Buyer's Agent

Do you think there is any independence there...that is why we need to give people like ACCC more teeth!

Australia has too many Oligopolies and Monopolies...

It almost seems as though you're likening BAs to major banks.

The "BA Market" would be pretty competitive methinks.

Giving the ACCC more teeth?

Mmmmm.

No (imo)

(Having worked at the ACCC during the "Fels period", including when the GST was introduced, and saying how he engaged in "trial by media" I feel pretty safe in saying that they have quite enough power as it is).
 
The only way people will stop thinking neg about buyers agents and will probably put this topic to rest is...

BA's please provide deals/addresses/suburbs of recent purchases where it has been purchased undervalue/or has had enough juice to make it worthwhile for a reno/development or other.

I think once people actually see this happen during a rising market more people will appreciate what a buyers agent does, i know privacy and all but those that are in doubt about BA a few recent purchases will put this to rest.
 
Prop

I have had a few PMs where people have raised the ethics of BAs also. In some a couple of points of gripe:

1. High up front costs with tightly worded contracts which favour the BA. The REINSW has a universal contract. Do the BAs have one and recommended schedule of fees. In some instance people are being asked for a non-refundable fee of 3k-3.5k upfront.

2. In some instances are paying 10k up front (one instance) and a timeframe to provide services. They are given 3 months and then the fee is not refunded.

3. The BAs focus on the larger srevice amounts (i.e. higher price property) as it is more profitable. What is REBAA doing about this...as it is like a cab driver shopping for the highest fare which is illegal in taxi industry.

4. Some members have responded that the informal network on this forum are better way to source property. Some members on this forum have been exceptionally generous and have shared their view no payment received and highly successful purchases have been made.

Finally...I ma happy to draft a charter for BA...free of charge which balances the Buyers Agents needs and service users needs. Is the REBAA game to consider this??

Remembering that BAs are representing the contractural adversaries of the REAs clients - so both the BA and the REA have different goals in the whole RE transaction. (BAs want to buy cheap, REAs are bound to get the highest possible price for the vendor, and so on)
 
Great idea John

Add to that the following under the governance of the REBAA mebership:

1. The non-refundable amounts of the BA - i.e. set-up fees for all to see
2. Sliding scale for services based on the property amount
3. Unit pricing of add on services - i.e. attending auctions, development sites (with sliding scales)
4. Performance criteria and what evidence to the buyer that they have indeed bought under the market.

Hopefully a standard can be adopted for all BAs...this makes it more transparent to the buyer of services...and will stop all this shopping based on supposed reputations.

The only way people will stop thinking neg about buyers agents and will probably put this topic to rest is...

BA's please provide deals/addresses/suburbs of recent purchases where it has been purchased undervalue/or has had enough juice to make it worthwhile for a reno/development or other.

I think once people actually see this happen during a rising market more people will appreciate what a buyers agent does, i know privacy and all but those that are in doubt about BA a few recent purchases will put this to rest.
 
High up front costs with tightly worded contracts which favour the BA.

And yet....

If they don't like it, then why are these people signing these contracts?

And are these people not seeking independent legal advice before they sign?

Or is it all done at gunpoint?
 
Yep....indeed...I do....but 90% of the population is not geared this way....

The more fundamental point...is that the REBAA has been established to ensure a level of standard for BAs. Should they not be establishing some standard guidelines....similar to the AMA or REINSW?

And yet....

If they don't like it, then why are these people signing these contracts?

And are these people not seeking independent legal advice before they sign?

Or is it all done at gunpoint?
 
Yep....indeed...I do....but 90% of the population is not geared this way....

Well then 90% of the population are stupid and will get fleeced in life.

When they make stupidity illegal, let me know... I'll probably end up in jail and I'd like to get a head start on the cops.
 
I have had a few PMs where people have raised the ethics of BAs also. In some a couple of points of gripe:
1. High up front costs with tightly worded contracts which favour the BA.
People can do one of 3 things:
1. Put up with it and gripe
2. Seek to negotiate the T&Cs with the BA
3. Not engage the BA And find their own propertjy and gripe about something else.

The REINSW has a universal contract. Do the BAs have one
REINSW has a universal BA agreement too (I use it).

and recommended schedule of fees.
Last time I checked the Govt was keen on deregulation and letting the free market work all this stuff out.

3. The BAs focus on the larger srevice amounts (i.e. higher price property) as it is more profitable.
Untrue. BAs focus on whatever client they have focuses on. It is true that wealthier people hire BAs and as a consequence, some properties BAs buy for clients are in higher price brackets.

What is REBAA doing about this...as it is like a cab driver shopping for the highest fare which is illegal in taxi industry.
AFAIK REBAA is not interested in the fees it's members charge. That is entirely a matter for each BA and their clients. Clients are free to engage whomever they want at whatever price they can agree on. Service levels and offerings vary widely.

Some members have responded that the informal network on this forum are better way to source property. Some members on this forum have been exceptionally generous and have shared their view no payment received and highly successful purchases have been made.
Good for them! Who will they blame or get compensation from if the deals go bad?

Finally...I ma happy to draft a charter for BA...free of charge which balances the Buyers Agents needs and service users needs. Is the REBAA game to consider this??
I don't think you even register on REBAA's radar screen, sash. What legal qualifications do you have?
 
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Propertunity...let me ask a question...since you seem to be nice enough bloke and seem to be willing to be transparent...care to post why you charge in detail?

NSW Govt is keen on deregulation...maybe in the Power industry....but are you aware that they have beefed up their team doing investigations of real estate agents. They started with auctions...what next?

Perhaps...some of the agrieved people should all register their complaints with the Dept of Fair Trading all at once...that would be interesting wouldn't it?

Could not care whether whether or not the REBAA responds.

As for your last comment it clearly...shows you have a vested interest as a BA in REBAA. A little word of advice people do read the forum....people have met me....people have asked for my PERSONAL views / advice (no charge)....I don't hide in shadows. And I am not easily bullied or quietened.

I realise this is causing discomfort....but these questions need to be asked and bedded down. None of it is defamatory...but the hard questions needs to be asked.

I remember that when you started out it was just you and your wife..now you have 4 people...obviously you have had quite a few referals from this site. I want this site to be an independent investor site....there it too much commercial stuff going on ....nothing wrong with it...but some of the stuff is absolutely wrong. Not directed at you but as a general comment.

People can do one of 3 things:
1. Put up with it and gripe
2. Seek to negotiate the T&Cs with the BA
3. Not engage the BA And find their own property and gripe about something else.
REINSW has a universal BA agreement too ( I use it).

Last time I checked the Govt was keen on deregulation and letting the free market work all this stuff out.


Untrue. BAs focus on whatever client they have focuses on. It is true that wealthier people hire BAs and as a consequence, some properties BAs buy for clients are in higher price brackets.

AFAIK REBAA is not interested in the fees it's members charge. That is entirely a matter for each BA and their clients. Clients are free to engage whomever they want at whatever price they can agree on. Service levels and offerings vary widely.

Good for them! Who will they blame or get compensation from if the deals go bad?

I don't think you even register on REBAA's radar screen, sash. What legal qualifications do you have?
 
AFAIK REBAA is not interested in the fees it's members charge. That is entirely a matter for each BA and their clients. Clients are free to engage whomever they want at whatever price they can agree on. Service levels and offerings vary widely.

Good for them! Who will they blame or get compensation from if the deals go bad?

Just out of curiosity, which BA provide compensation if deal goes bad?? if they do, can you specify approx $$$ amount?? or they just refund retainer fee?
 
. In a nutshell, for BAs to be accepted by REBAA they need to carry PI insurance (not all BAs do, which is a larger risk for consumers)

Good for them! Who will they blame or get compensation from if the deals go bad?

Just out of curiosity, which BA provide compensation if deal goes bad?? if they do, can you specify approx $$$ amount?? or they just refund retainer fee?

This is the puzzling bit as I'm at a bit of a loss as to what risks are involved. Buying the wrong property-no probs blame the selling/listing agent for misrepresentation. Buying something unsuitable for the client- unlikely as the client has probably inspected it or seen the photos.
Pay too much? How can you prove that when the property is held for any period (which no doubt is in the client agreement as the basis the BA is acting on). In all my life I can't remember the last time a REA got sued on a sale let alone a BA. If anything I expect a selling agent would get sued for underselling; or Misrepresentation. There are cases of REA s being sued but they are few and far between given the number of transactions. Maybe that's proof of the high standards and training in the industry!:rolleyes:
 
Hi sash

Given that property investing is about making money , I don't see why you have a problem with people wanting to make money by providing a service to people involved in property investing .

I personally know a couple of the BA's on the forum and, they are people who I would trust implicitly . I can't say that about the " educators " I've met along the way.

Cliff
 
I'm sorry, I considered Campbelltown SW, not W. Is that not the case? I'm still learning the areas, as you may have guessed.

Nothing to do with areas. But the fact that you asked a question using jaspn as your log in then clarrified the areas using another log in - ab100.

I think you'll get a message from SIM about this.
 
The only way people will stop thinking neg about buyers agents and will probably put this topic to rest is...

BA's please provide deals/addresses/suburbs of recent purchases where it has been purchased undervalue/or has had enough juice to make it worthwhile for a reno/development or other.

I think once people actually see this happen during a rising market more people will appreciate what a buyers agent does, i know privacy and all but those that are in doubt about BA a few recent purchases will put this to rest.


^^^ If answered with genuine proof will put this topic to rest and will ease my mind about BA's after getting burnt by a BA :)
 
^^^ If answered with genuine proof will put this topic to rest and will ease my mind about BA's after getting burnt by a BA :)
What's your ides of getting burnt John,if you were to do the homework before you walk in the "BA" door then apart from all the lines like:rolleyes: ,,you better hurry I have a contract already and it's above the asking price,

Can't show you the property till the morning 2 people are looking today:rolleyes:..

Do you have the cash lined up,i don't want you to waste my time:rolleyes:

The list is endless John,so it's up too you alone,and learn to say no thankyou it's not what i'm looking for ,, and learn to read faces re ba's have several depending on how they see you,turn up in overalls workboots mullet haircut and see how you treated,half the agent bas out there only care about one item..
 
Propertunity...let me ask a question...since you seem to be nice enough bloke and seem to be willing to be transparent...care to post why you charge in detail?
"Why" I charge is because I'm running a business, and businesses only exist for one thing.
"What" I charge depends on many factors:
1. Degree of difficulty - we are afterall getting paid to deliver a service.
2. Likelihood of success (although if a client's brief in not feasible, we do not take them on).
3. Level of service required. O/seas clients that want to call me at 2am SYD time can do so, if they're paying for that level of attention.
4. What the market can bear price-wise, and,
5. The price of the property. Higher priced properties can have more difficult to deal with vendors and take longer to find (often).

NSW Govt is keen on deregulation...maybe in the Power industry....but are you aware that they have beefed up their team doing investigations of real estate agents. They started with auctions...what next?
I am aware that the OFT is clamping down on auction misbehaviour. I am also aware that they are doing the same with Trust Accounts. I'm happy to report that we don't have issues with either of these matters - or anything else as far as I'm aware.

Perhaps...some of the agrieved people should all register their complaints with the Dept of Fair Trading all at once...that would be interesting wouldn't it?
Maybe I'm missing something, but I still don't know what someone could complain about, IF:
1. They are quoted a price for a service,
2. They sign up and pay a retainer,
3. They purchase a shorlisted property that a BA finds,
4. They have other independant 3rd party providers such as conveyancers, P&B inspectors, bank valuers etc to rely on for a 2nd opinion.
......unless they have been burned by an unscrupulous BA, who is somehow deficient - in which case they can make a claim.

As for your last comment it clearly...shows you have a vested interest as a BA in REBAA. A little word of advice people do read the forum....people have met me....people have asked for my PERSONAL views / advice (no charge)....I don't hide in shadows. And I am not easily bullied or quietened.
How have you been bullied? :confused:

I realise this is causing discomfort....but these questions need to be asked and bedded down. None of it is defamatory...but the hard questions needs to be asked.
I assure you this is not causing me any discomfort whatsoever. I relish the opportunity to explain our position in an open forum.

I remember that when you started out it was just you and your wife..now you have 4 people...obviously you have had quite a few referals from this site.
That's a pretty wild assumption sash. How would you know how many referals come from this site? (I do not deny that we have had referrals from here but also MANY other places).

I want this site to be an independent investor site....there it too much commercial stuff going on ....nothing wrong with it...but some of the stuff is absolutely wrong. Not directed at you but as a general comment.
You'll have to direct that to the owners of the site.

From my perspective we are "Damned if we do, damned if we don't". In other words if I declare where I am coming from as a BA, I get labelled as being here for "commercial reasons". If I don't declare I'm a BA, then I get accused of bias and not stating a vested interest in any comments I may offer. :(
 
Nothing to do with areas. But the fact that you asked a question using jaspn as your log in then clarrified the areas using another log in - ab100.

I think you'll get a message from SIM about this.

No problem here ... I think you'll find it two people in the same house (husband/wife, girlfriend/boyfriend, life partners, or some variation of those).
 
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