Buyers Consultant?

I’m just wondering if anyone knows if to act as a buyers consultant in nsw you need to hold the same licences and follow fair trading requirements of a buyers agent ? Is this even legal to act as a buyers agent but call yourself a consultant and work under a consultancy agreement?

We have an agreement with a company to find us properties and we’re required to pay an upfront fee of $10,000. Having checked fair trading this company doesn’t hold a real estate licence and the agreement doesn’t meet requirements of the property and stock agents regulation 2014 which I believe it needs to as a minimum ?

if I was to get in a dispute with them would they be prosecuted for failing to comply with nsw legislation?

how can I get my money back?


Thanks


Dennis

 

Never heard of a 'buyers consultant' and I've been in the property industry for over 17 years. What service are they providing? It sounds made up.

A buyers agent is required to have a real estate license for the relevant state they're operating in.

 

They are sourcing house and land deals from builders and providing cash flow estimates, I looked up and they don’t have a licence is this legal ? They are also supposed to negotiate the deals for me

 

I think he means a Stock and Station Agent, which I suppose could be called a buyer's consultant as that is one hat they wear. It is different in different states In NSW I believe they dont need a real estate licence yet. Buyers can be introduced to a property, but new regulations require a certificate that is good for 4 years until a different licence is required, or at least the agent needs to be working for a company holding a stock agents licence . At least a Stock and Station agent licence is needed to do the transaction for the seller.

 

I am not sure a real estate agents licence was needed by stock and station agents for property introductions in 2014 but the regulations changed this year I think.

 

Anyone dealing with property is required to hold a licence in NSW.

The PSBAA defines
"buyer’s agent means a real estate agent whose licence is subject to a condition that restricts the holder to acting as a real estate agent for a prospective purchaser of land"

The work that they are performing is that of an agent.

You will need to check the names of everyone in the company to confirm that they don't hold a corporate or personal Class 1 licence.

It doesn't matter what they call themselves if they fit the definition.

 

Sounds like they're a marketing company, probably taking a significant commission from the developer on top of your fee. If so, then the may not be working in your interests. It's easy to generate a report that tells you it will be cash flow positive.

If the offer a rental guarantee this is likely built into the purchase price.

There probably is a real estate license, but burried under a different entity. Many of these businesses open and disappear.

 

Anyone recommend any good lawyers in this field that could apply to NCAT on my behalf to try and recoup fees ? I’m assuming this would be the Avenue if they won’t provide a refund.