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Buyer's Agent FAQs
What is a Buyer's Agent?
If you’re buying a new home or investment property, it’s likely to be the largest purchase you’ll make in your lifetime. This is why it makes sense to understand how the real estate game works.
If you’re just starting out in the real estate market, you’ve probably never heard of a Buyer’s Agent. Just like real estate agents who help you sell a property, a buyer’s agent or buyer’s advocate, is a licensed professional who works for you and acts on your behalf to search, evaluate and negotiate a property purchase. They aim to ensure you’re as fully informed as possible and that you don’t overpay.
Buyer’s Agents can offer either full or partial services to help you find the ideal property. Full service means the independent property agent manages the entire process for you, which includes:
- Target property brief development to ensure they secure the right property to suit your desired outcomes and budget
- Negotiate the property purchase price and terms
- Oversee the contracts and exchange
- Oversee and arrange due diligence such as building inspections, pest, survey and engineering reports
- Pre-settlement inspections
- Search available listings and access pre-market and off-market opportunities
- Inspect and short-list properties that are suited to your specific brief
- Evaluate recent sales data and provide a written appraisal
- Guidance through to settlement
- Tenant placement and property management
Why use a Buyer's Agent?
Buyer’s Agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers. They do not sell real estate. They are engaged independently and paid for by the buyer to act on their behalf. The key difference between a selling agent and a buyer’s agent is who they represent as, by law, an agent cannot act for and accept a commission from both parties in the same transaction.
Buyer’s Agents offer a number of different service options, ranging from complete searches to auction bidding and property or suburb research reports. Their aim is to ensure that the purchaser is as fully informed as possible and doesn’t overpay for the property. Having an experienced buyer’s agent on your side who is familiar with suburb values and the purchasing process also assists in maintaining objectivity when it comes to negotiating the best possible outcome.
Benefits of using a Buyer's Agent
There are many benefits of using an independent Buyer’s Agent when purchasing a new home or property, as they can help you:
- Gain an edge by having your own advocate who is representing your interests 100% throughout the purchasing process.
- Understand the complexities and processes of buying by providing objective information, advice and support.
- Save time by searching for and analysing property on your behalf. Having someone do this for the buyer often results in a more efficient and faster outcome.
- Negotiate to obtain the very best price and terms.
- Source the correct property in the right location with better prospects for capital growth and/or rental yield.
- Access databases and information not readily available to the public, including increased access to properties off market.
- Eliminate stress by having one representative looking after your needs, rather than dealing with several different selling agents.
How do I choose a Buyer's Agent?
- Choose your Buyer’s Agent carefully. Selecting the right advisor is likely to result in you making the right purchase at the right price, saving you both time and money. The results achieved by an independent Buyer’s Agent will benefit you in the long-term and should amount to substantially more than the fee. The choice of agent also comes down to who you feel most comfortable with, as a good relationship is also important in achieving a satisfactory outcome.When choosing a Buyer’s Agent ask the following:
- How experienced is the advisor?
- Do they have a solid local knowledge of the area they’ll be searching in for you?
- What qualifications do they have?
- What are their most recent purchases?
- Do they own property themselves?
- Do they have the contacts to find you the property that best suits your criteria?
- Are they REBAA accredited?
An important question to ask a Buyer’s Agent is whether they are truly “exclusive” or “independent”. If they accept sales commission from vendors or developers, then they cannot be classified as “independent” as they are acting in the interests of the seller. Independent property advisors or buyer’s agents do not sell real estate or accept any fees for doing so.
Property acquisition specialists (whether REBAA members or not) are required to hold a relevant license in each state in which they operate. If you have any doubt, concerns or are seeking any further clarification please contact the respective state office below:
