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Buyers Agent

Discussion in 'The Buying & Selling Process' started by buckleysg, 5th Aug, 2016.

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  1. buckleysg

    buckleysg Active Member

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    Hi all,

    A very newbie here. I was tossing around the idea of a buyer's agent. I have read a lot of posts on this forum, but still doubt my abilities. I was thinking how a buyer's agent could assist me.

    I was interested in other people's experiences, particularly as many have talked about getting the right people around them.

    What do they generally charge?
    Have people actually saved money by using a BA's services.
    Can anyone recommend one?

    Thanks
     
  2. buckleysg

    buckleysg Active Member

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    Sorry meant say Melbourne - North or north west
     
  3. D.T.

    D.T. Specialist Property Manager Business Member

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    I think that's @JacM territory, worth having a chat with her to see if/how she can help you out.
     
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  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    @JacM is very active in the Outer West.

    It's hard to quantify how much a BA will save you but...

    ...On a recent deal, Jacqui (@JacM) negotiated the price with the vendor, then on the basis of the building and pest, she negotiated a further discount that more than paid for her fee. I've spend a day shopping with Jacqui myself and I can assure you she factored in and defects into the original offer. We have a very happy mutual client. :)

    If you're looking in the Outer East to South East (also a very hot location), I recommend @Lisa Parker- Buyers Agent .
     
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  5. buckleysg

    buckleysg Active Member

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    Thank you Peter
     
  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    If you are just starting out a good BA can save you from buying a sub par property so worth it IMO.

    What do they generally charge?

    Commissions range from 2-3% of the purchase price, for WA anyway. An activation fee may be payable as well.

    Have people actually saved money by using a BA's services.


    Its more about getting access to a property first before the general market get a look in once listed. Im settling on a property next Wednesday that is a retain and build at rear that was purchased and sourced via a BA.

    Can anyone recommend one?


    I can recommend a few WA based ones I have worked with for clients.
     
  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    @JacM is awesome - just read her posts and you'll see why.

    Cheers

    Jamie
     
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  8. LouiseJ

    LouiseJ Well-Known Member

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    I've just gotten quotes from about 8 in the Sydney region as I'm about to buy my first house and am choosing who to use. They range from about $9K to $23K for a ~$1M property for the locate, evaluate and negotiate service. There does seem to be a massive difference in the detail of what they offer although it all looks the same if you skim the glossy websites. The main differences I've noticed from speaking with them all is how they locate the properties (the more expensive ones seem to close more deals which are off market as a percentage of their work - maybe they invest more in agent relationships), second is the amount of DD into the properties with the cheapest options providing what looks like an RP data report you can easily get yourself and the most expensive basically becoming private investigators, walking the streets taking sound readings, door knocking and interviewing neighbours, talking to local police etc. Its a super hard decision since its a lot of money to hand over upfront when you're scrimping a deposit but take the time to chat through how they go about their service before making a decision just on price.
     
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  9. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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  10. Xie

    Xie Well-Known Member

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    Hi Buckleys, it's not so long ago I was where you are now. I wanted assistance to break the analysis paralysis but I didn't want to pay for all services so I worked with Cate Bakos. I can't recommend her highly enough she knows the Melb market and is not only highly professional but also looks out for her clients. She can offer a mentoring program and so I am now confident to purchase on my own. PM me is you want more info or just read my posts.
     
  11. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Make sure you check out the REBAA members, of which I'm happy to say Cate Bakos is a well known and respected member for Melb. www.rebaa.com.au
    Best of luck.
     
  12. Wendy Chamberlain

    Wendy Chamberlain Well-Known Member

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    Last edited by a moderator: 3rd Apr, 2017
  13. Mac Fields

    Mac Fields Well-Known Member

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    There appears to be a step missing here. Do you know how much you can afford? Brokers might be first step. This will be the first question BAs will ask, followed by, do you know what sort of property you want - what is your outcome from purchasing this property?
     
  14. Loverenting

    Loverenting Well-Known Member

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    Has anyone used Infolio in Melbourne?
     
  15. Sam654

    Sam654 Member

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    I'm a bit surprised as I would say that you should really make sure that you get on with the buyers agent and not just in a superficial way. Call them a couple of times and ask for bits and pieces to check how responsive they are. At the end of the day, you have to trust them and get in with them.
    Work out what you think you want from them and then ask them what they'll give you. Your expectations might be a bit off, but good chance to converse with them. Looks like you've got responses, so no shortage of options. Good luck.
     
  16. Beano

    Beano Well-Known Member

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    Do buyer agents cover everywhere or are they restricted to one area?
    So on a swap of property of say $40m i would be charged a $1.6m to $2.4m commission plus a activation fee?
    I assume this fee is only payable on a successful purchase/sale ?
     
  17. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    On a 40m comm source you would not pay the same % as a resi mum and dad search
     
  18. Darren

    Darren Well-Known Member

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    My suggestion is to learn enough to know where and what you need to buy that will help you get to your goals. By learning what type of investment you need to shop for takes a lot of confusion out your search, narrow it down to your desired suburb then search for a BA that works in the area.
    Remember most people are full of it, only way to really get the best out of your BA is to learn as much you can about property investment before engaging one, easier said than done.
     
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  19. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    @Beano - generally they specialise in a location with in a location of a capitol city or cover an entire city depending on its size. $40 mill property would be great to finance assuming all the boxes are ticked, but typically they are used for bread and butter resi with some commercial as well. For a 40 mill property Im sure there is massive room for negotiation on the fee for service.
     
  20. Beano

    Beano Well-Known Member

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    A quick question to all PC mortgage brokers and Buyer Agents
    What net yields have your recent (2016-2017) lessors interest deals gone for ?