Buyers Agents have the potential to make your life a lot easier. Their job is to act for YOU, the buyer, in sourcing an appropriate investment property or future home that meets your needs.
Many people (including today’s first time homebuyers) still believe the real estate agent acts for you as the buyer!
In reality, as those of us involved in any property transaction before will realise – 99% of real estate agents are typically sales agents. They do not generally concern themselves with what property you are looking for. Contact the agent for a property you like and the moment you do not select a property he is currently listing, you can look forward to being largely ignored and any new requests falling on deaf ears (or being hit with the delete key).
The typical agent acts for the seller, and he is paid to do so. Hence, his sole motivation is typically to sell for the highest price – to you the buyer – who will hopefully give him the least amount of work or stress, and will buy it quickly, for the asking price. And, in some cities, place a deposit on the property on the same day the price is agreed, regardless of whether you have finance approved, or not!
Buyer’s agents are a relatively new property search service – designed to focus on the other side of the deal – YOU, the buying side. They can use their existing network of selling agents, property owners and other professionals to spot properties that have not yet entered the market. They can use the research and history of the local market – together with key facts researched about the seller, to identify a buying opportunity for you.
These agents will listen to your brief, search the market and come up with viable purchase alternatives; they will then negotiate and bid at auction on your behalf if required. If they are good they will ask plenty of questions to refine what it is you actually want. Now, the challenge for you is: just know what it is you want!
More information: Australia has a National Association of Real Estate Buyers Agents, established in 2000 – the REBAA. Their website has a Buyers Agent database and provides information about registered agents and also the Standards of practice and Code of Ethics that members are expected to adhere to.
The NSW Real Estate Institute provides a buyer’s agent database to help you find a licensed buyer’s agent in NSW: here
Here are some Buyer’s agent businesses to research: It is suggested you work with a dedicated exclusive buyers agent rather than an Agency that also represents owners selling real estate.
Or contact firstname.lastname@example.org for more information.