A buyer’s advocate takes a brief from a client to clearly understand what the client is looking for and the price range determined. With thorough research a report on properties fitting that criteria is prepared for the client and, after selection, the process of buying the property is started. This can include anonymously making contact with off-market properties, negotiation or auction attendance.
Depending on the level of service required, buyer advocacy fees are negotiable. Some clients require a full service from sourcing a property through to the completion of the settlement process, others would only require negotiation assistance or representation at an auction.
The most important thing when choosing a buyer advocate is to feel comfortable with their ability to act on your behalf. FKP is a member of the REIV (Real Estate Institute of Victoria), has extensive experience in buying property have access to both qualitative and quantitative data for the area. The preferred area of operation is within 10km of Melbourne CBD where FKP has vast experience.
You should select a Buyers Advocate who has access to comprehensive independent data and information of both a quantitative and qualitative nature. Here at Finders Keepers Property 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.
The process will be dependent upon your brief, budget and what properties are available currently on the market. This can be gauged after discussing the brief as to an educated estimate. Throughout the process you will be communicated with to keep you informed.
Time researching and eliminating unsuitable properties, teemed with immersion in the property market every day determines the worth of a Buyer Advocate. Mistakes are costly in real estate and a good Buyers Agent will prevent mistakes, save you money and save you time and, as the Buyer Advocate is independent in the buying process, all efforts are totally objective on behalf of the buyer.
• The company must be a fully Licensed Estate Agency through the Business Licensing Authority
• Does the Director of the company hold a full Estate Agent’s Licence?
• Can they provide you with a personal one on one service?
• Do they have professional contacts that they can refer you to?• The company must derive its income from you, the buyer, only in relation to the purchase and no other third party
• 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?
Fees are negotiable depending on the level of service required. There is an engagement fee and a percentage of the purchase price upon which we agree. FKP offer a Comprehensive Buying Service where we source, shortlist and secure the property for you or 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.
At Finders Keepers Property, we use the REIV Buyers Agent Authority. This clearly set out details of services and fees agreed between the Buyer Advocate and the buyer and the REIV Exclusive Sale Authority when acting as the Vendor Agent and seller.
Your Buyers Agent should only be paid by you. A Buyers Agent is an independent property professional and should specialise in working for property buyers. A professional independent buyers agent or buyers advocate should not take any commission from the Vendor or Selling Agent.
