Pacific Property Buyers launches a no-upfront-fee service to guide first-home buyers through Sydney’s competitive property market.
Pacific Property Buyers has launched a new buyer’s agent service designed specifically for first-home buyers, removing the upfront engagement fee and lowering the cost of professional property advice.
After analysing my own client base, I noticed a clear pattern in the market.
About 40 per cent of my clients were first-home buyers, and that showed me there was a real opportunity to focus on supporting that part of the market.
Most first-home buyers who came to me had already been searching for three months or more. They had missed out on properties, been outbid at auction, or simply didn’t understand the right strategy to secure a home.
One issue consistently came up in conversations with buyers: the cost of engaging a buyer’s agent.
The biggest barrier was money. Traditionally, buyers are expected to pay an upfront engagement fee of around $5,000, followed by a success fee of approximately 2.2 per cent. If someone is purchasing a property worth $1 million, that can mean paying more than $20,000 in fees on top of saving for a deposit.
Many buyers were also worried that if they paid the upfront fee and couldn’t secure the right property, they would feel like they had wasted their money.
To address this concern, I introduced a new model specifically for first-home buyers. Under this structure, there is no upfront engagement fee, and buyers only pay a reduced success fee of 1.5 per cent if we successfully purchase a property for them.