What does a buyers agent do / not do??

Hi all,

I am currently about to bid on my first property (PPOR) after a one year search and as excited as I am, I don’t feel supported at all even though I am using a buyer’s agent. Given that this is the first time I am using an agent I am interested to know exactly how / what a buyer’s agent should be assisting with leading up to an auction given that I have now missed out a pre-auction offer.

I am calling the solicitor, I am reading strata reports and telling my buyer’s agent what the issues are, I am asking the buyers agent how I prepare for the auction (e.g: what I need to do to organise the deposit)....I am trying to work out what the increase in strata levies will be. Completely understand that I should be doing my own due diligence as the buyer but I feel like I am constantly chasing my Buyer’s Agent, and there is no urgency at all on her end. I am feeling stressed!!

After a bit of googling, I still can’t find a roles / responsibilities list of what a BA should and should not be doing. All I know is that whatever mine is doing, she is not giving me peace of mind and I am not happy about having to pay if we get this place especially as I found the place myself...because I was sick of missing out on properties that I saw on Real Estate that weren’t even sent to me.

If anyone could shed some light I would appreciate. I do not feel like I am getting value for money at all!

 

Did you engage the BA for which type of service: a full search, an evaluate & negotiate on a property you found or for auction bidding only?

Is the BA a REBAA member?

You can read more here: Buyer’s Agents | Real Estate Buyers Agents Association of Australia (REBAA) Inc.

 

Hi Alan,

It’s definitely full service (percentage-based commission) including everything but I assumed that meant giving you the support you need leading up to the auction so checking in with your conveyancer re contract, Giving some guidance how to prep deposit, who we need to talk to, checking the strata report and mentioning the items to note (strata will go up FYI, remedial works was this and that). Understand she can’t give legal advice but feedback on this would be helpful.. Also I’m constantly asking where things are at everyday because I don’t hear from her particularly when I have a question that needs to be answered.

Let’s just say I don’t feel at ease or ready to go to auction which is concerning because that’s why I hired someone in the first place. And I’m having to run around and chase during my work hours.

No she isn’t on the REBAA member list..

Thanks.

 

All these sorts of things should be in the contract you entered into. Was there a written agreement signed?

 

Oh yes of course but now that I look at it “perform due diligence” is rather vague.

 

Oh . Pity - as you could expect compliance with a Code of Conduct. I'd terminate the agreement and hire another if it were me - as long as the contract allows.

 

Sorry to hear that - a good BA will be able to help navigate you through the whole process, rather than it be a transactional process. Did you agree what is in / out of scope at the engagement phase? Have you raised your issues / feedback with them?

If so and it can't be resolved, and without knowing how your agreement was structured in terms of up payment/retainer then it may be worth trying to exit the agreement.

What area are you looking to buy in? There are plenty of great BA's both on the forum and outside.

 

So sorry to hear about your experience. Unfortunately, the industry is largely unregulated and also has had some inexperienced players entering recently without a consistent set of standards being adhered to. REBAA is one of the few peak bodies out there trying to raise the bar for consumers.

 

Agree with @Propertunity and @BuyersAgent here- I was President of REBAA for 3 years back in 2012-2015 and can certainly vouch for REBAA BAs over non-members. Not only do they have to comply with a Code of Conduct but the membership process is quite stringent, as we need to ensure that we are only allowing in exclusive BAs as members (no listing agents or agents disguised as BAs but working both sides of the fence). As the BA industry grows, it's important to conduct your DD on the right BA for you. Best of luck.