Red Flags to Consider When Working with a Buyer’s Agent

A recent Four Corners episode and accompanying article has brought to light serious concerns around dishonest and sometimes corrupt newcomers to the buyer’s agent sector. An increasing number of inexperienced and, in some cases, unlicensed buyer’s agents have entered the market over the last four years. These untrustworthy people are looking out for themselves only, and put the financial stability of their clients at risk. These people are tarnishing the industry’s reputation. There are certain qualities to look for when choosing a buyer’s agent that will help protect you from engaging an untrustworthy buyer’s agent. Agents or agencies with non-disparagement clauses in their agreements should be avoided at all costs. These clauses are often used unethically to shield companies from public criticism for providing subpar service, results and/or advice. Avoid buyer’s agents who have completed a non-accredited online course. These courses do not give the experience that you should be looking for. In many cases, the buyer’s agent has been tempted by the opportunity to ‘earn big bucks fast’. They lack real-world experience and have been known to use their clients in dishonest ways.

1. Be cautious of agents with less than two years of experience in buyer’s agency or real estate sales. While this is not always the case, there are instances where clients have been led astray through misinformation or unsound financial advice. A proper industry apprenticeship is preferred when choosing a buyer’s agent to work for, as they have the experience to give calculated advice..
2. Beware of referral fees; buyer’s agents who collaborate with real estate sales agents by paying them and/or accessing their databases of potential clients need to be cautioned. These types of arrangements can violate Privacy Laws and the Real Estate Act in various States.
3. Be wary of “borderless” buyer’s agents who purchase properties interstate. These purchases often come with minimal research and no local experience or knowledge and sometimes sight unseen! These buyers’ agents may overpay for low-quality or poorly located properties, outsourcing inspections to unqualified third parties, putting clients at significant risk of making costly mistakes.

A reputable and reliable buyer’s agent will usually offer the following:

1. At least 10-15+ years of experience with proven case studies that highlight their success and professionalism in various market cycles.
2. Formal property investment qualifications if you require investment expertise.
3. A tailored approach to client services. Every client is different, therefore every client requires a bespoke strategy.
4. Emotional intelligence and knowledge with people experience. The client always comes first, not the other way around.

The above red flags and subsequent recommendations will help ensure you’re engaging a professional and reliable buyer’s agent. An experienced buyer’s agent will assist in navigating the property market the right way; and ensure you make the best possible financial decision.

Article Reference:  https://amp-abc-net-au.cdn.ampproject.org/c/s/amp.abc.net.au/article/102140536

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