What does a Buyer Agent do?
So what does a buyer agent do? That depends on your brief and your individual requirements, however simply put, a Buyer Agent is property professional who specialises in servicing the Buyer in a property transaction. The industry is as old as civilisation, however typically serviced from the same professionals who were also representing the Vendor and therefore the conflict of interest has always been understood and tolerated due to the lack of any other reliable professional to rely upon.
Buyer Agents have only recently gained accelerated exposure and purpose with the rapid increase in the industry using property as a commodity, not just a home. Lack of transparency favouring the Vendor and their Agent has also encouraged the emergence of the Buyer Agent. This emergence of a service which assists Buyers with some or all aspects of the Buying process is quickly becoming the norm with higher valued purchases and investment purchases, however, services specialising in all price brackets is now emerging to help all Buyers.
On the surface of the service, the Buyer Agent is able to guide a buyer through the process of buying a property starting with advice (typically regarding where, what, when and how) and then typically including the searching, assessment of values and then the final price negotiations.
A Buyer Agent MUST be a licenced real estate or agents representative as authorised by the Business Licencing Authority (BLA) in Victoria to operate in the industry, and therefore bound by the laws and regulations of the real estate agents act and moral obligations which are assumed under the profession. However most Buyer Agents mantra’s exceed simply protecting buyers basic rights for one primary reason.. buyers have very few rights…. if any.
A Buyer’s Agent must use their experience, industry knowledge and relationships to put their Clients in the best position possible which is designed to favour the Vendor and their Agent.
A buyer agent is employed to even up the stakes.