Hi miket,
miket said:
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.
miket said:
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.
miket said:
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.
kph said:
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