Real Estate

Buyer's Agents

Buyer's agents specialise in searching out, locating and negotiating the purchase of property on behalf of the buyer. They are not sellers of real estate, and should not be, to lessen the possibility of a conflict of interest.

Buyer's agents (or advocates) are a relatively recent innovation in the Australian real estate scene - with most appearing only within the last seven years. They specialise in searching out, locating and negotiating the purchase of property on behalf of the buyer.

They are of particular importance to expatriates because of the obvious difficulties they have in conducting a thorough search of the market and acquiring a suitable property. It is not just a case of the problems inherent in conducting this exercise from a distance, and the inconvenience and cost of air travel, but also that an absence from the property market inevitably means you lose touch with prices and trends. Buyer's agents will claim that they will save the buyers money by netting them properties below the amount they were willing to pay.

Buyer's agents generally offer two types of services. The full service sees them search out properties meeting their client's criteria and also negotiate the purchase of the property ultimately chosen, whether by private sale or auction. However, would be purchasers may also engage buyer's agents purely to bid for them at the auction of a house they have found for themselves. To many people, bidding at an auction is an exceptionally stressful activity, and the buyer's agent brings a level of professional detachment and knowledge of the market and tactics that they simply cannot replicate - improving the chances of a successful purchase.

There is no set schedule of charges and they vary between agents; you may assume though that some buyer's agents will charge an engagement fee prior to beginning the search for a home - particularly if instructions are received from overseas. Users of the full service can expect to pay a flat fee or a percentage of the property purchase price. Using a buyer's agent only to bid at auction, however, carries a much lower fee. As always, you should seek a clear indication of all costs before proceeding to instruct an agent.

Which Buyers Agent?

Buyer's agents should be licensed real estate agents,and members of State or Territory Real Estate Institutes.

Exfin has chosen to provide users with an inquiry form which provides access to the Property Buyer's Agents Association of Australia (PBAAA). The PBAAA is a professional association which requires that its members meet certain professional and ethical standards, including:

1. Members must be fully licensed real estate agents in the state they operate within.
2. Applicants must have a minimum two years experience as a buyer's agent.
3. Applicants must have minimum 5 years property or related industry experience.
4. Applicants must be an exclusive buyer's agency.
5. Applicants must provide full disclosure of any prior offences.
6. Applicants must hold professional indemnity Insurance

All exfin.com inquiries will be directed to the President of the PBAAA, Mr. Peter Kelaher of PKProperty, who will redirect the inquiries to most suitable member of the Association depending on the location of the search, the type of property being sought and any other relevant consideration. When completing the inquiry form please be as detailed as appropriate regarding the property being sought, including price range, location, number of bedrooms, period or modern, land size etc.,

Should you wish to contact other buyers' agents then the best point of contact is the local Real Estate institute. The various Institutes are just now beginning to require buyers agents complete various training requirements and are appropriately registered. You should require as a minimum that any buyers' agent is a licensed real estate agent and that they do not also act as a sellers' agent because of the inherent conflict of interest.

Complete the Real Estate inquiry form