Need help setting up a buyers agent!

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From: Dedy Winarto


Hi Everyone,
I am new to this forum and I am new to flipping properties. However, I have read Burley's book and I wish to start applying his principle to practice.

I would start doing the quick cash deals for a start. Options agreement is too risky for my point of view so I would start by making myself a buyers agent. Someone advise me to start as a buyers agent to gain more experience while limiting the risk.

So, here are the questions:
1. In your written offer to the real estate agent (if you are a buyers agent), do you write offeror as Dedy Winarto representing Jane Citizen and John Citizen (If my client is the Citizen family)?
2. What is the benchmark for the fee charged by a buyers agent to the client?
3. What kind of solicitor does a buyers agent use? I currently use a commercial lawyer/solicitor, does it really matter (since they would draw a commission agreement)?
4. How can I get MLS and property description from a real estate agent?
5. Does a buyers agent assist the client for auction? Do they bid on behalf of the client?
6. Does a buyer agent assist the client for a loan application?
7. How do you write an agreement between the client and you so the client would not look for another house while I'm looking for a house for them? If the client find the house before I do, I could be in deep mess if the offer to the real estate agent is accepted.
8. OK! You have seen my major question here! If you find something you would want to add or if you want to give a tip to make my journey easier, please do. BTW, if someone is a buyers agent, could you e-mail me because I would like to learn more from your experience

P.S.: 1. I live in Melbourne. I am 18-year old overseas student
2. Hope to meet you guys!
3. I would start 2 weeks from now by making an ad for a buyer agent. Please wish me luck.

Regards.
Dedy
 
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Reply: 1
From: Kristine .


Dedy
You need to be a licensed Estate Agent, or work as an Agent's Representative for a licensed Estate Agent, to practice as a Buyer's Agent in Victoria.
Contact Corporate Affairs Office or see Business Licensing Authority www.vic.gov.au for details
Regards
Kristine
 
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Reply: 1.1
From: Ms Flip


But you don't have to be to flip properties....

Cheers

Ms Flip
 
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Reply: 1.1.1
From: Rasputin .


Why is this person trying to become a Buyers Agent to do flipping , is it necessary, or am I missing something ..
 
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Reply: 2
From: Mike .


Hi Dedy,

You seem "all fired up" to get experience in Property, so I wish you all the best.

Following on from Kristine's info, a recent article of the Australian Property Investor (API) magazine dealt with the issue of Buyer's Agents. It might surprise you to know that it stated that there were fewer than 20 Buyer's Agents in Australia. So the industry is still immature.

However, somebody has formed an industry association which has all of 3 members! The name of the association is The Real Estate Buyer's Agents Association (REBAA). Unfortunately, the article doesn't give contact details. If you find them they may be able to offer some good advice.

Also consider contacting some of the Flippers who inhabit this forum. They can also be found lurking in a corner of the chat room. A Flipper's viewpoint might also be worthwhile if flipping is the type of property transaction you want to learn about.

Good Luck, Mike
 
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Reply: 1.1.1.1
From: Ross Sondergeld


Hi Rasputin,


Need help setting up a buyers agent!

>Rasputin said, "Why is this person trying to become a Buyers Agent
>to do flipping , is it necessary, or am I missing something ..."


A buyer agent is NOT a flipper. A buyer agent is a licensed real estate
agent employed by the buyer (via a written buyer agency agreement).

In addition, a buyer agent CANNOT flip something to a buyer client. The
closest a buyer agent comes to a flip is when they act for an undisclosed
principal (i.e. anonymous buyer client).


Ross on the Gold Coast

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