What is the difference between a Buyers’ Agent and a Selling Agent?
A licensed Real Estate Buyers’ Agent works exclusively for you, the Buyer. Many Buyers do not realise that a Real Estate Agent is legally bound to represent the Seller (vendor) in a real property transaction. Their role is to obtain the highest possible price in the quickest possible time for the Seller. How then can a Selling Agent, provide you the Buyer, with independent advice? Surely this would represent a clear conflict of interest? You may also find that many selling agents simply do not give you the time and attention that you need, if you don’t buy the property they want to sell.
People buy property without a Buyers’ Agent all the time so why should I be paying Propertunity to help me?
By engaging an experienced Buyers’ Agent, you can expect to get access to properties that the general public never find out about (silent or off-market sales). Also, Propertunity can research the property sales history using the same industry data accessed by real estate agents. You will usually know what the expected market price of the property should be – so you can ensure you don’t overpay. You can also be advised of what the likely reserve price should be if the property is being auctioned. You can save time and often find a suitable property quicker. By using a Buyers’ Agent like Propertunity, you can relax and thereby reduce the emotions and stress involved, knowing that professionals are working hard for you.
Are selling agents happy to deal with Propertunity?
Yes – Propertunity has built up over many years, an extensive network of non-commercial relationships with local Real Estate Agents. Because of this we have access to sometimes better deals and a greater number of properties (including silent or off-market sales) than the general public. Many selling agents enjoy dealing with us because they see us as a source of qualified Buyers that are willing and able to buy. Selling agents still receive their full commission from their vendor regardless of where the Buyer comes from.
If the people at Propertunity are investors how do I know that if I engage you, that you won’t buy the best property for yourselves and only offer me the 2nd or 3rd best?
It is true that when we are undertaking a property search, that we sometimes come across property that we would like to buy for ourselves. However, you have our firm commitment, that as our paying clients, you will ALWAYS get first preference over us. The only time we would ever make a move on buying a property that we have found, when conducting a search for you, is in the circumstance where you have rejected it…..and even then we double-check with you, to make absolutely sure you don’t want to proceed with it, before we even think about attempting to buy it for ourselves.
What happens if you have 2 or more clients at the same time with the same property brief?
As a matter of good agency practice and upholding ethical standards, we NEVER take on 2 (or more) clients with the same property search criteria at the same time. If we have prospective clients who we think may give rise to this situation, we will accept the first client ready, and then ask the second client to wait until we have found a property for the first client. Alternatively, (if they cannot, or do not want, to wait) we ask if they are happy to be referred to another Buyers’ Agent who works in the area and adheres to the same high standards we do.
I don’t want to miss out on a good property, is there any way that Propertunity can sign any necessary documents on my behalf, to take a property off the market, so that I don’t get gazumped?
Many of our clients are in other states or overseas. Some travel to remote locations half way around the world where telecommunications are poor. Some never intend to physically see in person, the property they are buying. In these circumstances, once we know exactly what you are after and have contacted you for your agreement, we can use a Power of Attorney, previously put in place for the express purpose, to sign documents or bid at auction on your behalf.
What is your fee structure?
We quote a fixed fee based on a combination of your price range and the option that you engage us to carry out. Our fees represent an investment. We can often save our clients many times* our fees through our knowledge of the local property market and our negotiating abilities. (*Please note that at various stages of the property market, and more specifically during periods of a “seller’s” market, that this is not always possible. However, you will still benefit from all the other skills we bring to the transaction).
Are your Buyers’ Agent fees tax deductible?
Your accountant can best advise you on this. If you are buying an investment property our fees may be tax advantaged for you. If you are buying a property for yourself to live in, our fees are probably not tax deductible to you.
How long will it take you to find me a property?
Typically, the whole process takes on average 2 – 3 months. Sometimes it takes longer and sometimes it can be done in a shorter time. Currently, a good number of the properties that we’ve purchased have not been listed or advertised for sale on the public market, but come from our industry contacts.
What period of time do your Buyers’ Agency Agreements go for and what happens if it is about to expire and you still haven’t found me a property that I like enough to buy?
The Agreement can go for any period of time that we can mutually agree on. Typically we ask for a 4 month agreement. If it looks to be an easily achievable brief then we might agree on 3 months. If it looks particularly difficult, we might ask for 6 months. This is so you don’t feel that you have to rush into something that you are not completely comfortable with. If the agreement is about to expire and you are happy for us to continue looking, then it can be extended by mutual agreement, in writing.
If I use Propertunity to buy an investment property or a home to live in, and it needs some renovation work, are you able to refer me to tradespeople that you know & trust to do the job?
Propertunity can obtain quotes and co-ordinate trades to carry out any works required. Over the years we have built up a good ‘team’ of trusted tradespeople that you will have access to.
Is your company fully licensed to be a Buyers’ Agent?
Yes – Propertunity is fully licensed (Corporation License # 1491556) to be a Buyers’ Agent. Click below, on the NSW Online Licence Check website to check: https://www.licence.nsw.gov.au/LicenceCheck/ (check the “Property Industry Licences” box)
Does your company have Professional Indemnity Insurance?
Yes – Propertunity has professional indemnity insurance to $9 Million.
Are you a member of any Professional Industry Associations?
Propertunity is a member of REINSW, the NSW Real Estate Institute and a member of the Buyers’ Agents Chapter. Propertunity is also a member of REBAA, the Real Estate Buyers’ Agents Association of Australia.