A recent survey conducted by St. George Bank showed that 50% of home buyers were losing sleep and 25% were losing focus at work because of stress from their property hunt.
But Rich Harvey, president of the Real Estate Buyers Agents Association of Australia (REBAA), said that this could have been avoided had homebuyers employed the services of buyer’s agents.
“What a lot of people don’t realise is that an investment in a professional who’s been buying property
for 10 or 20 years, who has the contacts and knows how to negotiate, is actually making you money and saving you money all at the same time,” said Harvey.
“It comes down to a level of risk and the average Australian first home buyer is not able to take that level of risk without professional advice.”
Currently, there is no industry standard as to the fees for buyer’s agents. Some would charge buyers a fixed rate for their services, while others opt to follow the standard selling agent’s charge of 2-2.5% commission plus GST on the purchase price.
The rates also depend on which suburb you choose, the price, and what kinds of services the buyer wants to pay for.
“Maybe you’ve done all the research and you simply want an independent third party to validate your opinion, or you would like a buyer’s agent to bid on your behalf at auction,” said Harvey.
“At the end of the day, you need to find the right buyer’s agent that’s giving you the right level of service.”
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out