An independent property buyer’s agent acts independently from financial advisors, developers and real estate agents. They are paid only by their clients and do not accept commission, fees or gifts of monetary value from anyone else.
Independent Buyer’s agents are licensed professionals that specialise in searching, appraising and negotiating the purchase of property on behalf of the buyer. They do not sell real estate.
What is a double kick back / commission? An example is: A buyer’s agents Frank is hired by John to purchase a suitable investment property. Franks advises John to purchase a town house from a local developer whom is paying Frank an undisclosed fee for the referral.
What is wrong with this scenario? John is paying Frank the buyer’s agent to use his experience and buy him the best possible property. Frank has a conflict of interest if he refers any third party’s properties if he is receiving a financial benefit from that third party.
Conflict of interest: a situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity.
Australian Financial review posted an article on a buyers agents that was caught in the act of receiving double commissions: ‘Home buyers agents, what you need to know.’
The Estate Agents Professional Conduct Regulations 2008 set out the standard of conduct expected of agents and agents’ representatives in their day-to-day dealings with clients.
On the topic of double kickbacks, the law states: Estate, property managers and buyer’s agents must not:
For more information on this topic please visit the consumer affairs webs site.
Our Buyers Agents act on behalf of their client’s best interest. We recommend property on and off market, negotiating and buying some of Melbourne’s best real estate.
We don’t recommend property from developers or sell real estate. We don’t have relationships or recommend any third party and we don’t receive any sort of financial gain of any third party.
With regards to off market listings, our buyer’s agents do not take a commission or fee from sellers.
Buying a home is likely be one of the most important plans you’ll ever make. It should therefore be a smart, thought-out move.
With our experienced property advisors on your side, you’ll be able to sleep easier, enjoy knowing that you’ve made an intelligent choice both now and for the future.
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 or just simply call us on 1300 00 WISE.
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