Buyers' agents in Sydney, Are they really worth it ?
- Thread starter Highambitions
- Start date
Hmmm... are we worth it? 
Well all my clients to date think so
Looks like Alan has admirably answered and responded to many of the posts already (he obviously has way more time than I do to post on this forum!!) but I'd like to add a few thoughts of my own:
BA's are not for everyone. Indeed, as Alan says, given the fact that we Aussies are an avid bunch of DIYers there's going to be a tendency amongst a certain % to never engage the services of a BA. These are also generally the same set of people who also do their own handyman work, their own tax, they may already manage their own IP's and possibly have sold their own properties. Kudos to them and that's 100% fine.
BA's add a level of service that involves far more than simply securing a property. They bring the benefits of local knowledge, experience, access to information and market intelligence (sometimes before the general public) to the service. Naturally, price is important and BA's ensure that maximum appraisals are provided to every client for each shortlisted property, so peace of mind can be assured that one isn't overpaying for a property.
Ensure your BA is appropriately licensed, insured, experienced and preferably an investor themselves.
Ensure they are familiar with the areas you're looking in to buy and have established relationships with the agents in that area. As Alan has pointed out, ongoing contacts can make a difference when it comes to selecting which buyer to pick. Obviously REA's favour our clients as they know we only bring qualified serious purchasers to the party and we provide repeat business.
In this market (definitely a sellers one) it's not about obtaining the best price necessarily. It's about securing the property in the first place. The race to exchange is happening all over Sydney at the moment (more manic in some places than others) and we are witnessing extraordinary results (have provided examples in recent posts). If you want to be part of the action and preferably be first in line with your purchase, consider a BA as part of your weaponry. It also pays to be super organised with your finances, as many LNS and Northern suburbs are only accepting unconditional contracts with 10% deposits in the race to sell. It's certainly money for jam for a lot of selling agents right now.
Like Alan, we've been experiencing high volumes of client interest and also currently have wait periods depending on where you're looking to buy. Sydney's a big place and we only cover a portion of it (Upper and Lower North Shore, Northern and Hills districts, Western suburbs as far west as Blacktown, Parra region) but it's busy in all the suburbs we're looking. Just an example today, I rang a Western suburbs agent about a duplex that had virtually been listed for less than 6 hrs. He'd already had 26 calls about it. Unless you're very active in the marketplace you can't know what's happening out there but a good BA does. Whether or not you want to pay for the service is up to you as consumer, just as it is with any other service.
And I can second Alan's recommendation of Irene Cassidy. Pretty sure she's also got a wait list too but give her a call if interested in the inner west and good luck.
Well all my clients to date think so
Looks like Alan has admirably answered and responded to many of the posts already (he obviously has way more time than I do to post on this forum!!) but I'd like to add a few thoughts of my own:
BA's are not for everyone. Indeed, as Alan says, given the fact that we Aussies are an avid bunch of DIYers there's going to be a tendency amongst a certain % to never engage the services of a BA. These are also generally the same set of people who also do their own handyman work, their own tax, they may already manage their own IP's and possibly have sold their own properties. Kudos to them and that's 100% fine.
BA's add a level of service that involves far more than simply securing a property. They bring the benefits of local knowledge, experience, access to information and market intelligence (sometimes before the general public) to the service. Naturally, price is important and BA's ensure that maximum appraisals are provided to every client for each shortlisted property, so peace of mind can be assured that one isn't overpaying for a property.
Ensure your BA is appropriately licensed, insured, experienced and preferably an investor themselves.
Ensure they are familiar with the areas you're looking in to buy and have established relationships with the agents in that area. As Alan has pointed out, ongoing contacts can make a difference when it comes to selecting which buyer to pick. Obviously REA's favour our clients as they know we only bring qualified serious purchasers to the party and we provide repeat business.
In this market (definitely a sellers one) it's not about obtaining the best price necessarily. It's about securing the property in the first place. The race to exchange is happening all over Sydney at the moment (more manic in some places than others) and we are witnessing extraordinary results (have provided examples in recent posts). If you want to be part of the action and preferably be first in line with your purchase, consider a BA as part of your weaponry. It also pays to be super organised with your finances, as many LNS and Northern suburbs are only accepting unconditional contracts with 10% deposits in the race to sell. It's certainly money for jam for a lot of selling agents right now.
Like Alan, we've been experiencing high volumes of client interest and also currently have wait periods depending on where you're looking to buy. Sydney's a big place and we only cover a portion of it (Upper and Lower North Shore, Northern and Hills districts, Western suburbs as far west as Blacktown, Parra region) but it's busy in all the suburbs we're looking. Just an example today, I rang a Western suburbs agent about a duplex that had virtually been listed for less than 6 hrs. He'd already had 26 calls about it. Unless you're very active in the marketplace you can't know what's happening out there but a good BA does. Whether or not you want to pay for the service is up to you as consumer, just as it is with any other service.
And I can second Alan's recommendation of Irene Cassidy. Pretty sure she's also got a wait list too but give her a call if interested in the inner west and good luck.
I think in Jacque's & Propertunity's case, and probably Nathan's too, their fees are less than 1/2 of the figure you are quoting here bornfree
Hi Propertunity
No, I don't think Nathan can charge fees - Nathan, are you a Licensed Buyer's Agent?
I think if Nathan gives the 'nod's up' to people he does it as a favour, but please correct me if I am wrong with this.
As a holder of the full Victorian Estate Agent's License, I know that there are severe monetary penalties in Victoria for people who act or who hold out that they can act as an Estate Agent on behalf of another - I am sure that the same penalties and possible criminal convictions apply in New South Wales - which, I am reliably told, has long outlived it's Rum Corp label.
So if Nathan does do the 'Buyer's Agent' thing he must be doing it because of his love of the game.
This Forum is wonderful, but there has been quite a few misconceptions over the years . A few people have recently been referred to as Mortgage Brokers when they are not and have never been mortgage brokers, but the idea that they are brokers has been sort of picked up because they post on financial matters
I have only ever seen Nathan post on his own deals. I have not ever read his posts to be touting for business or advertising agent services.
Being an active investor does not make Nathan a Licensed Buyer's Agent so perhaps it would be best if Nathan can clarify the situation before other people - with the best of intentions - go about referring to him as a Buyer's Agent.
Here's the link to search for Licensed Buyer's Agents
http://www.propertyservicesregister.fairtrading.nsw.gov.au/olc/psr/Search.do
Cheers
Kristine
No, I don't think Nathan can charge fees - Nathan, are you a Licensed Buyer's Agent?
I think if Nathan gives the 'nod's up' to people he does it as a favour, but please correct me if I am wrong with this.
As a holder of the full Victorian Estate Agent's License, I know that there are severe monetary penalties in Victoria for people who act or who hold out that they can act as an Estate Agent on behalf of another - I am sure that the same penalties and possible criminal convictions apply in New South Wales - which, I am reliably told, has long outlived it's Rum Corp label.
So if Nathan does do the 'Buyer's Agent' thing he must be doing it because of his love of the game.
This Forum is wonderful, but there has been quite a few misconceptions over the years . A few people have recently been referred to as Mortgage Brokers when they are not and have never been mortgage brokers, but the idea that they are brokers has been sort of picked up because they post on financial matters
I have only ever seen Nathan post on his own deals. I have not ever read his posts to be touting for business or advertising agent services.
Being an active investor does not make Nathan a Licensed Buyer's Agent so perhaps it would be best if Nathan can clarify the situation before other people - with the best of intentions - go about referring to him as a Buyer's Agent.
Here's the link to search for Licensed Buyer's Agents
http://www.propertyservicesregister.fairtrading.nsw.gov.au/olc/psr/Search.do
Cheers
Kristine
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I may be speaking out of place, but Nathan is a buyers agent working for a licensed buyers agency.
How's that work, I thought their fee was added to the cost base of a property and only claimable if/when you sold
How's that work, I thought their fee was added to the cost base of a property and only claimable if/when you sold
You're correct- it is treated as a capital cost upon resale.
Nathan is listed as having an expired (2007) Certificate of Registration (no licence) here in NSW on the Dept of Fair Trading site, as per the licence check above, but perhaps he is working under a licensee in charge who holds a licence? I'm sure Nathan will clarify his status anyway.
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I see I have come in late to this conversation.
I too am a Sydney Buyers' Agent. My clients can also attest to great value (not simply applied in dollar terms) inusing our services.
But I would simplify things by asking this question - would you invest $20K in shares without expert advice? I think the majority of people would say no. However, when it comes to real estate, where the stakes are higher, the costs are higher and the asset is not as liquid - so many people forge ahead without the very advice that could save them a bundle - or prevent them from making a very costly mistake.
In this competitive market I feel we spend more time advising people NOT to buy...
I too am a Sydney Buyers' Agent. My clients can also attest to great value (not simply applied in dollar terms) inusing our services.
But I would simplify things by asking this question - would you invest $20K in shares without expert advice? I think the majority of people would say no. However, when it comes to real estate, where the stakes are higher, the costs are higher and the asset is not as liquid - so many people forge ahead without the very advice that could save them a bundle - or prevent them from making a very costly mistake.
In this competitive market I feel we spend more time advising people NOT to buy...
Bernard Madoff was too!!
That someone with a piece of paper that anyone can virtually get by just paying the fees is better, preferrable or has more expertise than someone who hasn't is nonsense.
They may be "allowed" to practice, but it don't mean they have any clue or that they are ethical or honest.
Most "licensed" MB's, Financial planners, REAs, Stock brokers etc are pretty much useless.
And many REAs are now BAs. The qualifications may as well be given away in Rice Bubble boxes.
Take responsibility for your own actions, aka buyer beware or caveat emptor or get off your butt and do some research before you hire anyone to represent you.
It's now past my bedtime, but then again it dont matta what time i wake up anyway.
Time for blue label sleeping syrup and end of rant.
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Highambitions,every time someone new comes too this site the same line up off BA spring into the slow-motion undramatic action,make up your own mind who you will use,just sit down and calmly and read their post,it's all a one way street with anyone working in Real Estate the same lines every time,the same as Banks that give foolish loans that have a small probabilty of blowing up,but at the end of the day you are the one left holding the can,noone else,so don't run in blind then look for someone to blame,read what" Kristine" has posted several times till it sinks in that is experience talking,btw it does not matter what happens to property prices over the next 6 months,what matters is what happens to prices overe the next 5-10 years,and not one person knows what will happen over that period..good luck willair..
How do you fnd a good buyers' agent?
So many comments and so many are valid - both positive and negative.
BAs always seem to trot out that line about getting access to "quiet" listings and pre-campaign listings. But the reality is that often these vendors are unrealistic when it comes to their price expectations. In fact, my own experience has shown that usually this is to the tune of at least 20% over market value.
The real value in a BA is that a good one knows what you need to know when buying a property - how to pick a good property, what is worth paying a premium for and what isn't worth competing for, what information do we need from the agent, which agent will give us "'inside info", when to go to auction, when to make an offer prior, when not to make an offer, etc, etc. It is their experience in playing the game that can give you the edge.
I am a buyers agent and if I was to buy in another city I would find the most active selling agents in the suburbs I wanted to buy in and ask them who they think the shrewest buyers agents are.
So many comments and so many are valid - both positive and negative.
BAs always seem to trot out that line about getting access to "quiet" listings and pre-campaign listings. But the reality is that often these vendors are unrealistic when it comes to their price expectations. In fact, my own experience has shown that usually this is to the tune of at least 20% over market value.
The real value in a BA is that a good one knows what you need to know when buying a property - how to pick a good property, what is worth paying a premium for and what isn't worth competing for, what information do we need from the agent, which agent will give us "'inside info", when to go to auction, when to make an offer prior, when not to make an offer, etc, etc. It is their experience in playing the game that can give you the edge.
I am a buyers agent and if I was to buy in another city I would find the most active selling agents in the suburbs I wanted to buy in and ask them who they think the shrewest buyers agents are.
