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From scouting for properties to final settlement, buying a property is stressful and time-consuming at the best of times. Enter the buyer’s agent. Sometimes called buyer’s advocates, these licensed professionals are charged with helping you to navigate the property market and find your dream home or investment at the best possible price.
Many Australians are intimidated by the prospect of trying to be successful in the property market without help, so it’s little wonder that buyer’s agents are gaining in popularity. Read on to find out more about what a buyer’s agent does, and how to choose the right one for you.
A buyer’s agent specialises in researching, evaluating and negotiating a property purchase on behalf of an interested buyer. There are two main services an agent can perform for you:
Full search
Sometimes referred to as full service, this is a common option if you’d like assistance with your purchase from start to finish. It includes searching for properties that meet your criteria, negotiating the sale price and bidding at auction.
Auction bidding only
You can also employ a buyer's agent just to bid on a property that you have found yourself. Auction bidding is not for the faint-hearted, so it can be helpful to have an experienced professional represent you on the day. This option is often taken up by interstate or overseas buyers.
Like most things related to buying a house, buyer’s agents don’t come cheap. Fees vary according to the services the agent is employed to perform, and usually fall into one of these categories:
Fixed fee | Some agents may lock in a flat rate or fixed fee, which is usually segmented into price brackets according to the value of the property you’re looking to purchase. |
Commission | Usually charged at 1.5% – 3% of the final purchase price, plus GST. |
Retainer | Be mindful that regardless of whether an agent is using the fixed fee or commission model, you may be asked to pay an upfront fee of anything from $1,000 to 50% of the total fee payable. |
In spite of the cost, provided you do your research and choose an agent who’s transparent about their fees from the outset, a buyer’s agent could save you significant money in the long run.
You can read more about buyer's agent fees in our handy guide
Working with an experienced buyer’s agent can make a significant difference to your property purchase. Agents can help with:
Choosing the right buyer’s agent could be the difference between finding your dream home and investing in a dud. One word is key and bears repeating: research, research and research.
Being clear about your objectives from the get-go is essential if you want to find a buyer’s agent who meets your expectations. Explain your budget, exactly what sort of property you’re after, your location preferences and, if applicable, how you want the property to complement your investment strategy. Then it’s time to make the potential buyer’s agents really work for your business.
Once you have a shortlist of potential buyer’s agents, ask each of them a set of questions to narrow the field even further. Treat this as though you’re interviewing someone for a job:
Pictures: Shutterstock
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Hi,
I’m about to set up a SMSF and wanting to invest in residential properties. I was told to use buyers agent to help me buy worthy, best performing investment properties. Can you please help me select reputable buyers agent that can source or have their presence/offices in all/most Australian states. Also their rates/fees if available?
Thanks Kindly,
Aiden
Hi Aiden,
thanks for the question!
To find a reputable buyers agent I would recommend searching the PropertyChat forum or starting a thread there – there are many recommendations there for good buyers agents. Alternatively you can search on the Real Estate Buyers Agents Association of Australia (REBAA) website. This is the professional body for buyers agents in Australia and allows you to search by state.
I hope this helps,
Marc.