5 Essential Questions to Ask a Sydney Buyer Agent before Signing an Agreement 

If you are thinking of buying a home or any property in Sydney, you need the service of a buyer’s agent to make the most profitable deal possible. While you can also go through the purchasing process alone and get good results, it is always better to seek professional help. That way, the process will become faster and maximize profits. 

Meanwhile, you must carefully choose from the host of pretenders looking for the next victims to use to their advantage. Many of the sydney buyers agent you see are not down to go anywhere to satisfy their client’s needs. For most, it’s all about the profits. 

Your buyer’s agent must be loyal and ready to negotiate in your favor. That’s how you get your dream home according to your unique features, location, and budget specifications. 

The Sydney real estate market is ever-growing but can be overwhelming. Only realtors with vast experience can perform efficiently and deliver in the shortest time possible.

So, how do you find a loyal Sydney buyer’s agent that will give you what you want and how you like it? Well, there’s no magic to it. The best way to be sure is to ask important questions and make sure you get honest answers. 

Related: A Comprehensive Guide on How to Work with a Sydney Buyers Agent

We have helped you compile some of the most-asked questions to find answers before signing an agreement with a Sydney buyer’s agent.

5 Questions to Ask before Signing an Agreement with A Sydney Buyer’s Agent

1. How many years have you been in operation?

Knowing how long your prospect has been functioning as a buyer’s agent is essential before agreeing to hire him is crucial. At a minimum, a Sydney buyer’s agent must have ten years of experience. The reason is that Sydney’s real estate market is highly competitive, and anyone who doesn’t have the pedigree and profile in the industry will lag behind and have less advantage. 

In Sydney, property cycles run for about 7 to ten years. Hence, a decade of experience suggests that the agent has experienced the ups and downs of the Sydney property market. This question is a must for you to ask if you are buying as an investor. There are several Sydney buyer’s agents with an impressive track record in helping people buy investment properties. 

A buyer’s agent with vast experience knows how to maximize your budget to get a profitable property that will grow in value in the short term. They will advise you on what to do to get the best from the market. We suggest you don’t settle for less. 

Note that high profiles don’t necessarily mean colossal experience. If the agent has not been active in the Sydney real estate market for up to a decade, it is not suitable for you to deal with such. Your agent must also specialize in property investment and know the jargon. 

2. How much do you know about the local market?

Many Sydney buyer’s agents will find ways to convince you they can operate in every locality. Well, it is not impossible. But, they need more than words to convince you. If a Sydney buyer’s agent claims he understands the local market, ask him to show you a list of past clients he has helped in the same locality you are planning to invest your money.

If the agent cannot provide proven evidence to show he has helped some clients in that same area you want, that’s a red flag he won’t deliver excellently. It is better not to patronize him. Meanwhile, don’t be enticed. Ask the agent to provide at least four recent properties he bought in that area you want to invest. 

Besides, a Sydney buyer’s agent must be able to advise you on which area is the safest and best in terms of facilities and accessibility, which streets are busiest, and which ones can accommodate adequately.

The knowledge of the Local market is one important quality your buyer’s agent must have. Ask to be sure you are in a safe hand.

3. Do you have local testimonials?

Still, in light of question 2 above, ensure the Sydney buyer’s agent has a commendable reputation and recommendations. Of course, you may think expertise and experience count the more, but goodwill is also part of the must-have qualities. 

Or, would you instead hire a professional with a spoilt record? I don’t think it is advisable. So, we advise that you ensure the agent has treated his previous clients satisfactorily. If not, it’s a no-no! 

You can visit the website of your potential buyer’s agent to check out the testimonials, reviews, and feedback page. Mind you, don’t focus much on the good reviews. If you want to know the exact personality of your potential agent, read what the bad reviews say. You can also visit independent review platforms like Google Maps or TrueLocal for more honest reviews.

4. Are you licensed and insured?

Be careful not to agree with a Sydney buyer’s agent who has no license from the Real Estate Buyer’s Agents Association of Australia (REBAA). Any agent REBAA does not accredit is not qualified to handle your investment. Even if you are not buying homes in large quantities, you must patronize only licensed and insured buyer’s agents. 

For a Sydney buyer’s agent to be recognized by RERBAA, he must have undergone training and professional indemnity insurance. It must be in a safe hand if you have to pay a dime.

5. What are your connections and affiliations?

In business, professionals collaborate with others to deliver at the highest standard possible. In that light, your potential buyer’s agent must be well connected to property managers, solicitors, accountants, and sale agents. A strong business network will increase your chance of getting your preferred property exactly how you want it.

Finally

A buyer’s agent with a solid connection with other professionals in the real estate industry can work with a team of experts, which makes the whole complicated buying process easier and more profitable. However, you must be ready to pay if you weren’t to hire a competent yet loyal Sydney buyer’s agent.

A Comprehensive Guide on How to Work with a Sydney Buyers Agent

A sydney buyers agent represents the Buyer’s interests in every real estate transaction. In addition, the Buyer’s agent’s responsibilities to the Buyer are loyalty, diligence, obedience, disclosure, accounting, confidentiality, and reasonable skill and care. All duties are fiduciary — they are owed exclusively to the Buyer – NOT to the seller.

Choosing a sydney buyers agent

• Ask for references from the previous client whose agent helped buy a home in your area.
• Call an indigenous real estate office and ask to recommend a sydney buyers agent who specializes in the type of property and community you are interested in.
• Visit a few real estate offices. The office can tell much about the sydney buyers agents you may work with. Is it attractive and organized? Is it easily accessible and open seven days a week? Is the agent a member of a multiple-listing service — that is, are the listings of all other agents available to you? 
• Interview several prospects. Choose a buyer’s agent who offers you the services you need and with whom you feel comfortable. More experienced agents will have the knowledge and tools to help you find and buy the right house for you.
• Discuss what is expected of you and the agent as you begin the collaborative process of finding and buying a home. Get everything in writing! 

What you should expect from a sydney buyers agent 

During the search process, the sydney buyers agent:

• Arranges showings that meet your needs
• Provides detailed information that you request about the property, community, utilities, taxes, and zoning, or refers the Buyer to appropriate information sources 
• Discloses any material facts about the property which the sydney buyers agent knows.

During the offering process, the sydney buyers agent:

• Prepares a modest market analysis of the property
• Counsels you on what price is good for the property
• Negotiates the best terms and price for the Buyer
• shows what other buyers pay for the property in the area.
• Assists in writing an offer with your interest in mind
• Monitors all events, dates, and requirements for the Buyer
• Assists with the loan application process
• During the closing process, the Buyer’s agent:
• Should attend the closing with the Buyer.

The essential rules to Know While Working with a sydney buyers agent

• When you hire a buyer’s agent to help you purchase a home, he must be working only for you.
• Every sydney buyers agent’s commission is negotiable. There’s no set percentage or commission an agent must demand. Before signing a contract, you can ask the Buyer’s agent to take a smaller commission than they proposed. The Buyer’s agent is free to decline your offer.
• You can negotiate the duration of your agreement with your Buyer’s agent.
• Whatever terms you agree on, be sure you understand what you will get in return for that commission. If you negotiate a lower percentage or commission than the agent proposed, he may want to exclude some services they would typically provide. Make sure you’ll be entitled to all the services most important to you, and put it in writing.
• Before signing, be sure you have gotten answers to every question. Be sure you are comfortable with the Buyer’s agent and that you understand all the terms of your purchase agreement. 
• The purchased agreement must have a beginning date and an ending date and be signed by all parties to the contract. 

IMPORTANT! A contract signed between you and a sydney buyers agent is legal and binds both parties. There’s no 3-Day cancellation of the purchase agreement once it is signed. It is also essential that you also receive a copy before you sign.

Do not sign any blank documents that you don’t understand. Dare to visit a real estate attorney for professional assistance.

Once you sign the contract, your real estate agent may show you some homes of sellers that they represent. If you choose to buy a house from a seller who also happens to be your agency’s client, the agency is obligated to provide a “Dual Agent Consent Agreement” form to sign. By signing the form, you agree that your real estate agent is free to represent you AND the seller in the deal. The document outlines the process to ensure complete objectivity to both sides. 

You may not agree to Dual Agency if it is not in your best interest. Do not sign the consent form in advance; wait until you have a serious interest in a home represented by your sydney buyers agent.

Having an attorney overseeing your paperwork and advising you on all legal aspects of the deal is essential. Real estate buyers’ agents and brokers are prohibited from engaging in law practice and must not provide legal advice.

If the inspection reveals that you need to make some repairs, your Buyer’s agent will communicate in writing to the seller, who may choose to give you credit at closing or fix the damages. Be sure that any home improvement contractor, electrician, or plumber hired by the seller is appropriately registered or licensed by the Department of Consumer Protection as required. Ask for a Connecticut license number and verify the license and its complaint history before starting the work. 

No decree says the seller must compulsorily accept your offer, nor are there any requirements for which counter-offer the seller must forcefully accept. Sellers have the right to sell or not as long as their intent is not to encourage discriminatory practices.

Once you deposit on a property, the funds must be held in a separate escrow account by your Buyer’s agent. They must not be co-mingled with the sydney buyers agent’s other business or personal accounts. 

Finally 

Your check and money order should be made payable to the brokerage company — not to a Sydney buyer’s agent or agency employee. Don’t forget that you have the final word on any decision. Don’t let a buyer’s agent pressure or hurry you into making a choice you are unsure will give you what you want.