Property Buyer's Agent in Australia

A property buyer’s agent represents and acts on behalf of the buyer in the home buying process. Only in the past 10 years have the property buyer's agent become popular in Australia. Typically, the buyer would use the seller’s agent as an ally. However, this was often a conflict of interest, because the seller’s agents first allegiance is to the seller. The property buyer’s agent was introduced as an advocate for the buyer and can assist the buyer in a number of areas.

The property buyer's agent can:

1) Research properties for the buyer. Because they work with several clients, they can quickly identify problems. Before making an offer on a property, the property buyer’s agent will assist the buyer in making an informed decision.

2) Consult with the buyer to determine how much the buyer can afford and only show them properties within their specified price range and amenity requests.

3) Determine what the buyer needs, such as space requirements, amenities, and type of neighbourhood.

4) Arrange and accompany the buyer on viewings of the properties to assist the buyer in locating the properties that meet their specifications. The Property Buyer’s Agent can also save the buyer time by previewing the properties prior to the buyer to assure that the property would be of interest.

5) Bid at auctions on the buyer’s behalf.

6) Advise the buyer on how to propose an offer that will be appealing to the seller, while still keeping with the buyer’s budget and specifications.

7) Present an offer to the seller or seller’s agent on behalf of the buyer.

8) Negotiate with the seller on behalf of the buyer to assist them in obtaining the best deal on a property.

9) Obtain lists of properties that have sold recently in the neighbourhood and include this information as a part of the negotiations process.

Advantages and Disadvantages of a Property Buyer’s Agent

Advantages:

The buyer may only buy properties infrequently; whereas, the property buyer's agent views properties daily, negotiates daily, and participates in the home buying process more frequently than the buyer. Therefore, the property buyer’s agent can offer advice based upon their training and experience.

The property buyer’s agent does not work for the seller. They can truly work on behalf of the buyer to find the best home for the best price.

Disadvantages:

Property Buyer’s Agents are not free. Their fees may be fixed or a percentage of the price of the property. It is best to work with a flat-fee agent because the buyer can be assured that the agent has no incentive to promote one property over another. Be sure to shop around and choose a property buyer's agent that is your best advocate and that fits your budget.