Buying

Role of the Buyer’s Agent

Ultimate First Home Buyers Guide

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.

Costs Involved

  • 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

Visit What is a buyer’s agent and do you need one for more information.