What is an Exclusive Buyer's Agent?
Updated: Aug 3, 2018
A real estate ‘buyer's agent’, also described as a 'buyer’s advocate' or 'buyer’s broker', is an agent who acts on behalf of a buyer to purchase real estate. As an emerging industry, the specific meaning attached to the term and its interpretation varies widely, and depends on the legislation of a particular location, and the purpose and function of the role. In Australia, there is a clear distinction between an Exclusive Buyer’s Agent (an independent, licensed, real estate agent who works exclusively on behalf of buyers to purchase property) and a more general buyers agency service offered by an agent financially affiliated with a sales agency.
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.
The official body representing exclusive buyer’s agents in Australia is the Real Estate Buyer’s Agency of Australia (REBAA). REBAA has a strict Code of Conduct and membership requirements, which ensure the exclusivity of the buyers agent members.
If you are looking for a REBAA accredited Cairns Buyer's Agent or Townsville Buyer's Agent in Queensland, Australia, contact NQ Buyer's Agent today.
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