With more and more buyers enlisting the help of a professional buyer’s agent, we reveal the top six questions all buyers should ask their personal advocate.
How experienced is the buyer’s agent?
The buyer’s agency industry is emerging in Australia, despite having been quite active in the UK and the US for the past three decades. Many new operators have set up shop without prior or field experience. Ensure your buyer’s agent is REBAA accredited and has proven experience in the areas you’re looking to buy.
Do they operate as an exclusive buyer’s agent?
Your buyer’s agent needs to be truly exclusive when acting for you in the purchasing transaction i.e. is ONLY getting paid by the buyer and nobody else. If the buyer’s agent is receiving kickbacks or commissions from other parties, they are not being impartial.
Are they a licensed buyer’s agent?
Often an agency can licensed in one state but not the other and still advertise that they act for purchasers of property interstate. Every state and territory in Australia has different licensing requirements to you need to make sure that the agency you’re dealing with holds a real estate qualification for the state you’ll be buying in. Check with the Office of Fair Trading in your state to see the licensing requirements for buyer’s agents. Accreditation with REBAA and state-based Real Estate Institutes are recommended.
What and where are their most recent purchases?
It’s often a good idea to view recent property purchases to get an understanding of the buyer’s agent specialty areas as not all will be able to assist in your preferred suburbs or towns.
Can they provide recent client testimonials/references?
Generally ask to speak to previous clients, just as you would speak to a referee for a job interview. This process can help alleviate any concerns you have about a prospective agent.
Are they REBAA accredited?
REBAA is Australia’s largest industry body of accredited buyers’ agent with licensed professionals in every state of Australia. We ensure our members are experienced, licensed in their respected state and are operating with the required Professional Indemnity Insurance and are acting exclusively and in the best interests of the buyer.