What is a Buyer’s Agent and why should I think about using one?
Due to the complexity of real estate, most people utilise a representative to assist in property transactions. Usually, the representative takes the form of a real estate agent and they are engaged for their expertise and market knowledge to sell houses. Many people will also speak with real estate agents when they begin to search for an owner-occupier or investment property, since most people believe that they will receive unbiased advice from the ‘local expert’.
What most people don’t understand is that real estate agents have a fiduciary duty towards their clients, otherwise known as the vendor. In simple terms, this fiduciary duty means that they are legally obligated to set aside all other interests (including their own) and only act in a manner that will see the best result for their client.
This fiduciary duty means that when people seeking advice on purchasing a local property engage the real estate agent, they are not likely to be receiving unbiased and genuine advice that is in their interests.
Buyer’s agents are the solution.
Unlike a real estate agent, a buyer’s agent (BA) is engaged by the purchaser and they are only concerned with finding the best property for their client. BA’s are all licensed real estate agents, meaning that not only do you get someone working for you who understands all the relevant laws and procedures, but you also get someone who understands all of the tricks of real estate agents.
Buyer’s agents are not just used in Australia, BA’s are also frequently used in the United States. In the US, BA’s have become so common that it has been estimated that up to 86% of property transactions will have one involved. This has helped everyday people be able to purchase property in a more time efficient manner, while also ensuring that they do not overpay and that their interests are looked after.
Armed with their real estate agents license and inside knowledge of property markets, BA’s are able to save prospective buyers countless hours of time that would otherwise be devoted to research, phone calls and inspections. Not only will a BA be able to give you back time and save you money, but they also have wide networks of industry professionals who help them find the properties and execute seamless transactions. These professionals can give BA’s access to off-market opportunities, perform quick due diligence and help arrange expedient finance for clients. All in all, buyer’s agents provide value for money in all aspects of a transaction. From ensuing your interests are looked after, to saving you time and money, through to industry partner access, you can rest assured that a buyer’s agent can help you.