Buyers Agent Perth
Buyers agents are licensed professionals that specialise in searching, evaluating and negotiating the purchase of property on behalf of the buyer. They do not sell real estate. The key difference between a buyers’ agent and a traditional selling agent is who they represent. A buyers agent Perth works exclusively for the buyer, whereas the selling agent works for the vendor (seller).
You don’t have to appoint a buyers agent Perth to handle all aspects of a real estate transaction. You may wish to locate the property yourself and then use a buyers agent to represent you in the negotiations, bid on your behalf in an auction or make contact with the owner directly. Alternatively, you may wish to appoint a buyer’s agent to find a property for you and then negotiate the purchase on your own.
It is important to discuss the specific services you are looking for in a buyers agent Perth and ensure these are marked clearly in the contract as well as the fee payable for each service.
It is important to discuss the specific services you are looking for in a buyers agent Perth and ensure these are marked clearly in the contract as well as the fee payable for each service.
Why use a Buyers Agent?
There are many factors that may necessitate you to engage the services of a buyers agent Perth.
These include:
A buyer's agents skills will help to address each of the above scenarios. A buyers agent Perth helps you by:
If you are an investor, you may also need advice about other matters, such as the desired rent, whether the property will attract tenants, and any capital expenses or repairs that will need to be carried out in order to attract tenants at the desired rent. It is important to note that under the Corporations Act 2001 the buyer’s agent cannot provide you with financial advice unless they hold an Australian Financial Services license. This is an important consideration if you are planning to build a property portfolio, as there are many buyers agents who hold this qualification.
These include:
- You do not have time to look for a property and need another party to find a property for you
- You would like an objective third party to act in your best interests by negotiating a deal on a property you have found
- You have limited knowledge of desirable areas or particular features a property should have
- You are not aware of market value
- You do not live in the area
A buyer's agents skills will help to address each of the above scenarios. A buyers agent Perth helps you by:
- Representing your interests 100% throughout the purchasing process
- Having an in-depth understanding of the processes involved in the buying process, and providing you with advice, information and support
- Saving you time by conducting searches based upon a general understanding of the type of property you want.
- Negotiating the very best price for the property you wish to purchase, not affected by any emotion that the property may bring or the mind games that may be played by the real estate agent.
- Conduct an assessment of the properties prospects for capital growth or rental yields.
- Access databases and information that are not readily available to the public, including access to properties that have yet to be officially placed on the market.
- Eliminate the stress of the buying process, leaving you to select the property you want without any unnecessary pressure added.
If you are an investor, you may also need advice about other matters, such as the desired rent, whether the property will attract tenants, and any capital expenses or repairs that will need to be carried out in order to attract tenants at the desired rent. It is important to note that under the Corporations Act 2001 the buyer’s agent cannot provide you with financial advice unless they hold an Australian Financial Services license. This is an important consideration if you are planning to build a property portfolio, as there are many buyers agents who hold this qualification.
How do I Find a Buyers Agent?
A buyers agent Perth can assist you throughout the purchasing process and help you to stay focused and enjoy the buying process. However, like any profession, there are good buyers agents and not-so-good buyers agents.
Have your buyer's agent answer the following questions:
You may wish to email the following questions to your buyers agent Perth prior to their engagement. A buyers agent that you want to use is one that is more than happy to answer these questions, as by answering these questions you are establishing an up-front and honest relationship and will have the confidence to proceed safe in the knowledge that you have someone representing your best interests.
Have your buyer's agent answer the following questions:
- What are your skills and experience as a buyers agent?
- What is your fee?
- How is your fee determined?
- What services are included in your fee?
- Are there any additional fees/charges?
- Do you need my authority to incur additional fees/charges?
- How frequently will you provide me with a list of suitable properties?
- How thoroughly do you evaluate properties on the list? What research do you undertake before recommending a property to me?
- How does the negotiation process work?
- What strategies will you employ to achieve the best possible outcome for me?
- Are you a member of a relevant industry body, such as the Real Estate Institute of WA (REIWA) or the Real Estate Buyers Agents Association of Australia?
- Can you provide references from former clients?
- Do you have Professional Indemnity insurance?
- Do you have a conflict of interest? In other words, are you the selling agent for a property that you think I might be interested in purchasing?
- What happens if I locate a property myself or inherit a property during the period of our contract?
- Does the Written Authority clearly state the services the agent is going to provide?
- Does the fee need to be paid before or after settlement?
- What happens if you decide to stop looking for a property to buy?
- What happens if you purchase a property without using some/all of their services?
- What are the restrictions of the Written Authority? Is the agreement exclusive to the buyer’s agent for a set period of time? This set period of time is called the ‘authority period’ and may affect any decisions you make with regard to buying a property. See the case study next for more information.
- Do you have professional indemnity insurance?
- Are you also a selling agent?
You may wish to email the following questions to your buyers agent Perth prior to their engagement. A buyers agent that you want to use is one that is more than happy to answer these questions, as by answering these questions you are establishing an up-front and honest relationship and will have the confidence to proceed safe in the knowledge that you have someone representing your best interests.