What should a buyer agent do for you

By continuing to use this site we assume you're ok with our notice. An important factor to consider when choosing a home loan is whether to opt for variable or fixed interest rate loan.

This can take into account everything from location to number of bedrooms, closeness to shops, transport, schools and a range of other lifestyle factors.

Once the agent has a clear idea of what the search criteria is, the second stage, the property hunt, can begin. Should their client be interested in a particular property, the agent will supply a thorough appraisal of the property and what they believe its current market value is.

The house-hunting process can involve a lot of steps, from browsing listings that constantly update to creating shortlists of properties and keeping track of inspection times, not to mention the fact that when you turn up to an open home, the place might be a dud.

They may, therefore, have knowledge of properties before they come to market, and may be able to gain you access to them ahead of other competing buyers. An Aussie mortgage broker can help you with this home loan product as well as many other home loans from leading lenders.

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It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser.

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This payment comes in the form of commission on the home sale. Could I represent myself? But what do I know about law? Some real estate platforms include an agent directory; HomeLight has a free one that is also no cost to the agents.

You can look up their accreditations or association affiliations. Various reliable organizations you can trust have accreditations and certifications for agents who are trained to work with buyers. Ask your friends and family who they used.

However, homebuying is a complicated business that requires a fair amount of legal expertise, and many people want the reassurance that comes with getting help from someone who manages these transactions every day. If that sounds like you, using a buyer's agent can give you some protection. Real estate agents traditionally represent the seller, not the buyer, and they get a percentage of the sale price. Therefore, it's in their interest and the seller's to set as high a price as possible.

The higher the sale price, the higher the agent's take-home pay. This system works wonderfully when you're the seller, but it's not always the best arrangement for the buyer.

A buyer's agent helps tilt the transaction back toward balance by giving the buyer a professional representing his or her interests. And the help you get is not just about the money. Seller's agents will do everything within the bounds of the law to get you to buy a house. There's nothing wrong with that. In fact, it's their job.

But that also means that every home they sell will be a "flawless gem in mint condition. Sounds great, right? But before you put a buyer's agent in charge of your homebuying decisions, keep in mind what this professional cannot do. A buyer's agent can help you get a fair price, but he or she cannot promise you a bargain. Often, the buyer's agent has just as much a stake in the price of the home you buy, since he or she typically gets paid a percentage of the sale proceeds, just as the seller's agent does.

That doesn't automatically create a conflict of interest, but it does mean that your agent really wants you to buy a house. If you want to avoid this situation, try to negotiate a flat fee that you pay yourself.