The charges associated with hiring buyer’s agents can differ based on the service tier, the extent of assistance needed, and the agent’s experience.
In Melbourne, individuals often have the option to engage a fully licensed buyer’s agent for one of three primary services:
Typically, for each of the above a buyer’s agents present two primary fee options: a fixed rate or a commission / percentage of sale model.
When hiring a buyer’s agent, opting for a commission model or a percentage of the sale can be advantageous in cutting costs for a lower-value property acquisition. However, this approach may pose risks, especially for high-value properties, where real estate agents may intentionally underquote prices.
In the Melbourne property market, it’s not unusual for a property to sell for hundreds of thousands of dollars above the quoted price.
A buyer’s agent driven by a commission model might prioritize maximizing your budget rather than advising on quality properties with a lower market value, potentially not saving clients money.
A fixed rate plan offers great transparency to the client regardless of the value of the property. An advocate that offers a fixed rate also has no monetary incentive to spend more on a property to increase their own bottomline.
In most cases, the process and due diligence conducted to purchase a property doesn’t change regardless of the property value.
A fixed rate that covers our clients until a property is purchased regardless of how many auctions or private negotiations it takes.
The responsibility is on our buyers agents to provide a high quality service that is paid on performance. Our clients say ‘we make buying easy.’
Wise Real Estate Advice provides a fixed fee, irrespective of the client’s price range, level of complexity, or search criteria.
Our service encompasses property search, video inspections, and handling auction bidding or private negotiations. |
We undertake thorough due diligence on the property and engage in negotiation, either through private treaty or auction, until a successful property purchase is achieved.
Importantly, the fee remains the same regardless of how many negotiations or auctions we attend for a period of 6 months.
We offer a fixed fee regardless of the clients price brackets, degree of difficulty or search criteria.
The main feature of this plan is our expert buyers agents search property from the open marketplace and off market, we selectively screen properties to optimize long-term returns, ensuring they serve as sound investments over time.
One you create a short list, we’ll physically walk through every property creating recordings of all our property inspections and share them online, featuring commentary and aerial drone footage showcasing both the property and its surroundings.
Once we find a property to purchase, we will conduct detailed due-diligence on the property, you will know:
The concluding phase involves incorporating all our due diligence into negotiations with the real estate agent, either through private treaty or auction, until the property is successfully purchased.
The fee remains the same regardless of how many negotiations or auctions we attend.
This plan allows you to work on multiple properties at one time, across Melbourne.
You provide the property, we will conduct detailed due-diligence.
Our buyers agents will give you a property inspections video, featuring commentary and aerial drone footage showcasing both the property and its surroundings.
You will understand the:
The concluding phase involves incorporating all our due diligence into negotiations with the real estate agent, either through private treaty or auction, until the property is successfully purchased.
The fee remains the same regardless of how many negotiations or auctions we attend.
This plan allows you to work on a single property per negotiation across Melbourne.
A skilled buyer’s agent has a lot more to offer than tangible real estate services. The intangible benefit of a buyer’s agent rewards their customer for the life of the property they purchase.
Even though buying property seems simple, property ownership can be plagued with hidden cost and problems.
A cheap property might seem like the right move, a great price usually means hidden cost that you will discover during ownership or on resale. A skilled buyer’s agent will reduce your exposure to this kind of property.
When selecting and inspecting real estate we focus on property that will have the best resale in a poor market. For investors, our selections will attract better quality tenants reducing your vacancy rate.
In addition to the above, our buyers agents will save your time, money and reduce risk when it comes to buying property.
Many of our clients will attempt the property buying process only to be more confused than when they started.
Viewing many properties over long periods of time, pressured by real estate agents, trying to make a clear decision on a property’s value, building and pest inspections, conveyancers etc.
Our buyer’s agent’s property selection & due diligence will present all the information you need on making a clear decision on moving forward. You should only ever have to inspect a property once; we will do the rest.
Hiring a buyer’s agent with experience is a buyer’s leverage.
Most buyer’s agents will ask for a proportion of their total fee to be paid upon signing the contract.
This initial fee can range from $1,000 to 50% of the total fee payable. Often that fee is non-refundable and sometimes a portion is refundable if the purchase does not proceed.
At WISE , our engagement fee is approximately 30% upfront, the balance is payable only on successful purchase. Hence, if you don’t purchase, you don’t pay. This makes sure your buyers agent is always has your best interest in mind.
The world of hiring buyers agents can be a tricky with unforeseen cost to the client. Below is a quick checklist of what to look out for when it comes to paying a buyers advocate for there service.
Let the above be outlined in your written agreement / contract.
At Wise Real Estate Advice, we ensure all boxes are ticked and that sincere care is taken when providing a buyer with the wise advice and action required throughout the buying process. To speak to one of our friendly buyer’s agents click here to fill out an enquiry form.
