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 Buyers Agent, primarily dedicated to represent the best interests of buyer’s at all times. These agents are generally:
specialist buyers agents
independent from sales agencies
exclusive buyers who never sell property
qualified professionals with a high level of education and expertise
experienced buyers with established processes and referees.
However, it’s not all ‘smooth sailing’ for property buyers who want to be represented by a Buyers Agent. Unfortunately, as public awareness of the concept of ‘buyers 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 ‘buyers agents’. These new entrants include hustler’s attempting to fast-track themselves into a new career, and existing sales agents, either pretending to be buyers agents, acting as occasional buyers 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.
If you are looking for an exclusive Cairns Buyers Agent or Townsville Buyers Agent in Queensland, Australia, contact Jennifer at NQ Buyers Agent today.