What is a Buyer’s Agent?
Buyer’s agent is the term commonly used in Australia for agents appointed to purchase property for and on behalf of the buyer. Overseas Buyers Agents are knowns as Buyers Agent Realtors, Buyers Advocates and Property Buyers.
Buyer’s agents are licenced real estate agents that should work exclusively on behalf of the buyer.
For many years there has been a perceived conflict of interest because a real estate agent in Australia is dealing with both the buyer and the seller. The real estate agent has a fiduciary obligation to the seller, is paid by the seller either a flat fee or commission but they also encourages the buyer to purchase the property. Some real estate agents are now using various terms including buyers agents to describe themselves when they are working within a real estate office selling property.
Australia is fast catching up with many overseas countries with buyer’s agents now acting on behalf of the buyer.
The buyer’s agent has a fiduciary obligation with the buyer to act on behalf of the buyer. They are paid by the buyer and have a legal obligation to disclose any other incentives they may receive from other agents or vendors.
Buyer’s agents are governed by legislation and code of conduct as prescribed by the Office of Fair Trading, in each State they are licenced in.
Commercial Property Buyers Agency does not sell real estate and we do not accept any commission or other incentives from real estate agents property developers or vendors.
There are many selection criteria for commercial property but our primary purchasing criteria for any commercial property is; “Would we buy this property for our property portfolio?” If the answer is no or maybe then we continue the search for that property that we would buy. The value of properties and location may differs as will the types of property but the fundamentals regarding whether it is a property that we would be happy to own doesn’t.
Commercial real estate can be very profitable and have great income but it takes considerable time, research skills and due diligence to find that top performer. Chose the wrong property, in the wrong area and it could lead to high vacancy rates a financial disaster and many years to recover.
Discretion and privacy is of utmost importance. We will happily work with your Finance Broker, Solicitor and Accountant but only after we have your approval to do so. All discussions are kept confidential.
Key Benefits of Engaging a Buyer’s Agent
- As your Buyer’s Agent, we are acting 100% in your best interest
We act in your best interest and provide impartial research, advice and guidance through each step of the buying process to you
- Leverage your most valuable asset; Time
We will search and analyse property for you and present commercial property that matches as close as possible your criteria
- Find better property and gain access to more properties
Using your brief, we will identify the best property available. There will be some properties that initial look good but further research will help avoid costly mistake. Through our industry contacts, you will have access to many more properties including ‘non advertised ‘listings and ‘off market’ properties.
- Pay the lowest possible price or purchase on best terms and conditions
We will always aim to negotiate the best possible price although for commercial property better terms and conditions may be more beneficial.
- Access to objective and impartial advice and valuable information
We will provide fair and impartial information on each property so that an informed decision can be made on theinformation available. We use many sources including social media to gather information.
- Save stress and frustration as we, your buyer’s agent deals with the selling agents
Dealing with selling agents is not always pleasant. You have arrange of agents from those who don’t return your calls to those that you feel pressure you for a decision. We deal with all types of agents each day so are the buffer between you and the agent.
- Source the right type of property
Not all property is identical. Two coffee shops, on opposite sides of the street may seem identical but may have very different patronage due to a number of factors like sunlight and physical factors like trees.
- Most importantly, if you are new to purchasing commercial property, we can prevent you from making costly mistakes
Most importantly, if you are new to purchasing commercial property, we can prevent you from making costly mistakes
- We empower our clients to make confident, correct decisions in order to secure the commercial property they want.
We potentially look at hundreds of properties before we recommend one that meets your criteria. We will have looked at the property, the location, the lease, the tenant, the vendor and the selling agent. You can be confident that you have made correct decisions on the day.
Our fees vary depending upon the services provided. Our fee structure is broken into a non-refundable Engagement fee and a Success fee.
The Engagement Fee is payable upon signing of the Engagement letter while the Success Fee is payable at settlement. We have a minimum fee of $6,600.
Our buyer’s agent fees are affordable, competitive and maybe tax deductible (check with your accountant).
Our promise to you
We will take time to understand and document your brief, work efficiently towards agreed objectives. We aim to keep you informed at all times. We will never waste your time sourcing inappropriate properties, unless we think that it is an excellent property that should be considered. We will maintain honesty and transparency at all times.
We are committed to always acting with integrity and honesty and only in our client’s best interest.