After my recent blog about agents and misquoting to buyers and the conflict of interest that selling agents have, I thought I should talk about the other side of the fence – the buyer’s agent. This is a relatively new sector in our industry.
A buyers agent is just that. They are licensed, they do not sell nor manage real estate and they work exclusively for the buyer, representing their client’s interest 100% of the time. Their only source of income is the agreed fee paid by the buyer.
One such company is Property Search 4U. I first came across Fred Haggar in 2005 when he opened his offices in Sylvania Waters and Edgecliff. I have to admit I initially felt this service was “competition” but I was intrigued by it so I met Fred on a few more occasions and realised how different it is from my sector – the selling agency. I feel it is worthwhile introducing you to Property Search 4U.
It is standard practice in Australia to appoint and pay a real estate agent to sell a property. We the buyers have until recently been on our own when it came to finding and inspecting properties and negotiating the best price at the most favourable terms and conditions.
Buying a property is one of the most important if not stressful decisions we will ever have to make with significant financial implications. Our home represents approximately 60% of our household assets.
Given the seller engages the selling agent whose sole objective is to sell the property at the highest price, it makes sense we the buyers should consider employing our own advocate, who knows what we want and how to achieve our objective for the right price – hassle-free.
Generally speaking, buyers agents are appointed to search out suitable properties for their clients and negotiate the best purchase price. They are also regularly used to bid for clients at auctions, thereby taking the stress out of the auction while benefiting from their expertise.
TIME AND MONEY SAVED
According to the services required, buyers agents fees will vary from a set fee to a success based fee. These costs might be tax deductible for investors – best you speak to your accountant first. While owner occupiers are not currently entitled to this tax benefit, the buyer’s agent service continues to attract their custom because of the time and money they save in the long run. As well as not having to spend weeks or months looking through newspapers, internet sites, dealing with real estate agents and driving around to open properties, a buyers agent has the experience in the market and emotional detachment from the purchase. Combine this with their negotiating skills and buyers agents give their clients the right properties at the best prices and most favourable terms and conditions – stress free.
Property Search 4U
Phone 1300 76 17 18