How to Choose the Right Buyers Agent in Sydney (2026 Guide)

Choosing a buyers agent in Sydney is a different exercise to choosing one anywhere else in Australia. Sydney's auction culture, endemic underquoting, high proportion of strata stock, and the sheer competitiveness of suburbs like the Eastern Suburbs, Inner West, and Lower North Shore mean the stakes — and the skill required — are higher. A buyers agent who performs well in a regional market or a slower capital city may not have what it takes here.

This guide covers what to look for, what to ask, and what to verify before you sign anything — with Sydney's specific market conditions front of mind throughout.

Table of Contents

Choosing a buyers agent in Sydney is a different exercise to choosing one anywhere else in Australia. Sydney's auction culture, endemic underquoting, high proportion of strata stock, and the sheer competitiveness of suburbs like the Eastern Suburbs, Inner West, and Lower North Shore mean the stakes — and the skill required — are higher. A buyers agent who performs well in a regional market or a slower capital city may not have what it takes here.


This guide covers what to look for, what to ask, and what to verify before you sign anything — with Sydney's specific market conditions front of mind throughout.


The short answer

In Sydney, the right buyers agent is licensed, genuinely independent, and a specialist in your specific target suburbs — not just "Sydney broadly." They should be able to price a property using recent street-level comparables, have battle-tested auction experience, and maintain real agent relationships in your target area. Verify their licence, confirm there are no undisclosed commissions or conflicts, understand exactly how they're paid, and judge them on track record — not how well they present on a discovery call.


What Does a Sydney Buyers Agent Actually Do?

A buyers agent is a licensed real estate professional who works exclusively for the buyer — never the seller. In Sydney, where selling agents are highly skilled at extracting maximum price and where a significant percentage of desirable properties never appear on Domain or REA, having someone working the other side of the table is a genuine structural advantage.


Depending on the service you engage, a Sydney buyers agent will handle some or all of: targeted suburb and asset selection, property search and shortlisting, price appraisals using recent comparables, off-market sourcing, private-treaty negotiation, auction bidding, coordination of building, pest and strata inspections, and support through to settlement.


You can hire for the full journey from brief to keys, or for a specific module — appraise and negotiate, or auction bidding only. Fair Trading NSW has plain-English guidance on what buyers agents are authorised to do.


One thing buyers agents don't replace: your conveyancer or solicitor. They handle contract and title review, exchange and settlement. Your buyers agent should coordinate timing and commercial terms with them — but legal responsibility sits with your lawyer. (Law Society of NSW)


What’s the Difference Between a Sydney Buyers Agent and a Real Estate Agent?

A real estate agent in Sydney is paid by the vendor to get the highest possible price. A buyers agent is paid by you to find the right property and secure it for the right price. The interests are directly opposed — which is exactly why having someone exclusively in your corner matters in a market as competitive as Sydney's.


How Do I Check a Buyers Agent Is Licensed in Nsw?

In NSW, buyers agents must hold a licence under the Property and Stock Agents Act 2002 and operate under the Property and Stock Agents Regulation 2022. Before signing anything, verify both the individual agent and their company on the NSW public licence register. This takes two minutes and is non-negotiable.


The Regulation's General Rules of Conduct require agents to act honestly, fairly and professionally, protect confidential information, and exercise skill, care and diligence. These aren't aspirational — they're legal obligations you can hold any NSW buyers agent to. (AustLII)


What Should a Sydney Buyers Agent Do About Underquoting?

Underquoting is endemic in Sydney — particularly in the Eastern Suburbs, Inner West, and Lower North Shore, where auction competition runs hot and guide-to-result gaps are routinely reported in the media. NSW law requires agents to base price guides on a documented Estimated Selling Price (ESP) and prohibits "offers over" language, but enforcement is imperfect and buyers who rely on guides without independent analysis consistently overpay.


A good Sydney buyers agent should go well beyond the published guide. They should be building their own comparable-sales analysis — street-level, not just suburb-level — cross-referencing agent feedback, and forming an independent view of where a property will sell before you commit to due diligence costs. If your buyers agent's response to a guide is to accept it at face value, that's a problem.

Ask any agent you're considering: "How do you form your own price view, independent of the guide?" The answer should reference specific methodology — recent comparables, adjustments, agent relationship intel — not just years of experience. (Fair Trading NSW — Underquoting)


How Are Sydney Buyers Agents Paid — and Which Fee Model Is Best?

There are three main fee structures you'll encounter:

  • Fixed fee — agreed upfront, often tiered by price band or brief complexity. You know your maximum cost before the search begins. This is the cleanest model for buyers who want total cost certainty.
  • Percentage of purchase price — typically 1%–2% in Sydney. This creates a subtle incentive misalignment: the more you pay, the more the agent earns. Worth understanding before you sign.
  • Hybrid — an engagement retainer plus a success fee on completion. Common for more complex or longer searches.

At Unicorn, we offer both options: a fixed fee for buyers who want certainty, or a percentage-based fee capped at a pre-agreed amount — so there's always a clear ceiling on what you'll pay. In stronger market years we've offered fixed fees exclusively to protect clients from percentage creep on rising Sydney prices. The right model depends on your search complexity and your own appetite for cost certainty.


One thing worth stating plainly: there's no guaranteed "saving" from using a buyers agent. The value comes from market visibility, disciplined appraisal, paying a market-true price, and avoiding the kinds of expensive mistakes that are easy to make in a market this competitive. The fee conversation should be about transparency and alignment — scope, inclusions, and what actually triggers payment.


Does NSW Require Disclosure of Rebates and Commissions?

Yes. Any agency agreement relating to residential property in NSW must disclose the source and estimated amount of any rebates, discounts, or commissions the agent may receive. Without that disclosure, the agent isn't legally entitled to those amounts. Ask to see the exact clause before signing. (Fair Trading NSW — Agency agreements)


What Conflicts of Interest Should I Watch for in a Sydney Buyers Agent?

This is the most important part of vetting any buyers agent — and the one most buyers skip.


  • Do they also sell property? Some Sydney agencies operate on both sides of the market. Ask for a written conflict management policy before engaging. (REBAA Code of Conduct)
  • Do they receive referral fees? Ask whether the agent or any associated entity receives fees from mortgage brokers, building inspectors, conveyancers, or others involved in the transaction. These relationships are common in Sydney's tightly networked property industry.
  • Do they accept vendor or developer payments? This is a flat red flag. A genuine buyers agent should have no financial relationship with the selling side — full stop. (REBAA)

Standard NSW agency agreements make provision for disclosure of referral fees and commissions, so there's no excuse for any Sydney buyers agent not to be transparent about financial associations. If they're vague about any of these questions, walk.


How Do Good Sydney Buyers Agents Make Decisions?

Process quality is what separates buyers agents who consistently deliver in Sydney from those who are good at winning the initial conversation. A few specific things worth probing:


  • Street-level comparable appraisal. In Sydney, suburb-level data isn't granular enough. School catchment boundaries, aircraft noise contours, proximity to a village hub, and even which side of an arterial road a property sits on can move value 5–15%. Your buyers agent should be working at street level, not suburb level.
  • Due diligence choreography. Sydney's strata market in particular requires rigorous records inspection — defect histories, sinking fund adequacy, levy trajectory, and OC dynamics. A buyers agent who treats strata review as a checkbox isn't protecting you properly. (NSW Government — Pre-purchase inspections)
  • Auction experience. Sydney is one of the most auction-intensive property markets in the world. Your buyers agent needs battle-tested bidding strategies, familiarity with how different auctioneers call, and the ability to improvise on the day and negotiate effectively if the property is passed in.
  • Off-market sourcing. A significant proportion of quality Sydney stock never reaches the portals. Personal outreach to selling agents, community networking, letterbox drops in target streets, and daily use of professional research tools are what separate a genuine search from a portal-refresh exercise.

How Do I Measure the Value a Sydney Buyers Agent Delivers?

Marketing promises aren't measurable. These are:


  • Asset quality — zoning, aspect, noise, flood risk, build quality, strata health. Did they buy you a genuinely good Sydney property or just a property in Sydney?
  • Price discipline — did they have a defensible, street-level valuation range, and did the purchase price fall within it? What happened when auction pressure mounted?
  • Risk control — were issues identified before exchange, and were they priced in or negotiated out?
  • Market coverage — how many properties were genuinely assessed before you bought? Were off-market options on the table?

These four measures are worth more than any testimonial.


What Should I Check Before Signing a Sydney Buyer’s Agency Agreement?

  • Licence status — verify on the NSW licence register
  • Professional indemnity insurance — ask to sight a current certificate
  • Scope and deliverables — what's covered? Inspections, written appraisals, negotiation, auction bidding?
  • Fees and triggers — fixed or percentage? GST included? When does payment occur?
  • Rebates and commissions disclosure — confirm the exact clause in the agreement
  • Conflicts policy — do they sell? Do they accept vendor or developer payments?
  • Due diligence plan — building and pest, strata, who controls the reports, and what's the timing?
  • Termination terms — what happens if the relationship isn't working? Read this section carefully before signing.

How Does a Buyers Agent Handle Sydney Auctions?

Sydney runs one of the highest auction volumes of any city in the world. If your target property type — particularly houses and semis in the Eastern Suburbs, Inner West, or Lower North Shore — typically sells at auction, your buyers agent's auction capability is not a secondary consideration. It's central.


NSW auctions require registration, ID and bidder numbers. Conditions must be stated before bidding opens. Your buyers agent should manage authority-to-bid documentation and arrive with a written ceiling tied to their independent price appraisal — not a number that drifts upward with the room.


An experienced Sydney auction bidder brings calm under pressure, knowledge of the rules, multiple battle-tested strategies, and often a prior working relationship with the auctioneer. Understanding a particular auctioneer's calling style — when they're bluffing on vendor bids, when they're genuinely about to pass in — can make a real difference to the outcome. (Fair Trading NSW — Auction rules)


What Due Diligence Should I Expect From a Sydney Buyers Agent?

Sydney's property market has specific due diligence considerations beyond the national standard.


Houses and semis: Independent building and pest inspection from a qualified inspector with no financial relationship to the agent. Section 10.7 planning certificate from council confirming zoning, heritage overlays, and any planning alerts. Review of surrounding development applications — Sydney's TOD and LMR rezoning changes mean the planning context around a property can shift materially, and your buyers agent should be across this.


Strata apartments: A full strata records inspection covering building financials, sinking fund adequacy, any known defects, current and projected levies, compliance history, and the health of the owners corporation. Sydney has a significant volume of strata stock with deferred maintenance, underfunded sinking funds, and active defect disputes that aren't visible until you look at the records. This inspection is not optional. (Fair Trading NSW)


Your buyers agent should coordinate all of these reports, brief you on the findings, and factor any issues into the negotiation or bidding strategy. If they're leaving due diligence to you to organise, that's a scope gap worth resolving before you commit.


What Questions Should I Ask a Sydney Buyers Agent Before Hiring Them?

  1. "What exactly do you deliver as my buyers agent?" — Listen for specificity about Sydney. How many inspections per week? How do they source off-market in the Eastern Suburbs or Inner West specifically? What does a shortlist presentation look like?
  2. "How do you form your own price view on a Sydney property?" — They should reference street-level comparable sales, adjustments, and agent relationship intel. "Years of experience" isn't a methodology.
  3. "How are you paid — and what's not included?" — Get the full picture: engagement fee, success fee, expenses, GST. Ask what happens if the search runs longer than expected.
  4. "Do you receive any referral fees or commissions from third parties?" — Clear no, or a specific disclosed arrangement. Anything in between is a red flag in a market as networked as Sydney's.
  5. "Do you ever sell property or accept fees from developers or vendors?" — Genuine independence means no. Full stop.
  6. "What's your auction strategy, and how do you set my walk-away price?" — The ceiling should be set by the appraisal, not by how much you want the property. Listen for how they handle a competitive Sydney auction that approaches the ceiling.
  7. "Who does the actual work on my brief, and how many active clients are you currently running?" — In a boutique Sydney agency, knowing whether you're getting the principal or being handed off to an associate matters. Bandwidth directly affects service quality.
  8. "How often will you update me, and what will each update include?" — Weekly updates minimum. Ask whether those come with written price appraisals or just phone calls.

FAQs: Choosing a Buyers Agent in Sydney

How much does a buyers agent cost in Sydney?

Sydney buyers agent fees typically range from 1%–2% of the purchase price on a percentage model, or a fixed fee agreed upfront based on brief complexity and price band. At Unicorn we offer both — a fixed fee for buyers who want total cost certainty, or a percentage-based fee capped at a pre-agreed amount. The right model depends on your search and your preferences. See our fees page for more detail.

Do Sydney buyers agents have access to off-market properties?

Yes — but the quality of off-market access varies enormously. In Sydney's Eastern Suburbs, Inner West, and Lower North Shore, a meaningful proportion of quality stock transacts quietly before a public campaign. Access depends entirely on the depth and quality of an agent's relationships with local selling agents — not on being listed on a platform. Ask specifically how many off-market properties they've transacted in your target suburbs in the last 12 months.

Is a buyers agent worth it in Sydney?

For most buyers in Sydney's most competitive suburbs — yes. The combination of endemic underquoting, high auction volumes, significant off-market activity, and the sheer cost of mistakes at Sydney price points makes having an expert in your corner worth the fee. See our full breakdown on whether a buyers agent is worth it in Sydney.

How do I check a buyers agent is licensed in NSW?

Use the NSW Property Services Licence Check to verify both the individual agent and their company. Check the licence is current and covers buyers agency work. Do this before signing anything. (Fair Trading NSW)

What areas of Sydney do buyers agents typically cover?

Most specialist Sydney buyers agents focus on specific zones rather than the entire city — and that specialisation matters. An agent who works across Eastern Suburbs, Inner West, and Lower North Shore will have deeper agent relationships and more granular market knowledge than one covering "all of Sydney." At Unicorn, our focus is the Eastern Suburbs, Inner West, and North Shore. If your brief falls outside that area, we'll refer you to a trusted colleague rather than stretch beyond our expertise.

Can a buyers agent guarantee I'll pay less than the price guide?

No — and be wary of any agent who implies otherwise. In Sydney, where guides are routinely set below the true Estimated Selling Price, paying "at the guide" is often still overpaying relative to market. The value of a buyers agent is in forming an independent price view, buying the right asset, and avoiding the expensive mistakes that are easy to make in Sydney's competitive environment. (CHOICE)

Do I still need a conveyancer or solicitor if I use a Sydney buyers agent?

Yes, always. A buyers agent handles search, appraisal, negotiation and coordination — but they cannot review contracts, provide legal advice, or manage exchange and settlement. Your conveyancer or solicitor is essential. Your buyers agent should be coordinating with them on timing and commercial terms. (Law Society of NSW)

How do I know if a Sydney buyers agent is truly independent?

Ask directly whether they sell property, accept referral fees from mortgage brokers or inspectors, or receive any payments from developers or vendors. A genuinely independent buyers agent will have clear written answers to all of these. REBAA membership requires adherence to a code of conduct that specifically addresses independence. (REBAA Code of Conduct)

Should I get finance approved before engaging a Sydney buyers agent?

Yes. In Sydney's fast-moving market especially, beginning an active search without approved finance in place is counterproductive — you can't move quickly when something comes up, and selling agents will know it. A full loan assessment (not just pre-approval in principle) gives you a credible and deployable budget. Brief your buyers agent and align on strategy while finance is being finalised, but the active search should start once finance is confirmed.

The Bottom Line on Choosing a Sydney Buyers Agent

In Sydney's market, the difference between a good buyers agent and an average one isn't marginal — it shows up in asset quality, price paid, and deals that never make it to a public listing. The right agent is licensed and verifiable, genuinely independent, a genuine area specialist (not just "Sydney broadly"), and transparent about scope and fees before you commit.


Verify licensing, interrogate conflicts, understand exactly how they're paid, and judge the quality of their process and track record — not their pitch. A good Sydney buyers agent is one of the best investments you can make in a property purchase at these price points. A poor one is an expensive lesson.


If you'd like to talk through your brief with Dan, book a call here or email dan@unicornbuyersagents.com.au. Even better, complete one of our fact find forms below so we can get a good understanding of your requirements before we speak.

FOR HOMEBUYERS
FOR INVESTORS

Further reading: Is a buyers agent worth it in Sydney? · 20 costly mistakes to avoid when choosing a buyers agent · How to choose a buyers agent — Australia guide


Sources & Further Reading

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12 popular buyers agent questions answered 

 

When it comes to buying a property, many people assume that they can navigate the process on their own. However, purchasing a home or an investment property is often a complex and time-consuming process that requires expert knowledge and guidance. This is where a buyers agent can be incredibly valuable. A buyers agent is a licensed real estate professional who specializes in representing the interests of homebuyers. 

 

In this article, we will explore what a buyer’s agent is and the benefits they offer, as well as when it is appropriate to engage their services. Whether you’re a first-time buyer or a seasoned investor, understanding the role of a buyer’s agent can make all the difference in finding your dream property.

 

What You’ll Learn From This Article

 

  1. What is a buyers agent? 
  2. What’s the difference between a real estate agent and a buyers agent?
  3. How much do buyers agents charge?
  4. Are buyers agents worth it?
  5. How much will it cost me not to use a buyer’s agent?
  6. Do i need a buyers agent in today’s market?
  7. How to choose a buyers agent?
  8. What questions should i ask a buyer’s agent before hiring them?
  9. Can you claim buyer’s agent fees on tax?
  10. Can a property seller contact the buyer agent directly?
  11. Do i have to sign a buyer agent agreement?
  12. Can you have multiple buyers agents?

 

What is a buyers agent?

A buyer’s agent is a fully licensed property agent who works on behalf of a homebuyer or property investor in a real estate transaction. The primary responsibility of a buyer’s agent is to help their client find and purchase a home that meets their specific needs and budget.

 

Buyer’s agents work exclusively with buyers and are therefore focused on helping buyers navigate the complex and sometimes overwhelming process of purchasing a home. They typically have extensive knowledge of a local real estate market and relationships with a network of selling agents in that area.  

 

Buyer agents offer purchasers transparency and clarity around price and market value by researching comparable sales transactions and will drive the due diligence and research process to mitigate the risk of a purchased property causing problems or stress to its new owner in the future. 

 

The way a property is marketed, negotiated, and sold depends on many factors including demand for that property type, the expectations of the vendor, and the particular style of the sales agent. Every transaction is unique and a buyers agent’s experience navigating the many variations of the sales process and the legal and financial requirements involved can undoubtedly give a purchaser an advantage.

 

Another of the key benefits of working with a buyer’s agent is that they can provide objective advice and representation throughout the home buying process which may otherwise become an emotional decision. 

 

Because they work solely on behalf of the buyer, they can help their clients make informed decisions without being influenced by any other parties involved in the transaction. Additionally, many buyer’s agents will deploy methods and resources that can help buyers find and evaluate the right property more efficiently than they might be able to on their own. This includes accessing properties not listed for sale by traditional means (off-market or silent listings). 

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

Buying and selling real estate can be complicated. That’s where buyers agents and real estate agents come in. A real estate agent is a professional who sells properties. Who does a real estate agent represent? The seller. Real estate agents are paid through commission from either the seller or the vendor. A buyer’s agent, exclusively represents the buyer. They act in the buyer’s best interest and help them through the process of securing the property they want.

 

How much do buyers agents charge?

Many buyer’s agents charge for service like a real estate sales agent ie, a percentage commission. This can make sense if you’re selling a property as the sales agent is incentivised to achieve a higher sales price. Paying more commission to your buyers agent the more you pay for your property can make less sense for buyers In hotter market years such as during 2020- 2021, Unicorn Buyers Agents offered fixed fees, to protect our clients.

 

In neutral or cooler years we offer a percentage-based fee capped at a pre-agreed rate. This way our buyers may benefit from a lower-than-expected commission whilst also having the peace of mind of knowing the maximum they’ll pay. 

For maximum flexibility and transparency, we offer clients the choice to lock in a fixed fee or to hire us on a percentage-based fee capped at a pre-agreed amount.

 

Are buyers agents worth it?

In Australia until recently the use of a professional buyers agent to undertake one’s search and property purchase was uncommon.

 

Sydney house hunters have long been resigned to the stresses of endless weekend inspections and annoying agent phone calls, not to mention having to negotiate with seasoned professionals trained in the art of extracting the highest possible price for their client- the seller. 

 

In the last few years however Australians are increasingly following the trend of their US counterparts to engage a buyers agent to find, negotiate and secure residential owner-occupied and investment property. Why?

 

 The competition for the best property in the most desirable suburbs has intensified, with a significant percentage invisible to the average house hunter. Property prices have spiked- and so has the cost of making a mistake. And we have increasingly become time-poor professionals who realise the value in deploying another professional to do what they do best.

 

Hiring a buyers agent does make sense but what can you expect for your money, and how will you assess the value of your buyers agent’s services?

 

A good buyer’s agent in Sydney will understand your brief in detail, then tailor their services and fees to your exact needs. This may be as simple as attending an auction to bid on your behalf, or appraising a property you have found, or conducting the entire search campaign all the way from day one to contract settlement.

 

  • ‘Bid at auction’ gets you a hired gun as your proxy on the big day. They will bid, deploying one of many strategies they have available, which they believe is best on the day to secure the property for you for the lowest price possible whilst taking into consideration other bidders, and the auctioneers style.
  • An appraisal and negotiate service will see a buyers agent provide you with a professional opinion on the market value and likely selling price of a property you have found, based on recent comparable sales, market momentum, and level of interest in that particular property. The agent will then deploy their negotiation expertise and relationships to negotiate a purchase by private treaty.
  • A complete search really should be just that. The best buyers agents will go beyond public listings to use real estate agent outreach, professional research tools, community networking , door knocking and letterbox drops to source and shortlist potential properties. 

Dozens of physical inspections will follow, accompanied by detailed research to validate the properties have no issues and can be secured within your budget. They will have a team of professionals including building inspector, engineer, solicitor, builder, handyman and property manager- to do all the heavy lifting, and will coordinate them all on your behalf. They’ll deal with selling agents, so you don’t have to. And they’ll package up a shortlist of desirable options to make your decisions. easier.

 

 A top buyers agent will show you the property that ticks your boxes, and sometimes that may be unconventional- but a buyers agent will also show you how an easy low-cost renovation can leave you with the property you dreamed of.

 

 An expert buyers agent will be your voice of reason- guiding you to avoid psychological pitfalls like analysis paralysis, FOMO, buyers remorse, and more.

 

 Finally, a good buyers agent will ensure you pay the right price, the lowest price possible given market conditions. 

 

How much will it cost me not to use a buyer’s agent?

I talk to buyers every day and a comment I often hear is “I’d love to use a buyers agent to find my property but I really can’t afford it because I need to put every dollar toward my purchase”.

 

I put one to three on-market and off-market property matches in front of my clients every week. These properties are within budget, they have been physically inspected and researched to make sure they’re problem free. 

 

I know how the sales agent will run the campaign and by deal time I’ll know the minimum price that needs to be paid to secure the property. This saves my clients thousands of dollars of search time  and many thousands more by not overpaying. I’ll also buy a better house on a better street which means tens, or hundreds of thousands of dollars more in your pocket. 

 

How? Let’s assume you manage to buy without overpaying and you’ve chosen a good suburb, street, and property type that grows in value at say 4% a year for the next decade.

 

 Now let’s assume I could buy you a slightly better property that grows in value at a slightly better 5% for the next decade. That 1% extra on a $2m property means my purchase will be worth $200k more than yours in ten years time. Not using a good buyers agent will cost you money.

 

Do i need a buyers agent in today’s market?

In a seller’s market with FOMO running high it seems easier to understand the value proposition for a buyers agent.

But great buyer agent work is just as critical in a cooler market. Here’s a few reasons why.

  1. Selling agents get much better at returning your calls in a tough market but they still have one thing top of mind – squeezing the highest possible price out of you. That’s their job. 
  2. We have the relationships with agents which helps us find opportunities in the form of off-market /silent listings by anxious and distressed owners. We also help bring things to market. Potential sellers are more likely to list when a buyers agent walks through the home during an appraisal. 
  3. We assess up to the minute market value. Sydney property prices are volatile. Price action varies suburb to suburb, street to street. Last nights’ sale resets todays suburb benchmark. On a $2M home purchase overpaying by 3% is a $60,000 mistake and buying at a 5% discount to market is a $100,000 win.
  4. Cooling markets are a minefield of second grade properties and unrealistic vendors. We shortlist, inspect and present only the best, most viable options saving you time money and stress. 

How to choose a buyers agent?

Hiring a buyer’s agent is a significant investment. Understanding how to prepare for the buying process and how to choose the right agent for your search will save you in every respect. Avoid the following mistakes and you’re well on the way to a profitable, and enjoyable buyer’s agent experience.

 

Mistake #1. Hiring an agent before your finance is approved.

Serious property hunting without the funds available is unproductive. You cant buy if you haven’t got the money! The first step of buyer preparation is to have your finance in place- preferably a fully assessed loan rather than just an approval in principle.

 

It’s certainly advisable to research your property market, write your brief, and get your buying team in place whilst arranging finance. However, the right time to put your buyer’s agent to work officially is when your finance is approved.

 

Mistake #2. Choosing a buyer’s agent without a buying team if you don’t have one of your own

A successful buying assault on a sought-after home or investment requires a crack team of experts; In addition to your buyer’s agent you’ll need a top broker and solicitor, and if the property is a renovation project, an architect, private certifier, a builder, or tradespeople, an engineer a  quantity surveyor as well. This group comprises your personal army, your buying team.

 

If you don’t have a team at hand make it a high priority to select a buyers agent who can bring one to the table. Hiring this agent means you’ll inherit their panel of experts who have worked together in the past. You’ll enjoy the advantage of ‘synergy’ when an experienced team works together with your buyer’s agent for a great result -all without you having to lift a finger.

 

Mistake #3 Not choosing a buyer’s agent who is completely independent and working for you

A buyer’s agent must be  100% working in your best interest.

 

This means they should not accept any type of incentive or remuneration that would affect their ability to give you independent advice.  A clear contravention of this principle would be a buyer’s agent accepting an incentive from a builder or developer for an introduction that leads to a sale. 

 

Standard agency agreements in all states generally make provision for an agent to disclose referral fees and commissions so you can understand whether there is a financial incentive involved with any of your buyers agents associations.

 

Mistake #4 Not choosing the buyer’s agent service that corresponds to your needs

Good buyers agents generally have three or four core offerings ranging from “Done For You” to appraisal, negotiation, and auction attendance. Choosing the appropriate service will require you to be realistic about your own property skillset and the time you can allocate to your house hunting.

 

 If you have the network, resources, and experience to access suitable properties then an ‘appraise and negotiate’ or ‘bid at auction’ service may really be all you need.


Be aware that although you think you can do the job using just these services, you can’t buy what you can’t see and this approach may cost you more time and money in the long run. 

 

Mistake #5 Not choosing a buyer’s agent who specializes in your desired area

An agent that works (and lives and plays) in the suburbs you are searching within is tuned into the important details that can affect a successful purchase. A formal appraisal or valuation is no comparison to the local knowledge of a seasoned area specialist. Bad neighbours, upcoming poor development, problematic executive committees..a local specialist will be aware and steer you clear of troublesome issues that are not apparent to an outsider.

 

Mistake #6 Not paying the right price for the service you’re getting

Buyer’s agents’ pricing can vary widely, and with good reason. Any good agent will tailor the scope of works to your circumstance and most will agree on a fixed price that reflects the work involved. It is worthwhile to understand what that work entails.

 

 A detailed, particular brief for a property in a tightly held suburb should command a premium and what you’ll be paying for is the buyer’s agent’s network of local selling agents, business people, and community, as well as their less conventional methods of sourcing property.

 

More abundantly available property in a less salubrious suburb will see you paying a buyer more for their time conducting inspections and putting together the deal, or their analytical skills if it is an investment property.

 

Paying an entry-level agent an entry-level fee for a challenging brief will not give you an expert outcome.

 

Be as wary of ‘cheap’ fees as exorbitant fees. Take a moment to consider the difficulty of the task at hand and the time and expertise required.

 

Mistake #7 Not assessing the methods your buyer’s agent will use to find your ideal property

Good buyer’s agents will apply multiple resources to source property and it merits asking how your buyer’s agent operates. Key activities you should listen for include personal outreach to a selling agent network, extensive use of research tools such as RPData, and personal outreach to potential sellers, amongst others. Opportunities arise from contact with people and the best agents spend all day talking and researching.

 

Mistake #8 Not choosing an agent with auction experience if that’s the likely method of sale for your property

If the common method of sale for your future home or investment is via an auction then your buyer’s agent should have extensive bidding experience.

 

Auctions are volatile environments where the odds are stacked against the seller. There is plenty of room for error leading up to, and on the day and you will need an agent that, is calm, knows all the rules, and has multiple battle-tested bidding strategies. A well-chosen agent will often know the auctioneer and their calling style which can help.

 

It’s not considered rude to ask your prospective buyer’s agent about their auction experience, and their preferred bidding strategies.

 

Mistake #9 Not screening your agent for negotiating power

Buyer’s agents are negotiators. They are the conduit between you and all the other players in a high-stakes situation. They’ll likely even mediate between you and your spouse when the pressure is on at deal time! To screen for a good negotiator you’ll need to trust your instincts rather than ask questions. Your prospective hire should leave you with the sense that things are going to go your way. Chances are they’ll be waving that magic wand over the other parties too which makes a good deal more likely.

 

Mistake #10 Not having a well-defined brief for your agent

The more thoroughly you detail and communicate your wants and needs, the better your outcome. A good brief goes way beyond just the property attributes. If the property is to be an investment share your overall long-term goals, how the purchase will fit into your portfolio, and when and how it will be divested.

 

If it’s your family home share what you do for work sports and hobbies, what your evenings and weekends look, like where your kids spend their time. Property choice is driven by lifestyle and understanding this is key for your agent to find that perfect property match.

 

Mistake #11 Not confirming your buyer’s agent will be working exclusively on your brief

A buyer’s agent cannot work in your best interest if they have signed on other clients looking for the same type of home in the same suburb and a similar price range.

 

You need to ask the question- will your brief, price range and instruction have exclusivity in your agents’ portfolio, until they have found your property? It’s not a rude question to ask a prospective buyers agent what other types of clients they will concurrently be working on and what assurances they can give you there will be no conflict of interest.

 

It’s easy for buyer’s agencies large and small to blur the line by having multiple clients with similar briefs. In a tight market with short supply who gets first dibs on something matching multiple briefs?

 

Mistake #12 Choosing a larger agency and being assigned a junior or an associate.

As with many professional services sectors you run into the possibility of being pitched to by a senior expert only to have your brief delegated to a junior once you are on board.

 

 This can be a frustrating experience. If you are choosing a larger organisation always confirm that the agent you want to be looking after you actually will personally be responsible for your search.

 

Mistake #13 Not reference checking your Buyers Agent

Just as you would when you hire an employee- dont be afraid to ask your buyers agent for one or two names of past clients who would be happy to comment on how they worked. Confidentiality issues aside a good buyers agent should be able to agree to this. 

 

So there it is in a nutshell. Using a buyer’s agent will be a profitable and enjoyable experience so long as you can avoid the above mistakes.

What questions should i ask a buyer’s agent before hiring them?

 

When you’re hiring a buyer’s agent, it’s important to ask a few questions to ensure that they’re the right fit for you. Here are some questions you may want to consider:

 

  1. What experience do you have as a buyer’s agent?
  2. How do you plan to help me find the right property?
  3. How familiar are you with the local real estate market?
  4. Can you provide references from previous clients?
  5. How will you communicate with me throughout the buying process?
  6. How do you handle negotiations and bidding wars?
  7. Do you have experience working with first-time homebuyers?
  8. How do you get paid for your services?
  9. How many clients do you currently have?
  10. Do you work full-time as a buyer’s agent or do you also handle listings?

Asking these questions will help you get a better sense of the agent’s experience, expertise, and approach to working with clients, which will help you make an informed decision when hiring a buyer’s agent

 

Can you claim buyers agent fees on tax?

If you are using a buyer’s agent to purchase an investment property, for example, your buyers agent fees may be capitalised into the purchase and be deductible on sale. Even if you are using a buyer’s agent to purchase a personal residence, it’s worthwhile hanging on to the invoice. Check with your accountant and tax agent to see what portion of fees may be expensed and how. 

Can a property seller contact the buyer agent directly?

Yes, a property seller can contact the buyer’s agent directly. This does in fact happen. Here at Unicorn Buyers Agents we are contacted daily by sellers interested to avoid sales agents commissions by seeing if we may have a buyer for their property.

A property seller who already has their home listed with a sales agent is much less likely to contact the buyers agent directly as they trust their nominated agent to facilitate the transaction. 

 

A property seller who is selling privately will contact the buyer agent directly and we have conducted a number of purchases directly with the seller.

 

On occasion, a buyers agent may contact a seller directly even if they have a sales agent- but always with the permission of the sales agent. It may be to clarify some detail directly, to give a client peace of mind. 

 

Do i have to sign a buyer agent agreement?

Yes, you do have to sign a buyer agent agreement. A buyers agent operating in NSW is required to be either a class one or class two real estate agent and must operate under legislation set down in the Property, Stock and Business Agents Act and Regulation. The legislation stipulates that an agency agreement must be in place between an agent and a principal, outlining the terms on which the work will be conducted.

Can you have multiple buyers agents?

Whilst you could theoretically have multiple buyers agents working for you, it would be both unlikely and undesirable for you to enter into this arrangement. Most buyers agents will require you to enter into an exclusive agency agreement which recognizes they alone are working for you and their fee is liable to be paid even in the instance another buyers agent finds a property.

 

Here at Unicorn Buyers Agents we work with clients confident to trust us to find and purchase their home and as such only enter into exclusive agency agreements. We do not co-opt with other agents. 

 

So saying, we do occasionally collaborate with buyers agent colleagues outside of our organisation to assist us with a challenging brief. In this instance, we negotiate remuneration directly from our commission and no further fee is payable by our clients.