- ShouldersParticipant@daniel23Join Date: 2014Post Count: 3
I am looking at engaging a buyers agent for expanding my portfolio. I am unable to research due to time constraints – I haven’t used a buyers agent before so am interested into how it works and a rough guide on the cost – is this based on sale figure or agreed flat fee – payable on sourcing or securing or other? What can i expect and what should i be wary of?
Email MeBuyersAgentParticipant@knightmJoin Date: 2005Post Count: 338
The short version is this:
Stay away from spruikers – anyone marketing new off the plan units or House and Land packages that takes a fee froma builder, they are not true BA’s and they are not working for you.
Stay away from anyone not licenced AS A BA.
Stay away from anyone doing both selling and buying.
Stay away from anyone without a few yrs experience and a track record of happy clients.
If you do your research, keep your brain switched on and take any outrageous claims with a grain of salt you should do ok. If you build a quality team you can indeed achieve more in less time.
Regarding fees – all the true BA’s will charge. The ones who don’t are getting paid by the other side and you are not their client you are the stock on the shelf being sold to the client (the builder).
Usually the fee is made up of an up front retainer between 20-50% (to get rid of anyone not serious) and a success based completion fee. There are fixed fees, flat fees, percentage fees and hourly rates all in the marketplace so just ask and make sure you understand the fee being proposed.