I met with a mate of mine this week who is a buyer’s agent.
We were discussing the way the industry is heading and the role of the buyer’s agent.
For those who don’t know, a buyer’s agent is a real estate agent who is engaged by a buyer, to help them find and secure a property.
There is usually a signup fee, for example $5000, and then a success fee of about 2 per cent, when a property is found.
These agents offer benefits to two main groups of buyer: the busy homebuyer or the investor. They will research and price properties while also developing strategy and financing for people looking to invest in real estate.
One of the benefits of these agents is their impartiality. In some parts of the world, and even in Australia, both buyer’s and seller’s agents are housed under the one roof. But that conflict is enormous.
Imagine a company that boasts they get the highest and lowest price for their clients. Finding a credible buyer’s agent is like finding a credible selling agent. Interview them, ask them for their strategy and assess their impartiality in the market.
There are a quite a lot of high quality buyers agents operating around the country and a number are now in Brisbane.
If you can find an independent agent they can help you navigate the pricing and purchasing process.
Over the years I have seen many people, through pure ignorance, use the wrong entity on a contract, miss properties because they weren’t watching the market or simply lose a property because they had the wrong strategy in place. These losses can cost thousands more than the fee for service.
With auction laws in Queensland prohibiting agents from giving price guides the role for a buyer’s agent could become a huge part of our real estate industry.
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