The 5 Most Important Questions to Ask a Buyer’s Agent

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Buying property is one of the most important decisions and one of the biggest investments you’ll make in your life, and if you are going to entrust someone to do that for you, then you had better make a good choice. 

There are probably over 100 questions that you could ask a Buyer’s Agent before engaging them, but we believe the most important questions to ask, and the ones that will make sure that you and your property purchase are in the safest hands, are: 

  1. Are you and your company fully licensed? 
    Believe it or not, there are still some dodgy folks out there doing the wrong thing. Buyers Agents need a Real Estate Licence to operate. Ask to see their licence or you can check for yourself online with the Office of Fair Trading. 
  1. Are you an exclusive buyer’s agent or do you sell property too? 
    Making money from the buyer and the seller is just not cricket! Buyer’s Agents should work exclusively for the buyer. There are still some agents out there who take commission kickbacks from the seller for recommending a property and from you the buyer. Ask them point blank and see what their reaction is. 
  1. Is your company fully insured? 
    Full insurance for a buyer’s agent is expensive, which is why some buyer’s agents avoid having the right amount of cover or don’t have it at all! If the agent does not have the correct insurances or the correct amount of insurance, then you will be left high and dry with nowhere to go if anything were to go wrong. Ask to see their current insurances. 
  1. What is your fee structure? 
    Ask the buyers agent to break it down for you. How much do you pay and when do you pay it? All agents are not alike, some take 25% up front, some take 50%. Some take the remainder at exchange of contract, some leave some to settlement. Whatever the breakdown, make sure that it works for you and that you are comfortable with what is being offered. 
  1. Why should I use you over another buyer’s agent? 
    This is how you separate the salesmen from the real deal. Ask this question and let them tell you why they are better and why you should use them. What is their point of difference? What do they have that no one else does? Keep an ear out for unrealistic commitments and empty promises. 

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