It’s important to choose a buyer’s agent you can trust.
Buyers agents often come with a long list of advantages – but only if you choose the right one.
So how do you know if the buyer’s agent you have been recommended is the right fit for you? And how do you know if using one is really worth it?
WHAT THEY DON’T ALWAYS TELL YOU
When it comes to getting a buyer’s agent, doing your own research and comparing at least three options is crucial, says Sydney buyers agent Bianca Field from Bought Agency.
She says her agency is often contacted by prospective clients who are researching different buyer’s agents.
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Does the buyer’s agent have experience in the market you are buying in?
“We look at their profiles and they’re people that don’t specialise in the markets that we’re servicing,” she says. “We ask the client how they came across this other person.
“Nine times out of 10, it’s either come from a broker or a financial advisor – and for the other one out of 10 times, it’s normally because they’ve come across them on Google, and they’ve been paying for Google ads.”
MORE: Sydney buyers battle for sought-after postcodes
Three-bedroom house for sale at $5,000
While not all buyer’s agents have paid referrals in place, it’s important to recognise that the practice does take place in some instances, she says.
“I think that there are a lot of professional services that are taking big chunks on referral fees and that’s how people are getting started,” she says. “For a consumer, I think it’s important that they’re aware of that.”
Buyers agent Bianca Field from Bought Agency. Picture: supplied
She says she has also heard of some developers having incentives for buyer’s agents, so it’s important to ask for an explanation of each property option and to use a commonsense approach if only one type of property is ever suggested.
CHOOSING A GOOD BUYERS AGENT
Founder of Gold Coast property investment company Propell Property Michael Pell says it’s important to trust your gut instinct when choosing a buyer’s agent.
“You’ve got to go with someone you can trust, that you can work closely with,” he says. “It’s a bit like finding a partner.”
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 768 1024"%3E%3C/svg%3E)
Propell Property founder Michael Pell.
He says to be wary of buyer’s agents that make big promises. Instead, you should base your decision on the results they can show from their database.
“Go with someone that you like that has gotten good results for other people in a similar situation to yourself and can ultimately find you a property that you wouldn’t normally be able to get yourself and/or can get you significant dollars off that,” he says.
Field suggests a methodical approach.
“When you’re doing your research, you should be calling local (selling) agents in that market and asking, ‘Who are the top three buyers agents that buy the most?’ in their market,” she says. “Call three agents and ask them for a list of three from them.”
It’s important to ask plenty of questions before settling on an agent.
She then suggests researching what they have purchased for clients by scouring through their socials and websites before going through their Google reviews to see if they resonate with you. Once you draw up a shortlist of three buyer’s agents, you can then call them and ask them questions about what they have purchased, what they would purchase for someone with your requirements as well as how they charge fees. Some agents charge a percentage of the purchase price while others charge a fixed fee.
You can also ask them for references from previous clients.
Buyer’s agents can give you a competitive advantage at auctions. Picture: Sarah Wilson
ADVANTAGES OF USING A BUYER’S AGENT
Field says good buyer’s agents are beneficial for all buyers because they can help save time and money while removing emotion from the process. They can also help you cover more ground and cut through all the options to show you the best of the best – all while giving you advice to help you make the right decision based on future growth.
Another great advantage is access to off-market and under-market properties, says Pell.
“A good buyer’s agent will give you peace of mind that you’re buying a property that’s worth what you’re paying or is worth more than what you’re paying for it,” he says. “Going on from that, someone that can step you through the process so you don’t make a mistake, and you don’t lose any money.”
Buyer’s agents can also help you through the whole buying process.
WHEN IT MIGHT NOT BE WORTH IT
A buyer’s agent is a great option if you don’t have much time or experience in the market you are buying in, however, if you are a seasoned homebuyer and you have time to spare, it may not be worth it, Pell says.
“If you’re comfortable that you’re buying a really good value property and you know where you want to buy and you know it’s a good area you might not need a buyer’s agent,” he says.
Field says it might not be worth using a buyer’s agent if your deposit is so tight that the agent’s fee will impact your purchase price significantly.
MORE: Tax blow-up fuels record Aus landlord exodus
