Consider using a Buyer’s Agent

Buyer's AgentA buyer’s agent is someone that acts as a middleman between property buyer and the real estate agent. In the market, sellers are eager to close out the deal with the highest price possible for any given property while buyers need to lock down the price at the lowest possible. If a property seller needs a selling agent (usually the real estate agent) to help them sell the property at the highest price possible, a buyer may hire a buyer’s agent that will help act as a middleman between both parties and negotiate for the lowest price possible, or at least reach a compromise between buyer and seller.

In the USA, buyer’s agents are now considered a part of the real estate market and property landscape. The trend of hiring buyer’s agents is now becoming a trend in the Australian real estate and property landscape.

With the surge of property investment activity in Australia, there’s no wonder why buyer’s agents are adding interesting dynamics to the Australian property sector. But there’s still a long way to go before buyer’s agents are considered as a mainstream feature in the local housing market.

A survey from the REBAA or Real Estate Buyers Agents Associations revealed that around $636 million worth of real estate transactions across 2012 and 2013 involved the help of professional buyer representation.

Read the full report here.

My thoughts

As a buyer’s agent myself, I believe that there needs to be proper representation between two parties, just like how you hire a lawyer when you deal with legal problems. Buyer’s agents do more than just give their clients the lowest price possible. They also make sure that the transaction will go as smoothly as possible.