Are you trying to find a better home or looking for an investment property but just don't have the time or confidence in this confusing market?
Many people are in this position, especially couples where both partners are working and the weekends are full of commitments. This leaves little time to pour over websites, scan newspapers, talk to estate agents and attend home opens
This is where a buyer's agent can be a great benefit. A buyer's agent is a licensed real estate agent who is contracted by the buyer to represent the buyer in a real estate transaction.
The current economic conditions in the housing market has seen their reemergence in the industry, as they are increasingly being called on to try and help sincere but busy homebuyers find the right property for them.
A buyer's agent is not just a marketing ploy, it's an additional service provided by licensed agents. While these are quite common overseas they are a relatively new in Australia.
It is more common in the commercial property sector where tenants and investors tend to employ licensed agents to assist with their property needs. In the eastern states where the auctioneering of residential homes is very popular, buyers will often use the services of an agent to assist with the bidding at the auction. This phenomenon is also slowly emerging in Western Australia.
A person wanting to sell their home will typically seek out a licensed real estate agent who will dutifully deal with potential homebuyers. Real estate laws require that the agent employed by the seller must work in their best interests.
This has not presented many problems to homebuyers because local laws also require that the seller's agent must accurately represent to a buyer all the facts relating to the property and sale process. However, the increasing number of people relocating for work and their generally busier lifestyles has prompted some to employ the services of an agent to assist with the home buying process.
When a buyer's agent is employed a contract must be agreed between the buyer and the agent which includes the agreed package of services and the cost of the transaction.
The REIWA standard buyer agency contract gives a buyer the option to employ an agent to select a range of suitable properties for inspection and/or negotiate the purchase of a property that is selected by the buyer. The contract with the buyer's agent will include an agreed fee which is only paid when the service is provided.
If you simply don't have the time or inclination to attend to all the home hunting and buying functions, a buyer's agent could be just what you need. Contact REIWA for more information.
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