Did you know that currently there is no barrier to anyone setting up and practising as a buyer’s agent in an interstate location?
Sometimes an agency can be licensed in one state but not the other and still act for purchasers of property interstate. Every state and territory in Australia has different licensing requirements so you need to make sure that the agency you’re dealing with holds a real estate qualification in the state you’ll be buying property in.
A licensed buyer’s agency means consumers are guaranteed that at least one agent within that agency is a qualified buyer’s agent. Even while some buyer’s agents are licensed they are not actually exclusive and are acting on behalf of sellers and buyers. This means that an agent claiming to be a buyer’s agent may in fact be working for a vendor or a developer at the same time and accepting payment from both sides.
REBAA recommends buyers ask their prospective agents the following question: “Are you licensed in that state and are you an exclusive buyer’s agent?” and if they aren’t, they should ask themselves whether that’s the best advocate to purchase a property on their behalf.
Exclusive buyer’s agents charge a fee for service directly and only from the buyer.
REBAA is Australia’s largest industry body of accredited buyer’s agents with licensed professionals in every state of Australia. As licensed agents we require that our member agencies are exclusive and covered by the required amounts of Professional Indemnity Insurance and are bound by REBAA’s rules of conduct.
We strongly recommend buyers use an accredited REBAA member or risk entrusting what is likely to be the most important purchase of their life to someone who is not wholly independent.
