What is the role of the buyer’s agent? Essentially, they are someone who works closely with the buyer through all the relevant steps of purchasing a property. They are either fully licensed or act as a representative under a licensed agency. A Buyer’s Agent is employed to eliminate the stress and anxiety that is common when purchasing a property.
How a Buyer’s Agent Can Help You Purchase Your Home
A Buyer’s Agent can provide end to end services to support a buyer’s search and purchase on the home. They can help you with:
- Sourcing properties and creating a shortlist of the most suitable.
- Suggest whether the property requires a building inspection and providing a contact.
- Provide an accurate summation of the property’s worth.
- Having the contract and other documents reviewed by a professional.
- Assisting in the preparation of a Power of Attorney.
- Negotiating the most beneficial deposit and settlement terms for your requirements.
- Negotiating on your behalf for a private sale.
- Bidding on your behalf for a sale by auction.
- Negotiating access to the property before settlement if required.
- Accompanying/representing you at the final inspection.
- An upfront fee is usually payable, sometimes described as an administrative fee. This amount varies from $500 to $3,000 and is usually reimbursed once a property is secured.
- The fee for a full service (which includes assistance from start to end of the purchase) is approximately 2% of the purchase price.
- The fee to secure a property that a buyer has found themselves varies between .5% and 1% of the purchase price, depending on the work and time involved.
- Consultancy fees may also be charged.
*These are indicative fees only and can vary.
Finding a Professional Buyer’s Agent
A good place to find a licensed professional Buyer’s Agent in your area is on the Real Estate Buyers Agents Association of Australia (REBAA) site – http://www.rebaa.com.au
Read ‘What is a buyer’s agent and do you need one‘ for more information.
9. Role of the Buyer’s Agent