Do I need a buyers agent?
- Thread starter JDP111
- Start date
Hi SiF, we're not going to be drawn into this sort of argument. Suffice to say, we stand on our record and reputation.
Respectfully, you haven't yet contributed in any meaningful way to the spirit of learning that this fantastic forum affords. There are other BA's here who share their knowledge and then some (not only on justifying their vocation and biz but on many and varied topics relating to property investing). Perhaps, given time you (person/entity) will also exhibit these attributes.
For now, you should not be allowed to have a link as a footer/signature. We all know how to google your user name.
As a former Melbournian, I am looking forward to your ongoing contribution and opinion on the market..............and not just the limited paddocks you buy in.
Hi Player. Thanks for your views. Yes, we're new here at posting (though long time observer). No doubt we'll become more expansive over a range of issues in time. Watch this space. What we won't do is get involved in responding to trolling arguments that play the man in the debate not the issue (one of the reasons we've been wary of dipping our toe in this pool - so it's a shame but perhaps not surprising to get that response from our first posting). So whereas we would be happy to be part of a debate about whether advisors are value for money, we won't respond to accusations that question our integrity. I'm sure you agree that much more is achieved through a civil discussion.
So are you an individual or a business posting on here?
Im confused, who is the we you are referring to?
Will your post in future be the same individual or different people who work for you?
Hi Brady. Wakelin Property Advisory is a business entity and these posts will represent the company perspective on the topics in question. Different people will write at different time. Hope that answers your question.
Kinda like God hey?
Only if you subscribe to the view of God as a proprietary limited company. But hey, it's the eve of Australia Day and we live in a diverse, multicultural multi-faith and secular society, so who are we to say what's right on that score?
Sim
Administrator
For the record, while we don't mind (and indeed actively encourage) representatives from businesses contributing to the forums, we would prefer to know who it is we are talking to, rather than a "faceless" company name.
Can I please request that when staff from WakelinProperty post, they at least put their own name at the bottom of the post so we know who we are talking to.
How are BA's paid?
How do BA's charge their fees for service? I have read some saying that they get paid before the purchase. I would have thought that they are paid out at settlement of the property like the selling agent. I don't see an issue with someone seeking a BA's help and getting pre approved finance. Sellling agents do all their work and get paid once the house sells.
How do BA's charge their fees for service? I have read some saying that they get paid before the purchase. I would have thought that they are paid out at settlement of the property like the selling agent. I don't see an issue with someone seeking a BA's help and getting pre approved finance. Sellling agents do all their work and get paid once the house sells.
BAs charge a fee for service. The fee is broken down into 2 components - non-refundable retainer payable upfront and a success fee payable on un-conditional exchange of contracts.
BAs get paid at unconditional exchange as once this happens, their work is done. There is really nothing more they can do to influence anything further. Many (like Jacque and me) will also do the final pre-settlement inspection for (or with) the purchaser.
Selling agents get paid at settlement because they pull their commission out of the purchaser's 5-10% deposit that they are holding in Trust. BAs are not stakeholders of this deposit money.
or conversely so small that a half decent buyer's agent runs away and isnt interested.
ta
rolf
Could be $3-4K or 25-30% of the total fee - there is nothing set in stone.
As rolf said, potential clients who don't want to part with a few $K's before a BA commits a lot of his/her time and effort, scares off a good BA. A retainer is partially a test to see a buyers level of commitment.
As a bit of general advice, imo price should often be among the last things discussed, be it re BAs or most service based industries.
Find out exactly what is being offered, inclusions and exclusions, potential difficulties etc and then, with an informed opinion, you can work out if the price is worth it or not.
I find service providers are more often going to take you more seriously if you do it that way or negotiate once you are fully informed because at least everyone is somewhat on the same page.
I have lots of time, just dont know where to invest
In my case I have lots of time to put into searching etc. My issue is I am unable to decide where to invest, i.e. other than that it must be in Sydney.
My budget - under 700k
I would prefer a house to a unit ( just my thoughts that land always appreciates more over time), but i know in my budget and my other requirements I dont think I can get a house.
although its for investment, I would like to look at possibly using it for my daughter down the track - 6 to 8 years
want to be closer to the city / uni etc, say within 30 minutes driving.
close to a station, less than 1 K
would be nice if the place had good cafe's etc around.
DO I NEED A BA STILL??
If I can narrow it down to a few suburbs, I have enough time to do the leg work etc.
thanks.
In my case I have lots of time to put into searching etc. My issue is I am unable to decide where to invest, i.e. other than that it must be in Sydney.
My budget - under 700k
I would prefer a house to a unit ( just my thoughts that land always appreciates more over time), but i know in my budget and my other requirements I dont think I can get a house.
although its for investment, I would like to look at possibly using it for my daughter down the track - 6 to 8 years
want to be closer to the city / uni etc, say within 30 minutes driving.
close to a station, less than 1 K
would be nice if the place had good cafe's etc around.
DO I NEED A BA STILL??
If I can narrow it down to a few suburbs, I have enough time to do the leg work etc.
thanks.
Probably. One of the things you can have a BA do, is some research on the better areas to buy in for your budget. So they can give you specific guidance on which suburbs are doing well now and which have done better historically.
One of the services that many BAs offer is an "evaluate and negotiate" service after you find the property/s.
So you do all the legwork, you make your shortlist, and then get the BA to produce a report on the property/s and let him/her do the negotiations for you. (unless after the BA's report, you decide you picked a dud).
Under 700K can get you a decent house in quite a few suburbs. I understand that you can't decide where you want to invest, but that's where a BA will come handy. They can ask you relevant questions to profile your requirement and suggest you suburbs (even streets) where you can invest.
There are couple of really good BAs in here. You can just meet them, to start with, to get your head around the process.
