A real estate ‘buyer's agent’, also described as a 'buyer's advocate' or 'buyer's assistant', is an agent who acts on behalf of a buyer to purchase real estate. But it's usage and representation vary widely. As a buyer, you need to understand exactly who is really working on your behalf.

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As an emerging industry, the specific meaning and interpretation of a 'Buyer's Agent' varies widely, and depends on the purpose and function of the role.   In Australia, there is a clear distinction between what can truly be considered a Buyer's Agent (an independent, licensed, real estate agent who works exclusively on behalf of buyers to purchase property) and a more general buyer's agency service offered by an agent financially affiliated with a sales agency. Some sales agencies now have dedicated internal 'Buyer's Agents', employed to 'represent the buyer' and 'support the buying process', but make no mistake. These are selling agents, paid by the principal licensee or agency director. When you deal with these so-called 'buyer's agents', you are effectively dealing with a sales agent.

Exclusive Buyer's Agents are:

• fully licensed and insured real estate agents who act exclusively on behalf of buyers to purchase real property

• bound by legislation to represent and work entirely on behalf of the buyer. They have a legal and fiduciary duty (obligation of trust and confidence) to the buyer to find the best property for the buyer, on the most suitable terms.

• impartial  - work closely with each and every buyer to find the ‘ideal’ property to suit their individual brief. This includes ‘off-market’ properties, and properties for sale by owner. Buyer's agents do not advertise specific properties for sale or promote a particular type of property to their buyers.

• remunerated entirely by the buyer. They do not derive income, benefit or financial incentive through partnerships with sales agencies, individuals, or organisations in the business of selling or developing property. They do not ‘conjunct’, do ‘conjunctional sales’ or partner in any financial way with sales agents.