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Joanna Boyd, a well-known Buyers Advocate in Brisbane, sheds light on the role of buyer's agents in the real estate industry in a recent podcast. As the Chair of REIQ's Buyer's Agent Chapter, Boyd has years of experience working in various roles in the real estate industry, including recruitment, business development, franchise management, insurance, and training.
What is a Buyer's Agent, and How Do They Operate?
Buyer's agents are property-buying professionals who represent home buyers through the transaction process. They are responsible for searching, evaluating, and negotiating properties on behalf of the buyer, while real estate agents represent the seller. While the buyer ultimately makes the final decision, a buyer's agent can make the buying process more seamless for all parties involved. According to Boyd, working with a buyer's agent can also help reduce frustration and stress for buyers when they miss out on certain opportunities that could negatively impact the selling agency's brand and reputation.
How Do Buyer's Agents Get Paid?
Buyer's agents are remunerated through the buyers they represent. The commission payable is typically based on the purchase price of the property, along with an engagement fee, although this can vary between buyer's agents. Unlike real estate agents, buyer's agents do not touch the seller's commission. Boyd assures buyers that working with a buyer's agent will not result in selling the property below its value, but rather in finding the agreed selling value that accommodates the buyer's budget and the property's value.
Potential Conflict of Interests
Boyd expresses her concerns about the potential conflict of interests when buyer's agents and sellers work together. She advises buyers to work with someone who exclusively works for a buyer's agency. Although it is illegal to be a buyer's agent and a selling agent on the same property, working in close proximity with one another can still lead to a grey area. Boyd stresses that the buyer's agent must work for their client, while the selling agent must work for the vendor.
Should You Work with a Buyer's Agent?
Boyd's final words on the matter are that the decision to work with a buyer's agent ultimately rests with the buyer. There is no harm in working with a buyer's agent, and it may make the selling process much easier. If you're based in Brisbane and considering working with a buyer's agent, Joanna Boyd is a well-regarded Buyers Advocate in the area who can provide valuable insights and guidance throughout the buying process.
