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Why use a buyer’s agent?

14 July 2023
Dinning room and lounge in an apartment

Enlisting the help of a buyer’s agent or buyer’s advocate as they’re also known, was once thought of as a bit of a luxury reserved only for the super rich. But buyer’s agents work with a range of budgets. Whether you’re a time-poor parent in the trenches of family life or a first home buyer, a good buyer’s agent should be able to assist you in finding a property that’s right for you.

In this article we discuss the role of the buyer’s agent, including what they do, what they cost and the ultimate burning question… are they really worth it?

What does a buyer’s agent do?

A buyer’s agent searches for and evaluates property on behalf of their client. Armed with specific criteria, it’s their job to find a suitable property, and then negotiate the purchase.

How much do their services cost?

There’s no fixed rate across the board and there are a few different fee structures agents use. Depending on factors like your location and the level of service provided, you can expect to pay anywhere from 1-3% of the purchase price plus any additional fees (like a retainer fee).

Can I use equity release to fund this service?

You betcha! Property Credit lets you access the equity in the property you’re selling to fund the cost of hiring a buyer’s agent. This can be particularly helpful if you sell your current property sooner than expected. A buyer’s agent has all the right tools to help you secure your next home quickly!

…and are they worth it?

This is a bit like asking if it’s worth getting a BAS agent to do your tax. Sure they’ll charge you a fee, but a good BAS agent has the potential to save you thousands in deductions and benefits. Similarly, a good buyer’s agent can be worth it if they’re the right fit and achieve what they say they can.   

A good buyer’s agent can help:

  • Alleviate some of the stress that comes with house hunting.
  • Do the leg work for you if you’re time poor.
  • Provide insider knowledge and advice. This includes independent and objective advice, seperate to the jargon a real estate agent (acting in the interests of their own client) might tell you.
  • Provide access to off-market properties.
  • If you’re new to the area! Buyer’s agents can offer that expert local knowledge.
  • Offer auction representation (they’ll do the bidding for you!).

So have a think about where you’re at and what the above is worth to you. Do your research before committing to an agent and check their credentials to ensure you’re dealing with someone licensed to offer their services in your state. Ask them about their experience and be upfront when asking about any conflicting interests they might have (they will need to declare any commissions or rebates they might receive from a third party).

Remember, buying a property is a huge decision so you want an agent who takes the time to understand and find the right fit for you.

Visit property.credit for more information on our services or you can contact us on 1300 829 536 (au) or 03 668 2144 (nz).

This article is for general information purposes only and is not intended as financial product advice. Consider seeking independent financial advice that relates to your individual circumstances.

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