Buyers’ agents are licensed professionals that represent investors, home buyers and developers in purchasing residential and commercial real estate. A Buyers? Agent specializes in searching, evaluating and negotiating the best possible price on behalf of the buyer. They do not sell real estate. The key difference between a buyers? agent and a traditional selling agent is who they represent. A buyers? agent works exclusively for the buyer, whereas the selling agent works for the vendor (seller). By law an agent cannot act for (and accept a commission) from both parties in the transaction.
A professional buyers? agent can provide you with all the knowledge you need to make an informed decision about the value of a property without all of the sales ?hype? often generated by sales agents and glossy brochures. At propertybuyer we give our clients objective feedback without fear or favour!
Buyers? agents will also ensure you don?t pay too much by providing recent local sales and background information about the true value of the property you are seeking to buy, so that you can make an informed choice. If you choose a licensed, professional buyers? agent, the saving you make on your next property could run into tens or hundreds of thousands of dollars, could be less stressful and is likely to take less of your precious time.
Many think that using the services of a buyers? agent is too expensive. This is not the case. Buyers? agents can save you money, time and stress, whatever your budget. In the US, over 50% of the population uses a buyers? agent to assist in the purchasing process.
Buyers? agents can give you the upper hand by their understanding of the auction process, bidding tactics and by not being emotionally involved in the auction or negotiation process. For investors, the buyers? agents fees are tax deductible. Buyer?s agents generally charge an engagement fee before they begin the search. The fees are either a flat fee or a percentage of the property purchase price.
An important question to ask a buyers 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. Only deal with a licensed buyers? agent. You can check licenses via the Office of Fair Trading in each state. Only use one that is an accredited member of your state Real Estate Institute and the Real Estate Buyers Agents Association of Australia (REBAA).
Here are 7 key reasons why you should consider using a buyers? agent:
- Access more properties (off-market / silent listings) via the buyers? agent network
- Leverage your time ? instead of searching the internet every day, inspecting unsuitable properties every weekend – get someone else to do the hard work for you
- Use a professional negotiator to secure the right property for you at the best price and terms
- Eliminate the stress and frustration of being shown inappropriate and unsuitable properties by selling agents that don’t listen to your needs
- Receive independent and unbiased advice – the buyers’ agent is on your side!
- Find the right type of property in locations with good prospects for capital growth
- Teamwork ? The buyers? agent typically has some great connections they can refer including finance brokers, building inspectors, solicitors, conveyancers, accountants and others that can make your purchase a breeze.? Having the right team of experts makes things that much easier.
To find out more information on how a buyers? agent works, visit http://www.propertybuyer.com.au
You can also download your FREE reports, including:
- Property Inspection Checklist
- How to select your buyers? agent
- Moving Checklist
- Top 20 Investment Criteria
This article was written by Fiona Isherwood, Senior Buyers Advocate, propertybuyer – Australia?s most awarded buyers? agents, having won over 30 business awards for excellence in the 17 years of operation.
At propertybuyer, they work exclusively for property buyers (not sellers), are totally independent and do not accept kickbacks or commission from sales agents or developers. They help save thousands of dollars for clients by undertaking extensive research and negotiating well.