The difference between a buyers advocate and a real estate agent

Posted on January 11 2012

Whether you are a home buyer or an investor, knowing the difference between a buyers advocate and a real estate agent is crucial to your purchase, as it will provide you with a better understanding of the advantages of using a buyers advocate.

Buyers Advocate: Working exclusively for the buyer

A buyers advocate is someone who works exclusively for the benefit, needs and goals of the buyer, whether you are purchasing a home or an investment property. A buyers advocate’s role requires extensive expertise in the real estate market and excellent negotiation skills. When nominating a buyers advocate to represent you, the tasks that the advocate will perform include:

• Source properties based on the goals, objectives and needs of the buyer. A buyers advocate undergoes research on listings available online, on print and through other mediums to find the property that most accurately matches the buyer’s requirements. If an advocate has extensive real estate contacts, he or she can easily show you properties that are not currently listed on public mediums.

• Screen properties for the buyer to assist in selection. After going through as many as thousands of properties, the advocate will present you with a selection of 3 to 5 properties which best meet the criteria that you, the buyer, have specified. From there, the advocate will take you to inspect of these properties, after which you have the option of proceeding with the property that you desire.

• Negotiate with sellers’ agent on the buyer’s behalf. This is where the exclusivity of the buyers advocate is most needed. A buyers advocate that does not have any agreement with a developer builder or sellers’ agent will not affect your purchase for personal gain. The advocate will use his or her expertise in the market and business relationships with other agents to negotiate the best possible price for you, potentially saving up to tens of thousands of dollars off the market value.

Real Estate Agent: Earning by selling

On the other hand, a real estate agent is someone who represents the seller of the property. The job of a real estate agent is very different from that of a buyers advocate, especially since the former’s focus is to achieve the highest possible price for the vendor. Some of the tasks carried out by a real estate agent include:

• Provide information about the property he or she is selling.
• Market the property through multiple listing services.
• Set the pricing of the property in accordance to the market conditions.
• Negotiate with buyers and investors on the seller’s behalf.
• Aim to achieve the highest possible purchase price for seller, as commission is usually based on a percentage of the selling price

Why choose a Buyers Advocate and not a Real Estate Agent?

If you are looking to purchase a property, you will have so much to gain from appointing a buyers advocate to represent you. If you were selling a property, you would have a real estate agent to represent you. So why wouldn’t you appoint an expert in the real estate market and negotiator that will work tirelessly to ensure you achieve your goals. If you are a busy professional, first time purchaser or an investor with a property portfolio, a buyers advocate will help you find the property that matches your needs and goals and take away all the hassle and stress that accompanies a property purchase.

These are just some of the reasons why using a buyers advocate for your property purchase is the best move you can make.

AllianceCorp Property Experts, Melbourne’s leading independent property advisory group, can help you learn more about the importance of hiring buyers advocates to help you satisfy your property requirements. Get property investment tips, guides and information bits by checking out www.alliancecorp.com.au or contact us today.

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