Australia’s thriving real estate market has made it difficult for buyers to find a property in their desired area without going into a bidding war. A buyer's agent can help the buyer:

• Find properties that meet their criteria
• Negotiate the best price 

Buyer's agents are just a part of the process – there are also real estate agents.

What's the difference between a buyer’s agent and real estate agent?

Responsibilities of a Buyer’s Agent

A buyer's agent works for the home buyer. They represent the buyer and guide them through the home buying process.

Buyer's agents will find the best property on the market, but they can also find off-market listings.

Buyer’s agents offer a variety of services, such as:

• Providing property investment advice
• Negotiating property prices
• Determining the market value for properties
• Scheduling home inspections
• Attending the final settlement when selling a property

A buyer’s agent is paid via commission or a fee by the buyer. 

Hiring a buyer’s agent can save you time while helping secure the property you want at the right price.

A buyer‘s agent should not be confused with a property buyers advocate. A buyer’s advocate does not work for a real estate agency, so they are entirely independent and represent only the buyer. Their goal is to negotiate the lowest price possible for the buyer.

Commission fee for the agent depends on the cost of the property. In many cases, the commission fees will range from 1% to 3%, with the fee dependent on the price bracket of the home.

The higher the price bracket, the higher the commission often is, but speak to the agent helping you buy the home about their fee structure.

Some agents also base their pricing on a flat fee, which will be based on the level of service that is necessary. If you require in-depth negotiations with the seller, the agent may demand a higher price to help cover the time spent to find and purchase the home on your behalf.

Sellers will use another professional, called a seller’s agent, who will work on their behalf.

Responsibilities of a Seller’s Agent

A seller’s agent works for the property seller, and they provide a number of services, such as:

• Generating interest in the property
• Marketing the property via advertisements, photos and listings
• Negotiate the highest price for the seller
• Conducting market appraisals based on recent sales

Like buyer’s agents, seller’s agents are paid via commission from the seller or vendor. 

A real estate agent takes the stress out of selling a property by managing all aspects of the sales process, including listing the property on multiple platforms, organising a selling strategy and taking professional photos of the property.

Key Takeaways

A buyer’s agent acts in the interest of the buyer, while the seller’s agent acts in the interest of the property seller. Both are paid via commission or fees by their respective clients.

Sydney’s property market is booming and highly competitive. An agent will play an important role in your ability to successfully buy or sell property in the local market. 

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