Buyer's Agent_Is this feasable?

[miket]

As an owner seller of my property, I was thinking about buyer’s agents and started searching the net for prominent agents to study their service charters.

What I'm looking for is if I approached a Buyer's Agent and inform them my house is on the market, well, point them in that general direction;
1. Could they take any notice and pass on the property for sale to prospective clients/purchasers? (Good for business)
2. Typically they do-as part of the service-charge purchaser’s a finders fee but will the seller also be up for the usual commission?
3. And the seller would then need to sign a PAMD 22a (Qld) form with them?

For now I'd like the forum's valued feedback and then I can pursue further.

Thanks everyone.

MikeT

 

[geoffw]

My thought that is, as a seller, a real estate agent has a responsibility to sell your place at the best possible price. A buyer's agent has the responsibility to buy a property at the best possible price for their clients.

Do you really want to let someone who is acting for the buyer to negotiate with you?

If you have problems selling the property, might it be better to put the property in the hands of someone who is acting for you rather than for the buyer?

 

[Jamie]

Hi Mike,

By definition, an agent can only work for either the vendor OR the purchaser, but not both. If you are intent on selling your property privately and have listed on the For Sale By Owners type sites, all good buyers agents should be able to find it anyway.

Jamie.

 

[kph]

Buyers agent

Well, if you have a price in mind that you want to nett, then there is no reason why a buyers agent cannot help.
As you said quite rightly, his/her commission gets paid by the purchaser.
It is also possible that you can offer them a part commission and they can collect the balance from the purchaser.
This could be win/win for bot vendor and purchaser...yes ?


Cheers...KP

 

[MR Buyer]

Hi miket,

1. Could they take any notice and pass on the property for sale to prospective clients/purchasers? (Good for business)

As a buyer's agent I would only refer a buyer to your property if the property met their purchase criteria. Buyer's Agents will work for and in the best interest of their buyer clients. If any of the criteria are not met they may not recommend the property. The other thing to remember is that buyer’s agents will negotiate hard on both price and terms for the buyer.

When selling property I choose to use a professional sales agent to market and sell the property. The agents that I sell with I know to achieve high prices and good results. The key is to do your research and use a great agent when buying or selling.

2. Typically they do-as part of the service-charge purchaser’s a finders fee but will the seller also be up for the usual commission?

A true buyer’s agent doesn’t charge a finders fee. Finding the property is only one part of the service provided.

A buyer’s agent will not charge the seller a fee if the buyer’s agent is working for a buyer who has appointed them. If they try to charge you they should talk to your solicitor about why they want to and how they can under the PAMDA.

3. And the seller would then need to sign a PAMD 22a (Qld) form with them?

Yes the buyer must appoint their buyer’s agent using the PAMD22a. Many buyer’s agents have buyer clients sign other agreements that are not in line with PAMDA legislation. As a seller this should have no impact on you, unless the buyer try’s to crash the contract using the out that has been provided by not using the correct documents. It’s unlikely that a buyer who wants to buy a property would try to crash the contract. They are more likely to just not pay their agents fees.

It is also possible that you can offer them a part commission and they can collect the balance from the purchaser.
This could be win/win for bot vendor and purchaser...yes ?

Unfortunately, this is not the case. Some so called “buyer’s agents” will tell a buyer about the deal they’ve created and try to sell it to them. In this case they often get a marketing fee from the vendor. This is not how a true buyer’s agent will work. A buyer’s agent should work for buyers and a seller’s agent should work for sellers.

I know this isn’t always the case and I hope that the Department of Fair Trading will eventually crack down on agents who don’t work in the best interests of their clients, but they tend not to do anything because they don’t get comprehensive complaints they can act upon.


I hope this has answered your questions appropriately.

Regards,

Mark

 

[wish-ga]

We have a buyer's agent on the forum. Great to have you around. Hope to hear more from you.

 

[miket]

Top Man Mark,

Thanks for clearing my queries up.

My thought in contacting a buyer agent was to simply highlight the property in the event they did have an enquiry by a client it may help us.

Granted, I appreciate that buyer agent's would have all the bases covered when sourcing a property to the client's criteria.

Anyway Mark, if you'd like me to send you the details of our property I'd be glad too.

Ta,
MikeT

 

[Lustre]

Buyer's Agent - is this feasible?

Hi there Miket
You might be interested in knowing that there are now businesses out there that assist people in selling their own home. They are marketing experts, not agents, so they show you how best to capture the right market, without the use of a selling agent.
Here is one expample of a Sydney based company - I am not affiliated, but I have seen a presentation of theirs;

www.privatesaleassist.com.au

All the best with your sale.
Lustre