I was recently reading a book called Secrets of Property Millionaires Exposed, and there is one section on Patrick Bright, some of you may have read his books. Anyway I didn’t know much specifically on Bright but apparently he runs a buyer’s agents company, which I certainly didn’t know existed. He doesn’t go into much specifics about buyer’s agents though. Has anyone had any experience with them? Think they’re worthwhile, what are the fees like?
Originally posted by mgs2:I was recently reading a book called Secrets of Property Millionaires Exposed, and there is one section on Patrick Bright, some of you may have read his books. Anyway I didn’t know much specifically on Bright but apparently he runs a buyer’s agents company, which I certainly didn’t know existed. He doesn’t go into much specifics about buyer’s agents though. Has anyone had any experience with them? Think they’re worthwhile, what are the fees like?
I know Patrick and he’s a nice guy and knows his stuff.
I won’t say too much about Buyer’s agents because I’m biased – Metropole’s Buying Melbourne is part of my group of companies.
You can find out more about them at my interview on this site: http://www.propertyupdate.com.au/articles/12/1/Agent-on-your-side—how-buyer%26%2339%3Bs-agents-work
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.propertyupdate.com.auInteresting article, it didn’t touch on pricing of such a service though. I would expect it to be similiar to a seller’s agent?
Originally posted by mgs2:Interesting article, it didn’t touch on pricing of such a service though. I would expect it to be similiar to a seller’s agent?
Buyer’s agents fees usually vary from between 2% to 3%.of the cost of the purchase of your property.
Many investors on this forum have the time and knowledge and don’t need the services of a buyer’s agent. Others may.
But remember, that most people who buy property only do so once or twice in their life and don’t have the benefit of the type of netwrork we have on this forum.
Having said that, only last week we purchased a second property for a member of this forum.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.propertyupdate.com.auMost Buyers’ Agents tend to charge a percentage of the purchase price, which is illogical when you think about it for a minute….
Their aim is to get you the best deal possible, including price, yet their fee increases the MORE YOU PAY!
To me, it makes infinitely more sense to employ a BA who charges a set fee. No matter the price of the property, whether it’s a $300K unit or a $3mil mansion, the same amount of research and legwork is usually still required.
Perhaps I’m biased, as this is the way our agency operates (giving myself a little shameless plug here http://www.housesearchaustralia.com.au) but it really is the fairest way, I believe, in which a BA should be paid.Cheers,
Pro-Activehttp://www.invested.com.au Australia’s premier Investor Education site
Pro Active
Of course you are correct and what you suggest is the “fairest” method.
It gives the buyer certainty and the peace of mind that you are working for them. It is also the method that is preffered by Metropole’s Buying Melbourne http://www.buyingmelbourne.com.au
Your system seems eminently reasonable with one fee no matter what purchase price. You are providing ab great service to your clients.
Metropole’s fee increases as the value of the property increases, but can be “fixed” at a set fee before the research begins
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.propertyupdate.com.auI know both MY and PA and would be happy to recoomend them to my clients unreservedly. They both know their biz back to front and I have no doubt their clients are very satisfied with the results and the fees charged.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mgs2,
I am currently reading the same book now, I have just finished Ed’s book Re: structure / trusts etc, which I had no idea existed before I joined this forum.
( acutally did read it in Steve’s book. )Both books are fantastic reading, coming from a person that hates reading ( rather be fishing).
As they say the guys no the biz, and quote take you through step-by-step.
I would personally neg a fixed fee, try and observe their talent, to you feel comfortable / compentent to take on the neg world
Cheers & good luck
( acutally did read it in Steve’s book. )You must be logged in to reply to this topic. If you don't have an account, you can register here.
