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Buyers Agents - Are they worth it?

Created by

Loftywinds > 9 months ago, 29 Apr 2016

Loftywinds

QLD

2060 posts

29 Apr 2016 11:22am

Anyone here have experience with property buyers agents?

I've had a look at some on REBAA

rebaa.com.au/

To spend a few thousand saving a lot of pain in the neck doing legal and research work myself, I think it's worth it.

But I bet there are cowboys in there too!

Any advice?

Thanks

Kozzie

QLD

1451 posts

29 Apr 2016 2:16pm

dont choose the one that reccomends anything in townsville

bjw

QLD

3687 posts

29 Apr 2016 3:20pm

A mate used one and fired him. The guy had told him hed never get the price my friend proposed, he did. My friend felt the agent offered very few benefits for the cost of the agent.

With so much property information on the internet, is it worth it?

~~http://rebaa.com.au/benefits-of-using-a-buyers-agent/~~

I find the benefit claims a little empty.

ockanui

VIC

1319 posts

30 Apr 2016 10:11am

For those that are unable to speak for themselves, do research for themselves and are happy being told what they like to hear then by all means, they are really only real estate agents with another name... only wanting their slice of commission, cynical yeh I know...

Kamikuza

QLD

6493 posts

30 Apr 2016 10:44am

Come on Lofty, you gotta support your local middle man!

cisco

QLD

12364 posts

1 May 2016 10:58pm

Select to expand quote

Loftywinds said..

To spend a few thousand saving a lot of pain in the neck doing legal and research work myself, I think it's worth it.

Any advice?

Don't be lazy. Educate yourself and do your own research.

Loftywinds

QLD

2060 posts

5 May 2016 2:17pm

Select to expand quote

cisco said..

Loftywinds said..

To spend a few thousand saving a lot of pain in the neck doing legal and research work myself, I think it's worth it.

Any advice?

Don't be lazy. Educate yourself and do your own research.

Says the man who's unemployed or has sooo much time up his ***

nah nah nah./.. you can't red thumb me...

cisco

QLD

12364 posts

5 May 2016 2:41pm

OK. So you hire a buyer's agent to find a property for you and do all the legal work and you pay him a fee.

Considering it is your financial future that is at stake here, I have few questions to ask.

What incentive does the buyer's agent have to get it right??

If he buggers it up and you end up in a losing situation, what comeback do you have on the agent??

If he gets it right, do you have to pay him extra???

Does he get a commission from the vendor??

Loftywinds

QLD

2060 posts

5 May 2016 6:32pm

Select to expand quote

Answers in line below,,,

cisco said..

OK. So you hire a buyer's agent to find a property for you and do all the legal work and you pay him a fee.

Considering it is your financial future that is at stake here, I have few questions to ask.

What incentive does the buyer's agent have to get it right??
REPUTATION

If he buggers it up and you end up in a losing situation, what comeback do you have on the agent??
NONE. No one is perfect. In reality, I would have to sign along the way to agree on the property found to be what I want. no one is forcing me to buy it.

If he gets it right, do you have to pay him extra???
Yes, on settlement of the property unconditionally.

Does he get a commission from the vendor??
No. that's called a conjunctional and as a buyers agent, you will not make friends anytime fast. you would be hated by the vendor's agents.

Yeah Ive done my research, but at the end of the day, if it costs me 7,000 to have found the right property whilst I focus on my life !! then it's worth it. I hate agents anyway, bunch of cowboys and gangsters. Let the agent deal with them.

Cord

QLD

22 posts

5 May 2016 9:07pm

Select to expand quote

cisco said..

OK. So you hire a buyer's agent to find a property for you and do all the legal work and you pay him a fee.
They don't do the legal work. You would still need a solicitor / conveyancer

Considering it is your financial future that is at stake here, I have few questions to ask.

What incentive does the buyer's agent have to get it right??
Their fee generally

If he buggers it up and you end up in a losing situation, what comeback do you have on the agent??
None

If he gets it right, do you have to pay him extra???
Usually its set at a percentage or a flat fee

Does he get a commission from the vendor??
No it is illegal in Australia to collect a fee from both parties, although it is common practise in parts of Europe and the US.

Usually a buyers agent is a real estate agent who doesn't have the ability to get listings themselves. The only time I would think them useful would be if you were purchasing a property from OS.

If you were in the market to buy and didn't know that market it would be cheaper and more effective to engage a valuer to assess the propery you want to buy and use the report as a negotiation tool.

Usually buyers agents are considered smart ar$es by selling agents and as such the majority of agents will go out of their way to sell a property to another buyer.

cisco

QLD

12364 posts

5 May 2016 9:29pm

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Loftywinds said..

I hate agents anyway, bunch of cowboys and gangsters. Let the agent deal with them.

You hate agents so you are hiring an agent to deal with them.

How does that work??

For $7,000 I will quite happily do the research and find the right property for you. That would be upfront money of course.

Buster fin

2597 posts

6 May 2016 12:28pm

Let the negotiating begin.
I'll find you the ultimate dream home in your budget! $6950!!

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