Using Buyers Advocate
A buyer’s advocate, or buyer’s agent, is a licensed professional who specialises in searching for and evaluating a property for you and then negotiating the purchase of a property on your behalf. You can also engage a buyer’s advocate to bid for you at the auction of a property.
Some buyer’s advocates have access to a wide range of properties, some of which may not even be advertised. They have knowledge of the market and experience in negotiating.
Having a professional seek out a property that meets your needs can save you time.
Bidding at auction can be an intimidating, and it can help to have someone without emotional attachment to the property to represent you in the heat of the moment.
For private sales, where negotiation is involved, a buyer’s advocate may help you secure a better deal.
Buyer's advocates are required to hold a real estate licence to practise. It’s worthwhile asking how long they have been in the industry and asking to speak to some of their previous clients about their experience.
Some people posing as buyer's advocates receive kickbacks or commissions from developers who want to sell off their property stock. Similarly, free property advisors or free buyer’s agents or free property mentors may actually make a big commission from the developer on the properties that they’re selling. Ask your prospective advocate if they accept sales commission from vendors or developers. This isn’t common, but it’s important to know if they are acting in your best interest and not the developer’s or vendor’s.
A buyer’s agent should only be paid by you. You either pay them based on the percentage of the purchase price, which is usually around 1-3% of the purchase price or a fixed-fee structure.
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Dealing with banks can be a stressful experience but rest assured that our mortgage broker based in Glenelg (but our mortgage broker services the entire Adelaide Metropolitan area) can help you make the right decision about your mortgage. We will guide you at every stage of your loan process.
Contact us on 08 8376 0455 or drop into our office at 593 Anzac Highway, Glenelg SA 5045.
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.