BUYER BEWARE - PART 1: The Evolution of Real Estate Buyer’s Agents
Updated: Jun 23, 2019
Traditionally, real estate agents were widely known and recognised as sales or listing agents, engaged by sellers to market and sell the property on their behalf. As trained sales agents, their primary focus and skill set revolves around selling property for the best price possible. They are legally obligated, and have a fiduciary duty, to do so.
For the vast majority of property buyers, unless they are experienced investors, buying a property is likely to be an activity they rarely engage in, are unfamiliar with, and find to be heavily laden with risk and stress.
Now, face these two parties off against each other (experienced sales agent vs inexperienced buyer), and it is abundantly clear where the advantage lies.
Enter the Exclusive Buyer’s Agent, primarily dedicated to represent the best interests of buyer’s at all times. These agents are generally:
specialist buyer’s agents
independent from sales agencies
exclusive buyers who never sell property
qualified professionals with a high level of education and expertise
experienced buyer’s with established processes and referees
accredited by the National Buyer’s Agents Association (In Australia, the Real Estate Buyer's Agents Association of Australia (REBAA) is the national body representing Exclusive Buyer's Agents).
However, it’s not all ‘smooth sailing’ for property buyers who want to be represented by a Buyer’s Agent. Unfortunately, as public awareness of the concept of ‘buyer’s agency’ has increased, so too has competition for the attention of buyers.
This has resulted in a proliferation of inexperienced players, determined to make their presence felt in this arena, calling themselves ‘buyer’s agents’. These new entrants include hustler’s attempting to fast-track themselves into a new career, and existing sales agents, either pretending to be buyer’s agents, acting as occasional buyer’s agents, or attempting to do double-ended deals.
Now, more than ever, it’s vital that buyers are aware of exactly who they are dealing with. Part 2 of this Blog will explore the adaptation and proliferation of the different types of buyer’s agents worldwide in more detail.
In the meantime, if you’re looking for an exclusive buyer’s agent in Australia, to act in your very best interests, according to stringent industry standards and a ‘code of conduct’, look for the REBAA accredited badge of protection.
If you are looking for a REBAA accredited Cairns Buyer's Agent or Townsville Buyer's Agent in Queensland, Australia, contact Jennifer at NQ Buyer's Agent today.