Frequently Asked Questions

Why use a real estate buyer’s agent?

There are many good reasons to use a property buyers’ agent. A buyers’ agent works exclusively for the buyer, whereas the selling agent works for the vendor (seller). Real estate is a major investment, yet many people purchase property without any professional assistance.

By using a buyers’ agent you will be getting expert guidance to help you buy the best available property at the best possible price. It will also create a level playing field as the vendors are usually represented by a selling agent, and we know how to handle them and interpret their strategies because many of us started out in real estate as selling agents.

Most people seek the advice of an expert when they invest. Look at shares and managed funds, for example. Why should property be any different? The analysis, access to performance data, and negotiation expertise that a buyers’ agent can bring can have a huge impact on the success of the transaction.

Questions to ask when choosing your selling agent

I am considering using home buying agent, where do I start?

Not all buyers’ agents are equal, so we want to encourage you to investigate getting expert help. The first port of call is to look for property buying agents who are accredited members of the respected national body – Real Estate Buyers Agents Association of Australia (http://www.rebaa.com.au).

Of course we would love it if you simply shortlist Good Deeds Property Buyers! But since we also advocate doing your homework, we have come up with two questionnaires that will help you sort out the wheat from the chaff. One is for interviewing prospective buying agents, and the second is for reference checking them with past clients.

Questionnaire 1: Questions to ask when interviewing potential buyers agents

Questionnaire 2: Questions to ask past clients of real estate buying agents

What happens once I engage your services?

The first thing we need to do is get the buyer agency agreement sorted out, and complete our property brief form (if you are retaining Good Deeds Property Buyers to conduct your property search), and you will need to pay an engagement fee.

Then we start the property search and keep you posted on progress until we find a suitable prospect and commence due diligence. We will then see the purchase through to completion (unless we discover something that causes us to warn you off it!).  This is our Comprehensive Search Service.

If you have already found a property that you would like to buy, you can also engage us to evaluate and negotiate on your behalf.  This is our  Individual Property Evaluation and Negotiation Service

You will start by signing a buyer agency agreement and paying an evaluation fee.

Then we will inspect the property, conduct our pricing research and develop a purchasing strategy. If you are keen to proceed after receiving this information, we will continue the due diligence and complete the negotiation process, including bidding at auction if appropriate.

For more information on all our Search Services, click on this link.

What if I love looking for property myself but need help to determine what to pay and how to negotiate?

Many of our clients do enjoy inspecting properties for themselves, and we understand that!   We offer an Individual Property Evaluation and Negotiation Service or  a Limited Search Service for these clients.

Are buyer’s agents just for wealthy clients?

It’s a common misconception that the only people who use buyers’ agents are wealthy. Our clients come from a wide variety of backgrounds and income groups.In fact, just over 50% spend under a million dollars. Good Deeds Property Buyers will save time, money and heartache for a broad range of clients. Tell us your needs and we’ll suggest a package to suit your requirements and budget.

If I use Good Deeds Property Buyers will you guarantee to find me a property?

We are in the business of sourcing and securing the best property within your means and timeframe. We will advise you before you engage us if we believe your brief is unrealistic and we will continue the hunt until you have secured the best possible property at the right price.

How long will it take?

An average property search project takes around 3 to 6 months, however market conditions are beyond our control and no brief is by any means typical, so we do not impose a time limit on our Comprehensive Search Service.

Are buyers’ agent’s fees tax deductible?

If you are buying property for investment, the cost of using a buyers’ agent could be tax deductible. Check with your accountant for advice specific to your situation.

Questions to ask when interviewing potential buyers agents:

It is crucial that prior to engaging a buyers agent you need to be confident that they have the experience and credentials to help you make a better real estate purchase. This questionnaire will help you measure and compare the past performances of the buyers agents you are considering.

  • How long have you been a buyer’s agent ?
  • How long in your current role?
  • Have you ever been a selling agent? For how long?

Note – those who have sold have a greater insight into the purchase process and also understand the types of property that will be easier to sell down the track.

  • Who have you worked for before your current role?
  • What qualifications have you undertaken to be a buyers agent?

We advocate having a full real estate license, not the more limited BA license.

  • Are you a member of REBAA (Real Estate Buyers Agents Association)?

REBAA has strict requirements and a code of conduct for their members.

  • Do you have professional indemnity insurance?
  • What area/property type do you specialise in?
  • What property have you bought for clients in the past 3 months?
  • What process do you go through prior to recommending a property to a client?
  • How do you make a recommendation on price?
  • What other due diligence do you conduct?
  • What happens if my expectations are unreasonable?
  • Can I speak to some of your past clients (preferably with a similar brief to mine)?
  • What about some of your current clients?
  • What is your policy for handling competing or overlapping client briefs?
  • How will you add value to my property purchase?

Note – be wary of those who limit their answer to platitudes, especially if they focus heavily on “off market” properties and negotiating $$ of listed prices (it is difficult to measure whether those asking prices were realistic in the first place).

  • Are there any industry professionals who will vouch for your credibility? (eg:  lawyers, high volume real estate agents, property managers).

Reference Checks – Questions to ask past clients of buyers’s agents

  • Are you an owner/occupier or an investor?
  • Do you mind me asking what sort of price range you were looking in?
  • If you are an owner/occupier, how did the BA go about determining your brief?
  • Do you think they took the time to fully understand your needs and what was important to you in your next home?
  • Did your brief evolve or did you buy exactly what you thought you would?
  • If you are an investor, what sort of advice was given to help you determine what makes a good property investment?

Note – be wary of an answer that is too formulaic – property investment is not an exact science and you can’t be too prescriptive.

  • How long did it take for you to purchase a property after engaging the BA?
  • Were you happy with that timeframe?
  • If not, did you think it was: too long or too rushed.
  • How many properties seriously considered over this period (exclusing purchase)?
  • Were there any limits to their service ( eg. Number of postcodes, timelimit?)
  • How comfortable are you with the property you purchased? (From 1 – 5. Was it Not – Neutral or Very ?)
  • How comfortable are you with the price you paid? (From 1 – 5. Was it Not – Neutral or Very ?)
  • Were you provided with custom-made price research? (From 1 – 5. Was it Not – Neutral or Very ?)

Call Good Deeds Property Buyers Today on (02) 9555 5206

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