If you’re looking to purchase a new home, investment or commercial property, a REBAA accredited buyer’s agent can help.
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Find Out About JoiningIf you’re buying a new home or investment property, it’s likely to be the largest purchase you’ll make in your lifetime. Which 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 buyer’s agent manages the entire process for you, which includes:
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 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 through to auction bidding and single property 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 advocate on 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.
There are many benefits of using a buyer’s agent when purchasing a new home or property, as a buyer’s agent helps you:
Choose your buyer’s agent carefully. Selecting the right agent is likely to result in you making the right purchase at the right price, saving you both time and money. The results achieved by a 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:
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 buyer’s agents do not sell real estate or accept any fees for doing so.
Buyer’s agents (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:
QLD
Queensland Office of Fair Trading
NSW
New South Wales Office of Fair Trading
ACT
VIC
SA
Consumer and Business Services
NT
Northern Territory Consumer Affairs
WA
Consumer Protection, Western Australia
TAS
Depending on the industry experience of the buyer’s agent you employ, for a full search, inspection, due diligence and negotiation service, the industry average fee is somewhere between 2% and 3% of the purchase price, plus GST and an engagement fee to get started, or a flat fee based on the purchase price and an engagement fee.
You may also want to engage your buyer’s agent to negotiate only on a property you have found yourself or attend an auction on your behalf and bid. These fees can be tailored depending on the level of service required.
When looking to purchase a home, having the knowledge and expertise of a buyer’s agent on your side can ensure peace of mind when making your investment. Find your local buyer’s advocate by visiting our Australia-wide directory today.
Have a question about buyer’s agents? It may have already been answered. Visit our Frequently Asked Questions for more.
