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What is a Buyers Agent?

Buyers Agent

Knowing What You Don’t Know

Ever had someone ask you what you do for a living, and then after you proceed to tell him or her your role or title they stare at you blankly before sheepishly asking ‘so what exactly does that mean?’

Well that exact scenario happened to me the other night at a business networking function. I hadn’t considered when I answered the question ‘So what do you do for a living?’ with ‘I’m a buyers agent’ that the person asking me would never have heard of one before.

And so this got me to thinking, how do you know what you don’t know. In other words, if this person didn’t know what a buyers agent was and what they did, then quite possibly there were a lot of other people out there who were also none the wiser.

Read on to find out how the rest of the Q & A conversation unfolded.

A buyers agent…so what exactly does that mean?

Well I’m an exclusive buyers agent, which means that I act solely for the purchaser when buying property. I am not a selling agent, I act independently and without conflict with my sole focus on finding the right property for a buyer then negotiating to get them the best deal.

What do you do as an exclusive buyers agent?

In essence, I’m like a property expert for hire helping buyers throughout the entire property buying process. I start with a brief, search the market for properties, locate, shortlist and appraise suitable candidates then negotiate to secure the property on the clients terms.

Who would use an exclusive buyers agent?

There’s a whole range of different people who engage a buyers agent, and all for varied reasons. They can include first time homebuyers and experienced homebuyers, whether they are intending owner-occupiers or investors. Time, convenience, strategy and expertise are usually the motivating factors for someone wanting to use a buyers agent. Everyone’s situation is different, from time poor busy professionals, empty nesters downsizing, growing families upsizing or expats investing or returning home. Even those looking to buy property through a self-managed super fund will use a buyers agent.

Why would someone use an exclusive buyers agent when they could just do it themselves?

Buying property is one of the most significant financial decisions someone will make in their lifetime, so it pays to get it right. Many people feel more comfortable engaging the services of an expert who will guide and support them through every step of the property buying process. There are at least 3 good reasons why you should consider engaging the services of a buyers agent.

Can anyone operate as a Buyers Agent?

No. You need professionally recognised qualifications to be able to practice and become a licenced buyers agent. While this typically varies according to each individual state/territory it generally includes some formal study as well as making an application to the relevant state/territory based Department of Fair Trading (or equivalent). A buyers agent should also be a member of the Real Estate Institute. Experience is also critically important. A good buyers agent should have a genuine background in and experience dealing with property.

“True wisdom is knowing what you don’t know” – Confucius

And so there you have it. If you didn’t know what a buyers agent was before reading this article then you sure do now. And it might just be something well worth remembering and bringing up in conversation next time that a friend, a family member or a work colleague mentions that they are looking to buy a property.

For more information on what a buyers agent does contact Shelley Horton from Albion Avenue today.

Shelley Horton is the founder of Sydney based exclusive buyers agency Albion Avenue. With a 20 year career honing her skills in every aspect of the property industry Shelley knows what makes a property worth buying and how to get the best deal.

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