S2E30 - Should You Use A Buyers Agent? FTPI IRL

[00:00:00] Imti: Should you use a buyer's agent? Today we've got a first time investor scenario and we're gonna break it down four different ways. They've done the homework, they know their target area, and they've been consuming property content like no tomorrow. So they're feeling really confident, but they've never actually bought before. Time is tight and a full service buyer's agent will cost them 18 grand. So is the fee worth it in their situation and should they even bother or would they actually be making a mistake if they didn't use a a BA? Skye, Pete, you know the drill. We're gonna start with this first scenario. All three of us have got our paddles and rules are, you can say they use a a ba. could say that they have to a a BA. You can come up with a different answer, but there's no sitting on the fence. You can't go, it depends. Let's jump straight into it with the headline scenario. First time investor buyer's agent's gonna cost them $18,000. They know the area that they're looking in, they've been researching it like absolutely crazy. But the one thing that they've got issues with at the moment is time. They're extremely time poor. Should they use a a BA? Let's lock in our answers.. Okay. All right. Reveals in 3, 2, 1.

[00:01:16] Pete: I it'll all the same.

[00:01:17] Imti: Okay. Yeah. Yeah. we've all gone, they should use a a BA. Interesting. Very interesting. Pete, being the a BA not biased at all. Why do you think this person should be using BA?

[00:01:28] Pete: Oh, the time poor issue. Because when you're time poor you'll make mistakes.

[00:01:33] Imti: Mm-hmm.

[00:01:33] Pete: And if the market continues to get away from them, then they're just gonna buy whatever they can find. Whatever they can afford within the area. 'cause they've obviously analysed the area and they probably don't have the time to look at any other areas either. So that's when you make mistakes.

[00:01:47] Imti: Mm-hmm.

[00:01:47] Pete: So yeah, time poor is a great reason why you need a BA.

[00:01:50] Imti: Skye, what about you?

[00:01:50] Skye: Yeah that's not what I thought you'd say

[00:01:52] Pete: what you think

[00:01:53] Imti: what What do you think he was say?

[00:01:54] Skye: Well, and it's kind of my reason. We've all seen what happens to clients when paralysis analysis hits.

[00:02:00] Pete: Mm-hmm.

[00:02:01] Skye: If they're time poor and they're already struggling to make a decision, then yeah, that's just gonna intensify if they don't use a BA.

[00:02:08] Pete: Yeah, that's true. other side of it. Yeah.

[00:02:10] Skye: Mm

[00:02:10] Imti: Yeah, for me it's definitely the analysis paralysis piece, but it's also the opportunity cost thing. If they don't have the time to invest in the opens, the extended negotiations, looking at 10, 15 properties, like even if they know the area really well, my only thing would be is that maybe they could engage a BA on a negotiation only basis and dictate the area themselves and push that instead of using a full service a BA.

[00:02:41] Skye: Yeah.

[00:02:41] Imti: So I guess my one kind of changes to like half a a BA with a question mark. I don't think in that situation that they necessarily need a full service a BA if they know the area like the back of their hand and they're only time-poor, I would try and find someone who was a killer negotiator and just go negotiation only and save on the fees.

[00:03:00] Pete: Yeah, that's fair.

[00:03:01] Imti: Ooh, okay.

[00:03:02] Pete: That's a fair point. If they've had the time to do the research

[00:03:05] Imti: mm-hmm.

[00:03:05] Pete: Then they probably have the time to monitor listings. They probably don't have the time to source an off market. Like a genuine one.

[00:03:11] Skye: Go to opens and the

[00:03:12] Pete: But if they just monitor the listings that come up online and they're happy to wait, then yeah. Negotiation only could work.

[00:03:18] Imti: Yeah. Something that a lot of people don't realise is that a BAs will actually do that. It's not something that a lot of them directly will advertise, but if there is a BA that you like in an area that you like, potentially there's an ability for them to do due diligence and negotiation on your behalf for maybe what Pete, like half the fee.

[00:03:36] Pete: Yeah. Pretty much. But that's when you want the local area experts.

[00:03:38] Imti: Mm-hmm.

[00:03:39] Pete: Not like your national buyers agent that buys everywhere.

[00:03:41] Imti: Mm-hmm.

[00:03:41] Pete: You want your local expert for that.

[00:03:43] Imti: Cool. So scenario one, we've got definitely use a BA, definitely use a BA and use half of a BA.

[00:03:50] Skye: Mm-hmm.

[00:03:51] Imti: Now let's move it on to the first variable. Client's exactly the same, BA is gonna cost 18 grand. They are area confident in where they were looking. They're still lacking time, and they're first time investors that they've never bought before. Now, the one change in this situation is that they're going from a market that they're really confident in to wanting to invest interstate and not where they live. So for a first time investor looking to invest interstate, should they use a a BA? All right. Let's do it. 3, 2, 1. Yep. Yep, yep. Okay.

all same page here.

[00:04:32] Skye: Are we gonna be saying yes to

[00:04:34] Imti: Oh. I don't know, we'll see, but I think for this one, it just adds so much more extra risk, right?

[00:04:40] Pete: Mm-hmm.

[00:04:40] Imti: If you're not familiar with the area.

[00:04:42] Pete: Yep.

[00:04:42] Skye: Mm-hmm.

[00:04:42] Imti: And you've got the money there.

[00:04:44] Pete: Yep. Yeah.

[00:04:44] Imti: anything that you guys would add in terms of it just being a no brainer situation where you would use a a BA?

[00:04:49] Pete: Not really. I think there are people that will probably disagree, but like, you gotta be careful with pockets that you're buying especially if you are not driving the streets, you're not around those areas. You don't have access to the latest mapping data. Like we have access to mapping data every single month so we can see what the neighbours are doing and all that kind of stuff. If you don't have that, then you cannot buy interstate on your own, because you're buying site unseen unless you wanna fly over there. By the time you fly over there, you're probably gonna be close to a a BA fee anyway.

[00:05:17] Skye: Mm-hmm. Yeah. In order to get the, deep knowledge that you need. Mm-hmm. Yeah. You'd have to be spending a fair bit of time there.

[00:05:22] Pete: Yeah.

[00:05:23] Skye: Yeah. You can't just make one or two weekend trips and go, oh yeah. Job done. 'Cause you're not gonna get that information on the neighbourhood, the various pockets that you should avoid.

You just wouldn't know it the way you might know, say the state that you live in.

[00:05:34] Pete: Yeah.

[00:05:34] Imti: Yeah. I think for me, the biggest risk is falling into the savvy sales agent who feels like they're helping you and you end up in a state like WA for example, where you sign a contract and it's all over red rover.

[00:05:48] Pete: Yeah. people don't realise that every, has laws and legal

[00:05:52] Skye: mm.

[00:05:53] Pete: All that jargon really. , But WA, right, you're locked in.

[00:05:55] Imti: Yeah.

[00:05:55] Pete: The, the building and pest is very weak over there, the clause. And it's hard to get outta the contract.

[00:06:00] Imti: Yeah. So I think for the both of you, it's more like research and area specific, whereas for me, I think it's just the exposure of not knowing the legalities of those markets that a buyer's agent would step you through and help you avoid.

[00:06:15] Pete: Yep.

[00:06:16] Imti: Because you might pick the right property and then the terms end up getting completely unwound on you and you're stuck with something that you can't get out of.

[00:06:24] Pete: We've talked about that before.

[00:06:25] Imti: Yes. We

[00:06:26] Pete: the podcast. So Yeah. That exact scenario happened.

Yeah.

[00:06:29] Imti: Mm-hmm. So I think that one was a relatively easy one, but these next two that come up really often might change your minds a little bit. I'm interested to see where we all land. We've covered the initial scenario. We've covered, they're now with the market. Now the a BA still costs the same amount of money. They're very familiar with the market that they're looking in. They haven't bought before, but they've got plenty of time. So they've got the time to invest and they know the area that they're looking in. Should they use BA or not? All right.

3, 2, 1.

[00:07:04] Pete: They're all the same again

[00:07:05] Imti: there we go.

[00:07:06] Skye: I nearly crossed it out though.

[00:07:08] Imti: Okay.

[00:07:08] Skye: Because it still comes back to having the ability to make a decision. You can have all the time.

[00:07:14] Imti: Mm-hmm.

[00:07:15] Skye: You can have the knowledge, you can have the firsthand experience on the area and still not make a decision.

[00:07:20] Imti: That's true. For anyone who's only listening, we all said no. That in this situation we would say that you wouldn't a BA. But Skye, you're still on the fence.

[00:07:29] Skye: I'm unsure

[00:07:30] Imti: Yeah.

[00:07:30] Skye: Because I've just seen enough people not decide and lose hundreds of thousands of dollars 'cause they missed the market.

[00:07:38] Imti: Hmm. you're changing your decision?

[00:07:40] Skye: I think so.

[00:07:41] Imti: Okay.

[00:07:41] Skye: Yes. 'Cause you said you can't be on the and I was like, I just need a bit more time.

[00:07:46] Imti: Can't be on the fence.

[00:07:47] Skye: I'll say yes,

[00:07:48] Imti: but wrote no with a question mark. I've got, nope. With a big smiley. With the access to tools like HTAG, Suburbs Finder, the ABS data, your eyes will completely widen as to the access of data that you have at your fingertips. If you've done all the work, you know the basics around cashflow, the area that you're looking in, savings, buffers, and you've got all those risk mitigants in the bank. I don't think that you are gonna outperform the BA in that situation. If you've got the time and you've got the knowledge and by the 18 grand that you're gonna keep in the bank.

[00:08:27] Pete: Yeah. I, I think it's fair. I think you gotta put a time limit on it though. So mine's a no, but if you haven't bought anything in six, 12 months, that's when you've gotta think about getting a buyer's agent.

[00:08:36] Imti: Mm-hmm.

[00:08:36] Pete: And I think that's where a buyer's agent will add a lot of value for that particular client. 'cause again, it's about taking action, but immediately, no, they don't. I don't think they do.

[00:08:45] Imti: I think that's interesting, coming from a BA.

[00:08:47] Skye: Yeah. A buyer's agent says no,

[00:08:49] Imti: the buyer's agent actually says no in this situation. Whereas I think most people would've just expected you to say

[00:08:54] Pete: yes, yes, yes.

[00:08:55] Imti: Yeah. Everyone needs a BA.

[00:08:56] Skye: The time limit is exactly I referring to.

[00:08:58] Pete: Yeah, that's right. I think we're similar like Yeah. '

[00:09:00] Skye: Cause if you've got all the time, you've also got all the time to deliberate

[00:09:04] Pete: Yeah. Can work against you.

[00:09:05] Skye: Mm-hmm.

[00:09:06] Pete: I'm assuming that this person is an action taker

[00:09:08] Skye: If they're intentional

[00:09:09] Pete: Yeah. And they can do it.

[00:09:10] Imti: Okay. Is there anything that would sway your decisions either way in that situation? Obviously there's the, they had time but they didn't use it.

[00:09:19] Pete: It depends on them. If they're historically a type of person who what what again, analysis paralysis.

[00:09:24] Imti: Analysis paralysis. Yeah.

[00:09:25] Pete: If they're that type of person and they've got a history of that, then I would just be getting a buyer's agent. That would sway me right towards a buyer's agent.

[00:09:31] Imti: Mm-hmm.

[00:09:31] Pete: you can look at data as much as you can. And you mentioned those platforms. There is a lot there.

[00:09:36] Imti: Yeah.

[00:09:36] Pete: So people have tried to do it in the past. I've had clients try and do it in the past they've gone onto these platforms and then they've tried to do it and they can't make a decision 'cause it's just too much information.

[00:09:45] Imti: Yeah. You might have the time, but can you actually pull a trigger on making the decision?

[00:09:49] Skye: Mm-hmm.

[00:09:49] Pete: Yeah.

[00:09:50] Imti: Instead of sitting on data forever, and not doing with it.

[00:09:53] Pete: Yep. Because we are looking at a hundred different metrics that you can look at.

[00:09:57] Skye: Yeah. Because that can be a distraction in itself, right? Like you feel like you're doing something Yeah, I'm gonna invest.

'cause I'm deep in this data. Yeah.

[00:10:02] Imti: Yeah. I'm going

[00:10:03] Skye: 10

[00:10:03] Imti: open homes. I'm looking at all this data. data It's

taken

up

the,

the,

last

four

months of of my life.

[00:10:08] Skye: Yeah.

[00:10:09] Imti: But you haven't actually put in an offer on anything.

[00:10:11] Pete: Yeah. 'cause you looked at one data point, which is in the negative and you've used that to justify reason not execute. Again, a lot of people do that.

[00:10:18] Imti: Yeah.

[00:10:19] Pete: not

hatin on who does it. I've done it before. You know, we all get wrapped up in those kind of decisions, so. Yeah.

[00:10:24] Imti: Yeah. You guys are really getting me close to actually changing my mind here. because the other thought that I just had was if they've got plenty of time, it can be a double-edged sword where they could wait for the market to bottom out. They could be trying to time the market. And so they go, this is the area that I wanna buy in. But the property market's not looking like it's doing too crash hot at the moment. And it's really relevant to what's going on right now.

[00:10:47] Pete: Yep.

[00:10:48] Imti: What we're seeing with clients, online, industry in general. So, so many people are waiting for the market to bottom out. And that's almost when plenty of time works against you.

[00:10:58] Pete: Yeah.

[00:10:58] Imti: And so you just really need to be aware of that, that it's a 10, 15 year game and in 10 years time you won't look back and go, oh, I wish I waited six months to buy that property 'cause I would've gotten it for 10 grand cheaper.

[00:11:10] Pete: Yeah.

[00:11:11] Skye: Mm-hmm.

[00:11:11] Pete: And when it bottoms and turns, it does happen quickly. Not skyrockets, but it bottoms and then lifts itself up a bit and then it's equilibrium for a bit.

[00:11:19] Imti: Yeah. And it lifts earlier than everyone expects

[00:11:21] Pete: It does. Yeah.

[00:11:22] Imti: And then it turns into a situation where, oh, I should bought six months ago when I thought the market was still gonna bottom out.

[00:11:29] Pete: Yep. But one more point on that, with the data, if the market's running hot, people get stuck on looking at the median values, like

[00:11:35] Imti: mm-hmm.

Let's say,

[00:11:36] Pete: and all the data platforms will say something different for the exact same suburb. One will say it's grown by 5%, another one could say it's grown by 18% in a year, whatever platform you're using. And if you're looking at that the suburb's only grown by like 7%, will use that as a justification to look at properties that sold 12 months ago. Add 7% on top and that's their ceiling. Realistically we all know data is lagging at least

[00:11:57] Skye: 30 days behind.

[00:11:58] Pete: Oh, minimum. Minimum. So that's another reason as well where people will get stuck, and they'll keep making offers. And they'll wonder why they're not getting anywhere. 'Cause they're relying on data that's old. Once it's printed it's old.

[00:12:08] Skye: Absolutely.

[00:12:09] Imti: On plenty of time skye, you've changed your answer from no to yes. Pete, are you sticking with no.

[00:12:14] Pete: Yeah. I'll stick with, no, i'll stick with no. Assuming they can take action.

[00:12:17] Imti: Yeah. I'm also gonna stick with no, but instead of a smiley face, it's probably more of a flat expression where yeah. Just all those pitfalls of having too much time. You need be action orientated. If you're action orientated, go for it. If you know that you're gonna fall into a situation of just trying to analyse everything to death and do everything perfectly like yours, truly, if anyone knows me personally,

I

[00:12:39] Skye: Which I think anyone who's into data

[00:12:40] Imti: Yeah, sure.

Correct. Very guilty of that. Where even the time will actually work against you. And you probably will need a BA.

[00:12:48] Skye: I feel like you should probably change your answer. Just sayin,

[00:12:50] Imti: Nah, i'm gonna be stubborn.

Alrighty. So we've covered off baseline, first time investor situation. We've covered them going interstate and looking at an area that they're not familiar with. We've covered that they know everything, they can afford a BA and they've got plenty of time, which initially was a no-brainer that they shouldn't use a BA but then two of us changed our mind and funnily enough, the a BA stuck to his guns and said that you don't need one. Let's bring it home with our third scenario. And this one happens very, very often. And it's a real time choice that I personally work with first time investors on when we're structuring their finance. Usually first time investors are really limited when it comes down to a deposit and how much they can buy for, 'cause usually they're doing it by themselves, or they're a younger couple that, they're early in their careers and they may not have the capability to purchase for an extremely high purchase price. And so the BA's fee is a huge deal because 18 grand is a lot of money. That can really change what someone can purchase for in a lot of situations. So in this situation, same person, they're confident in the area. They are a bit time-poor still. But paying for a BA, that $18,000 reduces their purchase price by $180,000. So they go from being able to buy for $700,000, for example, that drops to them being able to purchase for $520,000 because they have to pay a BA. Do they use one or or not?

And for anyone who's listening, we are all actually racking our brains and struggling to write answers right now. Alright, reveals. 3, 2, 1. Okay! So

[00:14:41] Skye: mine's a really small no

[00:14:42] Imti: Pete's a no.

[00:14:43] Pete: Yep. Big no.

[00:14:44] Imti: Big no, with a big underline. Skye's a little no. And I'm a yes, if.

[00:14:50] Skye: For someone can't

sit the fence, you

seem to be

sitting on fence bit.

[00:14:53] Imti: Nah, nah. It's a yes. If it's, it's a

[00:14:55] Pete: maybe.

[00:14:56] Imti: Nah. Okay. Yeah. Look, maybe it's a maybe, maybe it's a bit of a cop out. But there is a reason there. Who wants to lead us off little? No big. No.

[00:15:04] Skye: Big, no.

[00:15:05] Pete: Well it's same scenario as before, right. But in even more of a reason where you gotta take action. The only time I might change my mind is if they're open to different states all that kind of stuff. And you can broaden out where you're looking. But at the end of the day, like we said, they the area, they've researched it. So if they know the area, and that's the,

[00:15:21] Skye: if you know what you're doing,

[00:15:22] Pete: if that's the market they wanna buy in, that's then they likely have already set the budget at 700. If that's the research that they've done, and that's where they're gonna look out unless they want to go down to a unit or something like that. But in my experience, once people have done the research that's where they wanna buy, that's where they're gonna buy or try to buy. And it's gonna take a lot of convincing otherwise, which I don't think is a BA's job to talk people out of buying in an area where someone is, you know, absolutely set on.

[00:15:46] Imti: So in your experience, you've seen it happen very often where a client would be fixed on an area and they'll come to you mm-hmm. But they'll still I wanna buy this area.

[00:15:55] Pete: yeah, yeah, yeah. And it happens like we, people who live in Adelaide, for example, it's, we've got options in victoria tazzie or wherever we may be looking, but they wanna buy in Adelaide, which is completely fine you've got the budget. But if you don't have the budget, then you don't have much a choice but to go interstate. Again, assuming that this person is absolutely set on that location, which is what the scenario says. Mm-hmm. That's why it's a no.

[00:16:16] Imti: Well, scenario says that they know the location, not that they're fixed on the location.

[00:16:20] Pete: Yeah. But they've researched it, right?

[00:16:22] Imti: Yeah. Yeah. They've researched it, they're comfortable with a, they think that it's gonna perform well.

[00:16:25] Pete: Yes.

[00:16:26] Imti: And they're fairly confident. Okay.

[00:16:27] Pete: Yeah.

[00:16:28] Imti: So you're saying buy the higher price point, don't pay a a BA and secure the property for 700 grand.

[00:16:34] Pete: Yeah. Assuming that's the only area they're gonna gonna buy.

[00:16:37] Imti: Mm-hmm.

[00:16:37] Pete: Like if they're not willing to compromise.

[00:16:39] Imti: Okay.

[00:16:39] Pete: Which I think based on the scenario, they're not.

[00:16:41] Imti: All right. Before we get to little no, I'm gonna jump in with a yes if, except again, i'm gonna be horrible and break my own rules here. I'm gonna have two ifs. The first one is, if they're open to looking nationally and letting go of the area that they're fixated on,

[00:16:58] Pete: Isn't that changing the scenario?

[00:17:00] Skye: Yeah.

[00:17:01] Imti: No, no.

[00:17:02] Skye: He's just making up the rules as he goes along.

[00:17:04] Pete: That's why I went with no

[00:17:05] Skye: I've got children who do this.

[00:17:07] Imti: If you can be confident on an area

[00:17:09] Pete: Yeah.

[00:17:09] Imti: But you are open to alternatives.

[00:17:12] Pete: Mm.

[00:17:12] Imti: Those two things can be true at the same time, I've been really bullish on areas and have done well, but then in retrospect I've been extremely wrong. but yes, I'm breaking my own rules. I agree with you. so

[00:17:23] Skye: believe that was an apology.

[00:17:25] Imti: if they're open to other areas, I would say use the a BA.

[00:17:28] Pete: Mm-hmm.

[00:17:29] Imti: I think 520 in the right area will get you further than 700 in the wrong area.

[00:17:33] Pete: Yeah.

[00:17:33] Imti: and also being confident on an area doesn't mean that an area is gonna perform well. You can get really, really excited when you're looking at buying your first property and then you start looking for data that reinforces your point of view.

[00:17:46] Skye: Confirmation bias, yeah.

[00:17:47] Imti: And you start thinking, yeah, this area is really, really great. And I say this respectfully 'cause I've been the person who was overconfident in this situation. As a first time property investor, your confidence level is measured on your capability. Yes, you may be confident, but your confident and an experienced BA's confident are two very different things. So that would be my first yes, if. My second yes, if comes down to if there's a creative lending solution there for them. If they can potentially use something like a parental guarantor and still borrow the same amount and bank that cash,

[00:18:22] Pete: yeah.

[00:18:23] Imti: Then I would be like, use the a BA

[00:18:26] Skye: Maybe we just need a clearer scenario.

No, no, no, no, no. no. You just need me not to change the rules on you guys.

Yeah.

[00:18:31] Imti: But that also kind of turns it into a no. It's just two very outlying situations where I would go, you know what, pay the a BA and go at a cheaper price point, because we've all seen it where people have gone solo, not wanted to pay for a BA, and then ended up in a property that has done nothing and they've got no growth, poorer cash flow because they thought that they were buying the best quality asset or having the highest value asset in the bank, which is, you know, everything that every internet guru will spruik is, you know, the highest asset base you possibly can, but that's not true. It's have the best assets you can and hold them for as long as possible. And so i'm probably just more conservative where I'd just be like, if you can, it's a 10, 15 year game, pay the a BA, take the stress out of it, set and forget.

But you are giving me a very, very dagger-y look Skye.. Little, no,

[00:19:22] Skye: The little no was just around, the premise of buying the most amount of property you can afford.

[00:19:29] Imti: Mm-hmm.

[00:19:29] Pete: Mm-hmm.

[00:19:30] Skye: Because yes, we could probably talk for days on the, the differences between say the right area versus the right property, but a lot of what we know, both in your experience and myself in the other side of it being a long-term thing, that if you're buying a crappier property at 500 versus 700, your experience is gonna be better at 700. That's my reasoning.

[00:19:52] Imti: Mm-hmm.

[00:19:53] Skye: What's that saying?

[00:19:54] Imti: Best house in the worst street?

[00:19:55] Skye: Yeah. We don't want that. But if it means that you're able to buy either more property because you can buy a house versus a unit.

[00:20:03] Imti: Mm.

[00:20:03] Pete: comes down to the quality of property. Yeah.

[00:20:06] Imti: Yeah. Yeah.

[00:20:06] Skye: That's my argument.

[00:20:07] Imti: Mm. Yeah, no. I think that's fair. All things being equal. If a buyer'ss agent doesn't dramatically outperform the market and a first time investor just does the average, 700 at the average will outperform 520, that does really, really well.

I think it just comes down to then your personal risk tolerance, right?

[00:20:25] Skye: Mm-hmm.

[00:20:25] Imti: The, both of you guys are probably more,

[00:20:27] Skye: I have a really

[00:20:28] Imti: pretty, pretty decent on the risk tolerance side of the fence, whereas I'm probably a little bit more conservative, right? And so for the two of you, it could just be, yeah. 700 and if they perform at the average, they'll get a better result, which is a hundred percent right, because a BA gonna outperform the difference between five 20 and 700.

[00:20:46] Pete: Unlikely. Yeah.

[00:20:47] Imti: Not a chance.

[00:20:47] Pete: Not in the current market, no.

[00:20:49] Imti: Whereas for me, I'd just be more concerned with that confirmation bias and feeling overconfident and then starting your journey on the wrong foot.

[00:20:58] Pete: Yep.

[00:20:58] Imti: If you're really taking like a long-term lens from it.

[00:21:01] Pete: I'll just throw one more at you as well as to why it's a no. People need to make a decision. And Most of the time a decision is better than no decision. So when people come to us and they've got this certain biases, if I don't think it's possible, then it's a no.

[00:21:14] Imti: Mm-hmm.

[00:21:14] Pete: you don't really wanna, as a buyer's agent, take someone on if they wanted to buy something in that same area and you take ' em on knowing that their budget capacity is not there.

[00:21:21] Imti: Mm-hmm.

[00:21:21] Pete: It's not a good look and not a good experience for the buyer. The buyer won't buy, they'll just use it as an excuse to be like, you know what? I'm not gonna buy.

So they won't do anything. It's also that element too, where you've gotta balance, if people are really set in their ways in terms of what they wanna buy and where and what budget and that I try and present what I can, but if they're still kind of keen on that, then that's where it gets a bit hard.

[00:21:42] Imti: Mm.

[00:21:42] Pete: And you just don't want them to not make a decision. ' Cause putting $500,000 into the market, $700,000 into the market is nine times outta 10. If you get the market right, it's gonna be better than not doing it.. So, ,

[00:21:53] Imti: So,

No agree. Yeah. The taking action point.

[00:21:56] Pete: Yeah. Within their risk tolerance levels. 'Cause some people don't want to go into interstate

[00:21:59] Imti: and ultimately it's emotional, right?

[00:22:00] Pete: It is. People say it shouldn't be, but it is.

[00:22:03] Imti: Is. Always is.

[00:22:03] Pete: It's a lot of money.

[00:22:04] Imti: It's a lot of money.

[00:22:05] Pete: Like it can't not be,

[00:22:05] Imti: houses are tangible things. We feel feelings and. All of that shouldn't be ignored. It just needs to be directed. Unless you're a full blown psychopath, you can't be unemotional about a decision.. Cool. I really like that because I don't think we landed on a universal rule here on should a first time property investor use a buyer's agent. But to bring us home, if both of you wanted a listener to take one thing, Pete, what would yours be?

[00:22:33] Pete: So if you're paying for a buyer's agent, use 'em. Take on their advice, question ' em, push back, but ultimately, they've got the expertise, the experience, you've picked them for a reason, and I think you just gotta trust ' em and, take on their advice.

[00:22:44] Imti: Mm-hmm. Skye, what would yours be?

[00:22:45] Skye: I don't know many scenarios where it's not a good idea. People just assume, oh yeah, but I can do it myself. Yeah. But should you?

[00:22:52] Imti: mm-hmm.

[00:22:53] Skye: I just don't see many scenarios where you shouldn't use one if it's for investment.

[00:22:57] Imti: you could go to bunnings and replace a toilet but would you?

[00:23:00] Skye: But should you? Yeah, exactly.

[00:23:01] Imti: Mm-hmm. No, completely completely agree. Mine would be having a buyer's agent there, make sure you pick one that challenges you. Don't work with someone who will just feed your confirmation bias. You want someone who's gonna respectfully challenge you and push back on you. And those types of working relationships with your professionals are the ones that are gonna get the best result. And if you can find one that does do that, go for it. And if you can't and you've got the runs on the board and you know what you're doing, then potentially just back yourself and maybe find a negotiation-only a BA if you're short on time. But that'll wrap us up guys. So thanks.