Try viewing the REBAA website http://www.rebaa.com.au
The Real Estate Buyer’s Agents Association of Australia (REBAA) was established in 2000 with the goal to raise the profile of the industry and to establish guidelines for the professional conduct of real estate buyer’s agents nationally.
They list Buyers Agents nationwide and have about 8 or 9 accredited members in Melbourne.
I was also very keen to learn the process of buying and negotiating for future investments. Everyone seems to say you need to do it yourself to learn.
You kinda need to try out things yourself to learn them. That is, if you want to learn and do this in the long term.
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.au@knightm I emailed my contact again and he confirmed that he *did not pay* the buyer’s agent!
So, based on the information everyone has provided, it could be that the person claming to be a buyer’s agent was not in fact a ‘real’
BA. I was not really in a position to say anything about this to the guy (after all, he has bought the place now). Most enlightening though!@tristan1 thanks for your trouble of providing these detailed comments! Can you answer a couple more questions?
Did your BA also organise a property inspection?
Did you have a rental yield target in mind which the BA advised on?
How did you find the BA, did you get a recommendation from someone?I agree that it is important to get experience in the purchasing process but I already have this – in my state anyway.
I doubt I could achieve the same about Tasmania though, not living there. Plus the cost and difficulty of timing visits there to inspect. That’s why I think a local BA could be a good idea.I appreciate everyone’s helpful feedback.
If the buyer did not pay the buyersagent that means he eiter worked for free or he was a sellersagent/commission based sales person. Off the plan commissions generally start at around 4% and go up to around 10%.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
@tristan1 thanks for your trouble of providing these detailed comments! Can you answer a couple more questions?
Did your BA also organise a property inspection?
Did you have a rental yield target in mind which the BA advised on?
How did you find the BA, did you get a recommendation from someone?I was recommended my Buyers agent through the somersoft property forum. A BA can have a number of rolls you can employ them for. Full service, partial service, single inspections, negotiating and buying at auction.
I got mine for the Full service- As it sounds they will do every thing from start to finish. Starts with a Buying brief specific to your circumstances/strategy. It may include price range Under 300K, rental yield 6.5%, immediately rentable, maintenance free, target suburbs. Then they will inspect properties that fit the criteria. Write detailed reports and valuations of each property inspected. They also have lots of advice to give as they have the local knowledge, aswell as getting a better gauge of the selling agents. Then they will negotiate or attend an auction on your behalf on properties you like. Mine even short listed a number of property managers for me.Hope info helps, If your interested call or email a few buyers agent. You will know which one to go with after talking to them and reading reviews.
Cheers
@tristan1 thanks for your trouble of providing these detailed comments! Can you answer a couple more questions?
Did your BA also organise a property inspection?
Did you have a rental yield target in mind which the BA advised on?
How did you find the BA, did you get a recommendation from someone?I was recommended my Buyers agent through the somersoft property forum. A BA can have a number of rolls you can employ them for. Full service, partial service, single inspections, negotiating and buying at auction.
I got mine for the Full service- As it sounds they will do every thing from start to finish. Starts with a Buying brief specific to your circumstances/strategy. It may include price range Under 300K, rental yield 6.5%, immediately rentable, maintenance free, target suburbs. Then they will inspect properties that fit the criteria. Write detailed reports and valuations of each property inspected. They also have lots of advice to give as they have the local knowledge, aswell as getting a better gauge of the selling agents. Then they will negotiate or attend an auction on your behalf on properties you like. Mine even short listed a number of property managers for me.Hope info helps, If your interested call or email a few buyers agent. You will know which one to go with after talking to them and reading reviews.
Cheers
@hdewalais the description above by @tristan1 is about right. I didn’t mention the other forum earlier out of respect for Steve who founded this one, but you might find more specific BA recommendations over there too, for example I know that an investor or two have written things about me there and they aren’t on this one. Both are useful as there is a different set of investors on both. The full brief of service from Tristan is roughly correct, it is a start to finish service designed to make buying easier, and smarter. Only you can decide if its right for you, so do your research thoroughly. Once you commit to a path you don’t want to be doubting yourself. Best of luck.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
HI All,
I actually used a Buyers agent approx. 8 years go to help me find an investment property. He found me one in Elwood & I paid $5000 for his services.
I was in a busy corporate job & did not have the time so I outsourced it to a Buyers Advocate.
I still have the investment & I was able to use the $5000 as a tax deduction – you would need to check this with your accountant.
We had a good experience & I would use a Buyers Advocate again, however I am much more skilled now & have more time to do my own research.PS I have no idea if he is still operating or not.
In the meantime I have meet a Buyers Agent via networking & she charges $3000 + GST for 1st home owners & $5000 + GST for everyone else.
Her company is Home Buyers Base – she is in VictoriaHope this helps
Buyers agents fees are a capital expense (relates to the acquisition of a capital asset) so the fee is not deductible upfront but can be used to reduce CGT when the property is sold.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
In reference to the original question from Helen the answer is – ‘it depends’.
You are essentially paying for someone’s time, expertise and local area knowledge to get you the best deal. If you are a seasoned buyer / investor who has outstanding knowledge of the local area and lots of time to do research you may be able to get a similar result.
However, 95% of buyers do not fit into that category so using professional representation would assist a lot. Just make sure that the fees are proportional to the amount of work that the buyers agent has to carry out on your behalf. At the end of the day it has to be a fair exchange and a win win situation for everyone.
Tim Mardiyants, MBA, DipProperty (Agency Mngt) | BLOCK Real Estate - Canberra
http://www.blockrealestate.com.au
Email MeSales. Property Management. Buyers Agent.
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