Is your buyer’s agent REBAA accredited?

By Janet Spencer

Is your buyer’s agent REBAA accredited?

The real estate industry has always attracted its fair share of ‘shonky’ selling agents but it’s disappointing to see operators who are now promoting themselves under the guise of being a legitimate ‘buyer’s agent’ taking advantage of innocent buyers.

Buyer’s agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers. They do not sell real estate. They are engaged independently and paid for by the buyer to act on their behalf.

Consumers need to be careful not to be lured by slick advertising promising deals that are too good to be true.

Regrettably an unfortunate minority are giving the industry a ‘bad name’. As Australia’s largest independent alliance of buyer’s agents who act on behalf of buyers in property transactions, we support the ongoing investigation of unscrupulous operators.

A REBAA accredited buyer’s agent is committed to offering services with stringent ethical standards and undertaking proper due diligence. Each REBAA accredited agency must also carry professional indemnity insurance.

An important question to ask a buyer’s agent is whether they are truly “exclusive” or “independent”. If they accept sales commission from vendors or developers then they cannot be classified as “independent” as they are acting in the interests of the seller.

Another key question to ask the buyer’s agent is the nature of their relationship with other service providers. Are they disclosing any commissions or kick-backs from builders, inspectors, sales agents or other companies that are closely associated with the purchase? A buyer’s agent must fully disclose the nature and amount of any commissions received.

Consumers should choose to use an “exclusive buyer’s agent” rather than a sales agent dressed up to have the appearance of a buyer’s agent. Ask about their experience and track record and how they get paid for delivering their service and look out for the REBAA logo.

For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.

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