Commonly known as a buyer’s agent but also known as a buyer’s advocate is a professional hired agent that has the qualifications of a real estate agent to purchase property that meets a client’s brief. They research, evaluate and negotiate the purchase of a property for the best possible price on behalf of the client.
Unlike a real estate agent, a buyer’s agent has the best interest of their clients (the buyer) interest at heart and under the act is to put their clients’ best interests above all else.
Under the act a real estate agent is to work only for the seller and to secure the best possible price for the vendor above all else.
Some buyer’s agents will provide a service outside a full service for their clients being:
- Inspect a property
- Bid at auction for a client
- Negotiate a purchase price
Buyer’s agents have good relationships with local real estate agents as they are often speaking to the agents several times a week and as such general are presented or informed of up-and-coming properties coming on the market before it’s marketed or known to the public.
Real estate agents know that buyers’ agents are professionals and serious buyers and have clients on their books looking to make a purchase. As such know they are not wasting a real estate agents time or being a tire kicker for lack of a better word.
A buyers agents fee will vary depending on the service the client wishes to utilise, for example a buyers agents fee to bid at an auction will be a lot less than providing a full service as there is a lot less involved.
A full service will involve a lot more from researching, evaluating, inspecting, negotiating the purchase of a property. You would expect to pay flat fee or percentage of the property’s purchase price.