A Buyer’s Agent is someone who assists you in finding and purchasing property. They are engaged by the buyer and represent them wholly and solely in the purchasing side of the property transaction.
Buyer’s Agents are paid by the Buyer. The fees are either a percentage of the purchase price or a fixed fee. Either way it is generally around 2% of the purchase price plus GST.
No they can not. If you come across a Buyer’s Agent who also sells property do not engage their services as they will not be 100% committed to you as a Buying client.
Buyer’s Agent should save you money in the purchase of property. Through understanding their local market, evaluating property and then negotiating hard they should make you savings. Time poor people will also save money by not wasting valuable time searching in the wrong areas, organising and paying for building and pest inspections, solicitor fees on the wrong property. If you are buying an investment property an experienced Buyers Agent should also buy you a property with not only good yield but potentially good capital growth as well.
Buyer’s Agents must have a sales persons certificate registered with the Office of Fair Trading and be working under a licensed real estate agent (not a selling agent). No other qualification is needed therefore it is imperative you look at the background and experience of the Buyer’s Agent you are going to engage. Property Valuation is a fundamental principal in working out Property Values so it is a good idea to go with someone with this professional qualification.
Engaging a Buyer’s Agent should:
- Save you time and essentially money in the purchase of property.
- Working with someone local who knows their area intimately with regard to future planning and developments, streets, café and shopping preccints, transport hubs, schools and local amenities as well as strong sales knowledge.
- Give you the upper hand when it comes to negotiations as the Buyers Agent should have a good working relationship with the agent they are negotiating with on a purchase and know their sales tactics.
- Local Buyer’s Agent’s should have a good working relationship with Sales Agents as this is a very important tool in finding and negotiating property. These strong relationships will be an very important as experienced Buyers Agents should be showing their clients through quiet listings before they hit the general market which is definitely a major advantage.
- Buyer’s Agents are working 24/7 in Property and through this will certainly have more information and experience than the average Buyer who has not engaged a Buyers Agent and therefore you the client will always be at least 10 steps ahead in the purchase of an outstanding property.