Today I’m going to you exactly how to get the most out of your buyers agent!
In fact, they're the same strategies Neil Jenman, a renowned real estate author, used to save $250,000! I’m Josh Vecchio, mortgage broker at Hunter Galloway, based in Brisbane. And in this video I'm going to walk you through everything you need to know. Step by step. Keep watching.
00:00 Buyers Agent in 2024 [Is it worth getting a buyers agent?]
00:27 1. What Is A Buyers Agent?
00:52 2. How Much Do You Pay Them?
01:41 3. How Much Is The Agent Fee?
02:38 4. Do you Need A Buyers Agent?
03:19 5. Is It Worth The Money?
04:09 6. What Qualifications Do they Need?
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For home loan enquiries
jayden.vecchio@huntergalloway.com.au
Find Jayden here:
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T: 1300 088 065
E: hello@huntergalloway.com.au
Hunter Galloway: Mortgage Broker Brisbane
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000
If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).
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It’s estimated that only around 2.5% of property sales are done through buyers agents in Australia. For the most part it’s because of agents like Frank Valentic, a previous judge on channel 9’s popular TV show, the Block, who in 2016 was fined and suspended for six months after his company charged two customer $13,750 without providing services to justify the fee. There are many cowboys as a relatively still in its infancy, using these strategies will safeguard against predators, helping you to avoid mistakes which could cost you thousands. With that, it's time for me to show you the entire step by step process.
1 - What is a Buyer's Agent?
Essentially a hired professional who works for on behalf of a buyer. Their job is to help find, research and negotiate the right property. They represent the interest of their client, the buyer. This is much different to a real estate agent, who’s interest allies with the seller.
2 - Do you pay a buyers agent?
Yes, a buyers agent is independent and shouldn’t receive benefit from the sale of the property or associated professional partners linked to the transaction. These include developers, real estate agents, mortgage brokers, solicitors and banks!
You pay them to provide advice and to represent your best interest. So before choosing a buyers agents it’s best to ask if they’ll receive any incentive outside of your payment, note these may not always be in the form of monetary and can vary some examples include, holidays, education, marketing, staffing and if they have an obligation to disclose the potential receipt should this change in the future.
3 - What is a buyer's agent fee?
Buyers agent have two ways they’ll charge for their services, either a fixed fee or a percentage of the purchase price.
Fixed fee charges range from $1,000 to $15,000, depending on how much of the process they help you with. So if you only ask them to help with the negotiation, you can expect to be on the lower end of the scale.
The alternative ranges from 1 - 3% of the purchase price and in some ways is counter productive to your relationship with buyers agent, as the more you spend, the more they earn. But in tip 6 we delve into this further and show you a strategy on how to get the most out of this model.
4 - Do you need a buyer's agent?
This is a great question, a buyers agent isn’t for everyone, but here’s a list to know if it’s right for you. A buyers agent might be right for you if you’re
● Time poor
● Need to buy quickly
● Don’t like to negotiate
● If the property you’re looking to buy is unique or one of a kind
● An investor looking to make decisions based on data & numbers
● You’ve been looking for a long time but to no avail
● You’re buying in a location that you can’t get to easily for inspections
● You’re going to auction
And whilst there are many other reasons for having a buyer's agent help, the main thing is to understand why you’re looking for their assistance as will enable you to get the most value out of their service.
DISCLAIMER:
This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.
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