Buyer Advocates do not sell real estate and this is how they differ from traditional selling agents. A Buyer Advocate works exclusively for the buyer, whereas the selling agent works for the vendor. An agent is not able to work for (and more importantly, get paid a commission from) both the buyer and the seller in a property transaction.
What is a Buyer Advocate / Buyer Agent?
Buyer Advocates, also known as Buyer Agents, are licensed professional real estate agents that act exclusively for the purchaser of property. They specialise in searching and finding, assessing and negotiating the purchase of property on behalf of the buyer.
Buyer Advocates do not sell real estate and this is how they differ from traditional selling agents. A Buyer Advocate works exclusively for the buyer, whereas the selling agent works for the vendor. An agent is not able to work for (and more importantly, get paid a commission from) both the buyer and the seller in a property transaction.
An experienced professional Buyer Advocate is able to provide the knowledge required to make an informed decision about the suitability and price of a property, with an independent and unbiased opinion. They can save considerable time and stress in the buying process and importantly, purchase the best possible property at the best possible price with the best possible conditions.
A Buyer Advocate provides an invaluable service to their clients with their understanding of the property market and all methods of sale. They know how and when to bid at auction and do not become emotionally involved in the auction process nor any post auction negotiations.
Buyer Advocates perform the following services:
Full search - where the Buyer Advocate searches for properties (both those on the market and “off-market”) and shortlists properties meeting the specific criteria of the client and then assesses and negotiates the recommended property. They will keep working for the client until a purchase is made.
Assess & Negotiate – where the buyer has already found the property or prefers to perform the search themselves. This includes a full assessment of the property and negotiating the purchase, including auction bidding.
Auction bidding – this is where the client finds the property and engages the Buyer Advocate to bid on their behalf at the auction.
In most cases, Buyer Advocacy fees are either a flat fee based on an agreed budget or a percentage of the property purchase price. The main reasons why Buyer Advocates are engaged by their clients:
More properties – In addition to scouring the internet for suitable properties, Buyer Advocates are able to source properties that are for sale however will not be advertised to the general public – these are commonly called “off-market” properties.
Save time – they perform much of the legwork in the search process and are able to short list suitable properties that meet their clients’ needs
Save money – Buyer Advocates are professional negotiators and will purchase the property at the lowest possible price with the best possible conditions. They will also save their clients’ money by ensuring they do not pay too much for the property.
No stress – Buyer Advocates help eliminate the stress and frustration that buyers face, including being shown inappropriate and unsuitable properties by selling agents. They will take care of the entire process.
Independent – experienced and professional Buyers Advocates are unbiased in their opinions and are always acting in the best interests of the buyer so that they can make informed decisions.
September 2011
