FAQ

What should I look for when selecting a Buyer's Agent?

• Is the company a fully Licensed Estate Agency?
• Does the Director of the company hold a full Estate Agent’s Licence?
• Does the company derive its income from you, the buyer and no other third party?
• Is the company and its staff members of the REIV?
• Is the company a member of REBAA – the Real Estate Buyers Agents Association of Australia?
• Does the company have an impressive track record in the industry?
• Can they provide you with a personal one on one service?
• Do they have professional contacts that they can refer you to?
• Do staff come from a Real Estate background?
• Do staff have a proven record in property negotiations?
• Can they provide you with written testimonials from past clients?
• Are they happy for you to contact past clients?
• Can the agent focus exclusively on buying well for you rather than selling properties for others?

What are the fees involved with hiring a Buyer's Advocate?

Our fees at Buyer Solutions vary depending on the level of service. We offer a Comprehensive Buying Service where we source, shortlist and secure the property for you. If you engage our Assisted Buying Service, you source the property and we take over from there. We also offer an Auction Representation Service and a consulting service that is billable by hour or day. All real estate fees are negotiable by law in the state of Victoria and we regularly negotiate fixed or capped fees with clients who prefer this approach. Once we know more about your objectives we will negotiate a mutually acceptable and appropriate fee.

Are Buyer's Agents fees tax deductible?

No, in general they are not. They are a capital expense and reduce the amount of capital gains tax you pay when you sell the property. If however you derive your primary income from trading in property, you may be an exception and fees are probably deductible. Please contact your accountant for advice.

What is an Exclusive Property Authority?

At Buyer Solutions, we use the REIV Buyer’s Agent Authority. This clearly set out details of services and fees agreed between the Buyer Advocate and the property buyer. REBAA also provides an authority that is valid Australia wide.

Are Buyer's Agent fees and costs worth it?

Without question. Mistakes are costly in real estate and a good Buyer’s Agent will prevent mistakes, save you money and save you time. In a rising market, there is a double saving as we get you a property bought for less and then you need to borrow less and pay your mortgage off quicker. A Buyer’s Agent will also ensure that you can purchase a property that will be suitable for your purpose and have a good re-sale value when it is time to sell

Who pays the Buyer's Agents fees?

Your Buyer’s Agent should only be paid by you. A Buyer’s Agent is an independent property professional and should specialise in working for property buyers. A professional independent buyer’s agent or buyers advocate should not take any commission from the Vendor or Selling Agent.

How do I know my Buyer's Agent is worth it?

A good Buyer’s Agent will work in the best interests of clients at all times, ensuring they are fully informed prior to making any property purchase. A Buyer’s agent is in the market 24 hours a day, 7 days a week and works hard to ensure that you will purchase the best possible property for a competitive price. The selling agent works for the seller, the buyer’s agent works for you, the buyer.

How long does it take?

This depends on your brief, budget and the properties currently available on the market. However, once we have sat down and set out the brief, we can give you a realistic estimate and keep you informed throughout the entire process.

Is there a difference between Buyer's Agents?

Yes absolutely. In the first instance, it is important for you to choose one that has both REIV and REBAA Membership for property purchases in Victoria. This ensures that you have someone who is suitably qualified, experienced and with the necessary accreditation, updated professional development and professional indemnity insurance.

Secondly, you should select a Buyer’s Agent who has access to comprehensive independent data and information of both a quantitative and qualitative nature. Here at Buyer Solutions, we subscribe to specific property data reports that are much more comprehensive than free online suburb or property reports. As an independent adviser, we do not selectively choose data that skews a final report and we highlight any potential inconsistencies.

Should I choose a Buyer's Agent based in the local suburb where I would like to purchase?

Firstly, do they meet the criteria above of being a member of both REIV and REBAA? Do they have experience buying property related to your criteria and do they have access to both qualitative and quantitative data for the area? It can be very tempting to select a suburb specific Buyer’s Agent but they also need to have excellent negotiation skills, due diligence methods and proven real estate experience. At Buyer Solutions, we have consistently received industry recognition and have won multiple awards for our performance across multiple locations in Victoria.

Can I negotiate a cheaper price to use Buyer Solutions services?

We offer different levels of assistance to cater for the needs of our clients. Some clients would like us to only represent them at an auction or assist them with the buying process. Others prefer a full service offering so that they can stick to their profession and we can stick to ours. We have spent many years gathering our skills, knowledge and experience and we pay substantial annual fees for memberships, insurance and data provision services. We provide genuine value for money and a quality service and therefore will only consider a negotiation on price before we sign an exclusive agreement.

What can I expect from a Buyer's Agent?

Firstly, quality research. This starts with a comprehensive brief to determine your real property needs. Secondly, analysis and data that accurately reflects the current state of the market and what is realistic in terms of price, availability and investment potential. Thirdly, representation. This is very important if a ‘confidential’ property purchase is required (for example buying the property next door anonymously!) or if the property is going to auction (no need for an emotional bid way above your budget)