What is a Buyers Agent or Buyers Advocate? and Should I Engage One?

A Buyers Agent also known as a Buyers Advocate is a professional that specialises in helping a purchaser of property. They do not sell property and their primary focus is you and your needs. They will often search, source and evaluate properties for you and even negotiate on your behalf. A good Buyer’s Agent will also have a network of property consultants with properties that may not have even hit the market yet! It’s not uncommon for specialised properties to be sold out of the public eye.

You’ll see Buyer’s Agents at auctions held right across Australia representing their purchaser and placing bids. There are many upsides to hiring such a professional including:

  • If you wish to purchase property anonymously
  • You are unfamiliar with the sale process, or don’t have the skills
  • You don’t feel comfortable negotiating on a sales price
  • Can’t attend a particular event, or time poor and list goes on

The fees vary and depend on their skill set, time frame, type of property etc. But as a general guideline they normally charge either a flat fee or a percentage of the sale. But be wary that they are often not cheap as with hiring any professional… and you get what you pay for.

Just like any professional within the Real Estate industry a good reputable Buyers Agent will have the correct training and accreditation. They will also be part of the “The Real Estate Buyers Agents Association of Australia” or REBAA for short. For recommendations within your area head over to their website at: www.rebaa.com.au

If purchasing a property for investment reasons in some states their fees are tax deductable. So do ask your accountant prior to engaging and hiring – you never know unless you ask the question.

So the big question: Should I engage the use of a Buyer’s Agent? If you have answered yes to any of the above, it may pay to at least talk to a local expert. Again doing your due diligence and gaining as much knowledge before you buy could save you time and money in the long run.

 

Don’t forget to visit our “Tips & Blog” page for further information on all things Real Estate! And why not download the FREE “The Property Buyers Guide App” while you’re at it 😉

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