If you are not in the real estate industry, terms like real estate buyer’s agent, seller’s agent, and even real estate agent may appear confusing. Are they just different names for the same job? Or do all of these designations have meaning? If you’re planning to sell or buy property in Australia, you should first understand who these people are and what they do. That way, you will know who to approach when you want to buy a property and who to approach when you want to sell.
What are buyer’s agent and seller’s agent?
Simply put, the difference between a buyer’s agent and a seller’s agent is who these people represent. As the names suggest, a buyer’s agent works on behalf of a property buyer (someone looking to buy property), while a seller’s agent works for a vendor (someone looking to sell a property).
Australian law is very clear about whom these people represent. It is illegal for an agent to work for both parties regarding a transaction. An agent can either work for the buyer (then known as a buyer’s agent) or for the seller (then known as a seller’s agent).
A seller’s agent is also known as a real estate agent.
What does a buyer’s agent do?
A buyers agent is a licensed expert in the real estate industry who works on the buyer’s behalf. They are hired by homebuyers, property investors, and house hunters to assist them in navigating the complex real estate market and ensuring that they obtain their dream property at a reasonable price.
Professional and experienced buyer’s agents understand how to pair the right property with the right buyer. Here’s how they do it:
Ask the right questions
The first thing that a buyer’s agent will do is understand your requirement in detail. That includes the type of property you want, which area you are looking for, the kind of property (apartment, family home, office space, etc.), budget, number of rooms, proximity to schools, hospitals, transport, and any other lifestyle preferences. With all this information, they can now formulate a brief.
Research and shortlist properties
Buyer’s agents have a good knowledge of the local market. So, the next step is to use the information they have obtained from you to find and shortlist available properties. The properties they choose must fit your requirements. Once they have found several properties that meet your criteria, they will present them to you.
Evaluate and analyse
Once you have gone through the shortlisted properties and decided on one you would like to pursue, the agent will conduct due diligence on the property. That includes surveying the property and analysing its price and value. This is where the agent’s real estate skills come into play. They must provide you with a thorough appraisal of the property and their honest thoughts on its current market value. Finally, they will make an offer for the property on your behalf.
Arrange inspections
The buyer’s agent will be present when a valuer inspects the property. They will ensure a building and even a pest inspection is carried out thoroughly on the property. The agent will also find potential hazards, not mentioned or purposely hidden by the seller, which will be pointed out later in the negotiations.
Negotiations and securing the property
The final step is when the agent negotiates the property’s price on your behalf. They use their real estate skills to find out inside information on the sale. That includes information on other potential buyers eyeing the property, offers made, and finally, achieving the best possible price for you. During this stage, they will help you through the final steps of closing the deal – going through critical documents, agreements, and title commitments and coordinating communication between all the parties involved.
Finally, they will ensure all the relevant documents are in order and signed by both you and the seller on time to close the deal successfully.
Final thoughts
When buying real estate in Australia, it’s always a good idea to have a real estate professional guide you through the process. Whether you are an investor or a homebuyer a buyer’s agent can definitely help you find the best property. They can help you save money in the long run by ensuring you get your dream home for the best price. Hiring the right buyer’s agent can ensure you get the best deal if you have honed in on a property and are looking for the best possible deal. Finally, a buyer’s agent can also be your best bet if you are relocating interstate and are unaware of the properties available there
