NSW what is role and fees of buyer's agent?

Just curious what are the reasons people use buyer's agent to secure a property?
What is their fees in general?
Is it something very very less num of people use them?

 

I am using a buyers agent for my first IP. I dont have the confidence to do all of the homework and to get it right. Im looking to buy in another state. I needed someone to hold my hand. Using a BA will put my mind at ease

 

Thanks, that make sense. What sort of fees they have? and do they also short list the prop for you based on your criteria?

 

I disagree. You are the ONLY person that has your best interest at heart. You better have complete confidence in the agent you choose. Everyone is in this game to make money.

Your own due diligence and your own research should be what puts your mind at ease. The only way to learn is to be pushed into the deep end and learn how to swim.

Happens to everyone when they start investing and it happened to me at work. But when you put in the work and effort and you deliver the feeling of accomplishment is awesome

 

@Jacque posted a great link awhile ago.

FAQs | Real Estate Buyers Agents Association of Australia (REBAA) Inc

 

Hi @SteffS,

Couple of reasons why people would use a BA:
1. Lack of time to do research themselves to find suitable investment property that fits their goal
2. Lack of knowledge and expertise of an area (in particular buying interstate)
3. Lack of self confidence in able to locate a good IP themselves (especially true in the first purchase)
4. I'm sure there are plenty of other good reasons

A good BA should be able to understand your goal, break them down to measurable criteria (if you haven't specify them), do research for you and present you potential deals that will help move you closer to your goal. Most of them would also have good connections with local agents so could get first dip on off-market deals before a property even goes onto RE.com.au or Domain.

Fees would range from a couple of thousand dollars to a percentage of the purchase price, depending on the BA and which state you are looking at.

You'll be surprised - quite a number of investors do use BA especially when it comes to buying interstate when they have no local knowledge or just don't have the time. But I've also seen cases where investors are getting screwed by dodgy BAs...so best to do your own due diligence before engaging a BA so at least you can review the deal and make your own call, rather than blindly trust whatever he or she recommends.

 

On this we agree gunga din....

 

Im damned if I do and damned if I don't.
I posted a few things a while back and quite a few people told me that it may be best to use a BA in my situation as I was so out of my depth with this, and I guess they could tell how nervous I was and now youre saying BAs are not the way to go.
Its about what I want to do and if I can sleep at night.
I was only answering the question for the OP and the reasoning behind the why people use BAs.
If a BA is not right for you, good for you but not everyone is as confident as you

 

That's one the negatives of having so many opinions. At times its a fantastic resource and other times they can lead you astray. I'd like to think I am an investor with decent experience and I have also used a BA in the past when I was flat out for time and needed a hand. There is nothing wrong with using the services of a good BA if suits your needs at a particular point in time. The important thing is to try to use a reputable BA who comes well recommended.