looking for when it comes time to sell.
According to Matt, some of the signs that an area is desirable, ‘blue chip’ or worth investing in include high foot traffic, good and popular local amenities and good school catchments. When looking at an individual property, Matt recommends avoiding busy or main roads and choosing a property that has an aspect or position to allow good natural light.
Rick Shores • Gold Coast Beachside Restaurant
Homes To Love • Coastal Home With Natural Light
What Design Features Do Buyers Most Value In a Property?
Designing a new home to sell and wanting to achieve the maximum appeal with buyers? According to Matt, the must-have design features that his buyers demand include:
A master retreat with a walk-in robe and separation of the master suite to children's bedrooms.
A functional floor plan with good flow.
Living areas and kitchen should be located downstairs in a double-story home.
Natural light with ample large windows or skylights.
Lumiére House • Master Retreat Design
What Should You Ask Yourself To Ensure a Property Is Right For You?
Matt often sees home buyers rush into the market without assessing their needs for the future and whether a home can adapt to suit any future needs. This can result in buyers outgrowing a new property in just a few years, which is a costly exercise when taking exit and entry fees like stamp duty and real estate agent commissions into account, and if you don’t time the market well. Matt recommends assessing any property against both your short and long-term needs and lifestyle, to ensure a property is right for you:
Consider what’s most important to you right now — the actual property or the property location? If your weekends are spent at home — cooking, entertaining or enjoying the pool, you could consider a property in a suburb or location further afield, to secure a bigger or better home. However, if dining out and local amenities like cafes are high on your weekend agenda, then choosing a property suburb or location that meets these needs is critical, and you might consider compromising things like the size of your property for the right location.
What does your decade plan look like? Consider if you could stay in this property for the next ten years and if there’s likely to be any huge family or generational shifts in that time.
Louise Roche • Coastal Outdoor Pool Design For Home Entertaining
La Luna • Gold Coast Beach Club Dining
Matt’s 5 Do’s + Don’ts For Buying a Property
DO view with your heart but negotiate with your head. Pay a fair price and don’t overpay based on emotion.
DON’T skimp on location. Avoid main roads, heavy flight paths, and motorways + always prioritise where the house is located.
DO get finance approved before shopping around so you know exactly how much you can spend.
DON’T buy a bargain just because it’s cheap. Ensure your new home meets your needs or property goals.
DO renovate for the market needs. If you’re renovating for profit, research and learn the market you’re in, and don’t over capitalise.
Crystal Pacific • Gold Coastal Outdoor Pool Area
Matt Reveals His Property Portfolio + The Key To Fast-Tracking Property Acquisition
Matt’s first property purchase was a free-standing duplex in Palm Beach on the Gold Coast — a property that has sentimental value and he will likely keep forever. Since then, he has grown an impressive property portfolio including sixteen homes currently rented over nine individual properties; many of them in blue-chip locations like Brisbane and Gold Coast.
Matt says one of the key factors he considers when purchasing a new property, is the ability to immediately increase the value and manufacture equity through improvements like renovations. Matt looks for properties that need work — over brand new or renovated homes — so he can look to increase both the property value and rental return straight away by completing renovations. Matt’s 3 Essentials when buying property to build wealth:
Focus on capital cities.
Be patient and wait for the right property.
You’re better off paying fair money for good property, than good money for a fair property.
Sally Rhys Jones • Coastal Style Home
Gold Coast Cafe
Want to learn more about Matt Srama and his work?
