Anyone looking to buy a home or investment property and lacks the time to search for something suitable might wish to consider using the services of a buyer’s agent. Buyer’s agents can also offer useful assistance in negotiating the sale price of a property or bidding at auction.  

Although these services have only been offered in Australia within the last five years, the use of buyer’s agents is becoming increasingly popular throughout the country. Some are independent, while others work in partnership with real estate agencies to find the most suitable properties for their clients.  They are available to buyers looking for properties within all price-ranges, for residence or investment purposes. 

Buyers can opt for a full service, which normally includes helping to clarify their requirements, locating and visiting potential properties, drawing up a short-list for the client’s inspection, negotiating with the vendor’s agent or bidding at auction. Alternatively, the agent can be commissioned just for part of the process, such as the bidding or negotiation stage. Typically it takes 4-6 weeks for the agent to find a suitable property, but this will depend on how specific the buyer’s requirements are.

Fees vary according to the service provided and may be negotiable. Agents usually charge a percentage of the property purchase price for a full service, usually around 2%, and some require payment of an engagement fee up front. For investors, but not owner-occupiers, the cost of using a buyer’s agent is tax-deductible. 

Employing a buyer’s agent can offer significant benefits to buyers who have little time to search for property, are unfamiliar with the area in which they are buying, or who are inexperienced or lack confidence in negotiation skills. However, some financial experts warn that the practice of charging a fee based on percentage of the sales price may not work in the interest of the buyer. 

If you decide to use a buyer’s agent for your next property purchase, check that they are registered with your state’s Office of Fair Trading such as http://www.fairtrading.nsw.gov.au, and therefore are operating legally. The Real Estate Buyers Agents Association of Australia has established guidelines for the professional conduct of buyer’s agents and hold details of reputable agents across the country.

Once you find the right property its then time to find the right home loan. Artog's networks of brokers will be there to help you select a product from one of the widest range of loan options avaiable.