Buyers advocate -

Discussion in 'The Buying & Selling Process' started by detags, 26th Oct, 2019.

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  1. detags

    detags Member

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    Hey all, has anyone used 'Buyers Home Base' before as a buyers advocate?

    I came across their site and they seem much less expensive than most. It looks like they cater more for the 1st home buyer.

    Has anyone heard of them? Are they reputable? Should I steer clear?

    Any further info is appreciated,

    Thanks..
     
  2. Trainee

    Trainee Well-Known Member

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    Step back a bit. If you dont know enough to evaluate a buyers agent, maybe learn a few things yourself first?
     
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  3. detags

    detags Member

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    ok, i thought this site was a tool for advice and suggestions? but yeah cheers for the msg.
     
  4. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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  5. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Hey there and welcome to the forum :)

    Generally when BA's a re significantly cheaper than others, I'd be wary that they're also getting paid another way - usually, it'll be by the vendor of the house they're recommending, or the developer if they're recommending OTP apartments or a house and land package.

    If that's the case, it's a direct conflict of interest as they're incentivised to sell you their stock which may not be as good as other options.

    But, you may have stumbled on a gem, so due some due diligence and see what you come up with.
     
  6. The Y-man

    The Y-man Moderator Staff Member

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    The problem with a public forum is that you may get:

    1. someone connected to the business selling it up
    2. a competitor talking them down
    3. a genuine recommendation

    ...but you can't really tell which one (unless it is some old time poster who just happen to have used them).

    Also, one size never fits all - so a service that is great for one may be rubbish for another,.

    What @Trainee is trying to say is learn to fish, not shop for the fish.

    "Are they any good" is not the best question.

    "What should I be checking for and how do I do the due diligence on a BA?" is a better question (as per response from @Sackie ).

    The Y-man
     
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  7. datageek

    datageek Well-Known Member

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    An easy question to ask is how they get paid. If they receive anything in any way from a developer, they're not working for you. If they're recommending you buy new or OTP, it's a bad sign. I checked out their website and couldn't see anything obvious along those lines.
     
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  8. Mal Baini

    Mal Baini Member

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    Hi, I am a buyer advocate working for Property Home Base previously known as Buyers Home Base. I can answer all of your questions. We understand that the low flat fees are different from what everyone is used to and that's exactly the point. I am so happy that discussions are around how are we so much cheaper...Yes, we are doing it differently and our aim is to make the service affordable to everyone including first home buyers, investors and even experienced property buyers. We are truly advocates for the buyers and do not work for the sellers or their agents.
     
  9. Mal Baini

    Mal Baini Member

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    We do not sell our own stock, in fact, we actively calling out these buyer advocates that are doing that. I hope to hear from you soon.
     
    Last edited by a moderator: 12th Aug, 2020
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  10. Mal Baini

    Mal Baini Member

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    Thanks for checking out our website, yes it is completely transparent and yes we do not get paid by any selling agents. In fact, it is instant dismissal if anyone is found to be doing that.
     
    Last edited by a moderator: 12th Aug, 2020
  11. Mal Baini

    Mal Baini Member

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  12. fols

    fols Well-Known Member

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    REBAA are the peak industry body for Buyers Agents. A consumer should have a much higher level of confidence using a REBAA member than one that is not. Experience, compliance, training, code of conduct.

    Have a look at the best buyers agents in the business. The industry stalwarts and thought leaders. They are all REBAA members.
     
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  13. Trainee

    Trainee Well-Known Member

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    Are there instances where you get paid by developers?

    to be specific. Do you have any revenue sources other than the buyers themselves? e.g. referral fees from lawyers, conveyancers, mortgage brokers, accountants. Other services you provide in house. Where you act as agent for a seller including developers or builders.

    Not that these are necessarily red flags. But they are flags.
     
    Last edited: 12th Aug, 2020
  14. Mal Baini

    Mal Baini Member

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    Thanks for your opinion I hear you. And yes this is the perception of the general public. If you want to check out the credentials of a buyer advocate and their company Consumer Affairs (Victoria) is the legal governing body or the Business Licensing Association. I hope this helps.
     
  15. Mal Baini

    Mal Baini Member

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    The short answer is absolutely NOT.
    It is our company policy to not accept any referral fees of any kind and it is an instant dismissal if you do. We believe it is a conflict of interest to accept any payment for referring a client to anyone including all those that you have listed. We are solely working for the client that has engaged us and we can only recommend other professionals or trades purely based on past experience.
     
  16. fols

    fols Well-Known Member

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    I'm not talking about licencing. You can get a Buyers Agent's licence out of a packet of Corn Flakes. This is the problem. It takes more than a licence to be a great BA.
     
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  17. kierank

    kierank Well-Known Member

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    I am guessing that no one from Property Home Base is a member of REBAA. Can you explain why not as it is the industry’s professional body.

    I am not having a go at you or PHB. It would be good to understand the reasoning.
    Agreed.
     
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  18. kierank

    kierank Well-Known Member

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    @Mal Baini, any explanation?
     
  19. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    REBAA is not the recognised professional body for buyers agents. In Victoria the professional body of which BAs must be a member is the REIV. In Queensland it's the QEIV and so on for other states.

    REBAA was created to promote certain standards for buyers agents. It's a great idea and I definitely support it. It's been promoted heavily here because at least one BA on Property Chat has been the president and many buyers agents promoting their business are members.

    I suspect that outside of the PC community, very few people in the general public have ever heard of REBAA. I've had numerous requests for referrals to BAs over the years and this topic has never come up.

    It's also noteworthy that there are a few BAs that are long term and valued contributors here that are not members of REBAA. For some it simply represents paying a fee to get a rubber stamp of approval.

    I really do like what REBAA are doing but using it solely as an assessment of a BAs offering is a little short sighted. Personally I've found the best way to assess a professional offering on this site is to read the posts written by the person over time and use this as a basis for my decision.
     
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The shift to the regions has been quite profound with Millennials and Gen X leading the way. It seems affordability, lifestyle, and working from home have been the key drivers from which these generations have been able to take most advantage.