Not All Buyer's Agents are created equal
Not all Buyer’s Agents are created equal – What to look for when engaging a Buyer’s Agent
There are many great reasons to engage a Buyer’s Agent:
- Gain the competitive advantage by having your own advocate who is representing your interests 100% throughout the purchasing process
- Save you time and money
- Negotiate the best terms on your behalf
- Provide an emotion-free perspective during the purchase
Although Buyer’s Agents are not as prominent in the Australian property market as they are in other countries such as the US, UK and Canada, Buyer’s Agents are now a permanent fixture in the property market landscape and it is useful to understand what to look for when seeking to engage a Buyer’s Agent. Let’s explore four key attributes:
1. Accreditation - In QLD, all Buyer’s Agents must be qualified and licensed Real Estate Agents. Whilst all Real Estate Agents can act as Buyer’s Agents, it is far better to engage a specialist and you should ask if they are accredited with either the Real Estate Institute of QLD (REIQ) or Real Estate Buyers Agents Association of Australia (REBAA).
2. Qualifications – This is where Buyer’s Agents differ most. Ask your Buyer’s Agent what relevant qualifications beyond their mandatory Real Estate training they have that will help you in your property journey.
3. Capabilities – This separates the wheat from the chaff. All Buyer’s Agents can deliver appraisals, conduct inspections and compile reports. What you are looking for here are Agents which have real researching skills and an ability apply analytical processes to understand the market better than your Real Estate Agent. Most of all, ask them what negotiation training they have and what negotiation strategy they plan to employ.
4. Fees – Prices cover the spectrum and typically Buyer’s Agents list ‘Lite’ and ‘Full’ packages based on what services they provide. Some Buyer’s Agents will charge a percentage of the list or purchase price. Our best tip is to find a Buyer’s Agent that only charges a fixed price or percentage of any gains made for the buyer. A good Buyer’s Agent should only be charging a fee if they have succeeded in providing an excellent service and saved you money!