All Topics / General Property / buyers brokers

Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of qsikqsik
    Member
    @qsik
    Join Date: 2007
    Post Count: 6

    Hi
    Can anyone explain how a buyers broker works?? Has anyone used a buyers broker?? How do I find a good honest broker??
    I feel like  so much of my time is wasted on searching, researching and inspecting only to find by the time I can get get to inspect or even enquire about a property it has either sold or is under contract. The other problem I'm finding is spending whole days inspecting properties that look and sound really good but are not what they seem when seen 'in the flesh'.
    I work fulltime and my days off seem to be used chasing my tail!
    Hope someone can shed some light on my dilemma!!
    Carol

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Carol

    One big difference is that the Buyers Agent acts on your behalf and not on behalf of the seller.

    As to finding an honest one a referal is often the best source. Which State are you looking in ?

    Richard Taylor | Australia's leading private lender

    Profile photo of qsikqsik
    Member
    @qsik
    Join Date: 2007
    Post Count: 6

    NSW – Newcastle / Hunter Valley  area

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Why not try someone like

    Alan FoxReal Estate Buyers Agent Propertunity Pty Ltd "Investigating Opportunity In Property" 
    | E: [email protected] 

    Phone:  0407 933 500    

    Alan is a forum member based in NSW and has acted for dozens of my clients in locating them a property.
    In fact i am financing a deal for him right now where the client is buying in the Newcastle area.

    Give him a ring and tell him i sent you and I am sure he will look after you.

    Richard Taylor | Australia's leading private lender

    Profile photo of qsikqsik
    Member
    @qsik
    Join Date: 2007
    Post Count: 6

    Thanks Richard
    I really appreciate your reply and I will look up  Alan and have a talk to him.

    Profile photo of jazamitejazamite
    Member
    @jazamite
    Join Date: 2008
    Post Count: 34

    Hi Richard,

    Im looking for positive cash flow properties in and around Melbourne or Brisbane.  Would you know of a reputable buyers agent that focuses on such properties for these regions?  Many thanks Jazamite

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Jaz

    Sorry cant recommend anyone in Melbourne but for Brissie and SE Qld why not try

    Tony de Latour at Results Realty

    0403 115 973

    email me at [email protected] to be put on our list.

    http://www.resultsrealty.net.au

    Tony is a forum member and regularly contributes to posts raised by members.

    Richard Taylor | Australia's leading private lender

    Profile photo of qsikqsik
    Member
    @qsik
    Join Date: 2007
    Post Count: 6

     Richard
    Just thought I'd let you know that I contacted Alan and had a chat about buyers agents. Sounds like a nice bloke and if I decide to go that way then I wil certainly give him my business. He replied straight away and was more than happy to help.
    Thanks for the referal
    carol

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Carol

    Good to hear.
    Yes he is very Professional in the way he works and hopefully if you go that route he can assist.

    Always good to hear good feedback.

    Richard Taylor | Australia's leading private lender

    Profile photo of tim_salter1971tim_salter1971
    Participant
    @tim_salter1971
    Join Date: 2005
    Post Count: 1

    Hi there Carol, I live outside Australia and have found it difficult to look for property so I engaged the services of a 'buyer's' agent in Sydney's northern beaches. My experience was extremely disappointing.  I'm not sure if this is how it works with all companies but mine charged me an upfront retainer of approx AUD$3,500 to start a supposedly 6mth long search (based on broad criteria I gave them, eg 2 bedroom, 2 bathroom, balcony, garage, area, etc) and then, once a suitable property had been found and purchased,  they would also receive a much bigger fee. For a property of around $1mio, this larger fee was in the order of AUD$20,000 and it increased as the property value increased – hmm, sound familiar?  Initially I was told how much benefit I would derive from their inside knowledge of the market (they were all ex-real estate agents) and news of upcoming property listings yet to be released to the general public. In reality they never once showed me a property that I hadn't already seen myself on realestate.com.au. 

    I made a visit to Sydney for 1 week about 2-3mths in to the '6mth period' to see some properties first hand for myself. The company took me to a property which fulfilled the broad criteria which I had specified (ie it had 2 bedrooms, 2 bathrooms, a garage and a balcony). Upon inspection I didn't like the property and informed them I wouldn't be taking it further and asked them to continue the search. The next day I was in Melbourne and received a call from the company's manager asking me, very rudely, why I didn't want to buy this property –  after all, it had fulfilled my criteria. Forgetting for the moment the obvious fact that just because a property has 2 bedrooms and 2 bathrooms you may not want to buy it (we are talking about AUD$1mio after all) and that I would ultimately be paying this company $20,000 if a purchase did go through (and would therefore expect an exemplary level of service from them, rather than nagging pressure and rude phone calls), the bottom line is these buyer's agents get paid most of their fee once you purchase a property. Therefore, like normal real-estate agents, they have the greatest incentive for you to buy something, and buy as quick as possible. I understand that not all buyer's agents would be like this, but I urge you to be very sceptical about the idea that they truly work FOR you. They want you to buy SOMETHING, and that is ALL. As regards my own situation, after the said phone call from the company manager, in which I made it very clear what my thoughts on him and the situation were, I received a couple more half-hearted e-mails with more property listings (all of which I had already seen on the internet) then, with 2.5months still to run on my '6mth search period' didn't hear from them again. Remember I had already paid them AUD$3,500 for them to search for 6mths.  

    In retrospect, I actually think AUD $3,500 was a cheap lesson – personally I would never use one of these agents again. I would suggest you save the exorbitant fees and get some friends to take some photos of something you see and like on realestate.com.au or a similar web page. 
     
    I hope that helps.

    Tim         

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