What is a Buyers Agent? What do they do?
A fully licensed real estate agent who represents the buyer in the purchase
of a property in a real estate transaction. This type of agent agrees to exclusively represent the best interest of the buyer, under a written formal contract.
Considerations for a Buyers Agent working under this type of agreement include; negotiating the best sale price for the property, researching the surrounding neighbourhood and schools, ensuring the property is inspected, this includes pest & building inspections (if required) and performing necessary due diligence.
It's highly recommended when you hire a Buyers Agent that you check out that they have the following prerequisites:
Experience in buying and selling houses;
A full real estate licence qualification (in the applicable state);
REIA Membership and relevant state qualifications and;
Strong negotiation skills;
Not employed by a real estate franchise;
Operates with integrity;
Is an independent consultant.
Do Buyers Agents charge a fee?
Yes. Buyers Agents are professional, educated, experienced and licensed agents who charge a fee. Buyers Agents are often specialists in their field with professional business connections to other real estate professionals that can speed up & enable the buying or selling process. Fees cover but are not limited to the following:
Attendance at OFI (open for inspections);
Organising & attending pest & building inspections
Liaison with real estate agents & conveyancers;
Attending final inspections
Travel allowance(if outside your area).
Our pricing is open. We present a structure tailored to Buyers /Sellers needs. Most Buyers Agents in Victoria bill their client 2% of the gross purchase price and any relevant GST. All pricing is charged in Australian currency.
Are Buyer Agents fees tax deductible?
If you are purchasing a property for investment purposes, the cost of using a Buyers Agent is generally tax-deductible. Unfortunately, you cannot claim the fee as a tax deduction if the property is purchased to live in (PPOR - your principle place of residence). Ask your accountant to clarify this advice as it varies from state to state and internationally.
What is a Vendor Advocate? What do they do and when is the best time to engage a Vendor Advocate?
Vendor Advocacy is an emerging real estate specialty service that is provided by a fully licensed real estate professional. As a Vendors Advocate we can represent you, the seller. This means we are a "Sellers representative".
Clients will have the benefit of an experienced real estate professional to assist them with the sale of a property from start to finish. Our goal is to assist you in listing your property with the agent best suited to you & the property.
Lets work together to capture your buyer and sell at the highest market price.
Throughout the selling process, as your Vendor Advocates we will be at the forefront of the process, double checking all the dots have been joined, anticipating potential issues & protecting your interests.
Not by your side - waiting for problems to arise.
This is why it is pertinent to engage a Vendor Advocate PRIOR to putting your property on the market so at the very least, we can negotiate the best deal on % commission, advertising expenses and anticipate potential issues.
As your Vendor Advocate we can:
- Organize an independent valuation of your property $$$$$$
- Identify your needs as a Vendor
- Help YOU join all the dots in the pre buying process
- Identify any repairs & maintenance that may add value to your property (to increase your sales price)
- Find you the right sales agent
- Negotiate commission rates %
Recommend a marketing campaign & advertising budget
Assist you in achieving the best outcomes
Provide full support & engage with the sales agent on your behalf
Provide Downsizing specialty services (if required) and
Help you buy your next home
Why do you ask for a Engagement fee?
On full service packages this fee is a deposit to engage our services.
We work under a fee for service system; which is open and transparent. This means if you just need partial help; for example a few hours of consulting/auction bidding then we can quote and assist for the partial service.
We can also help you from start to finish of a property purchase or sale. This is considered a full service option. We support you and guide you through the entire process. Lets work together.
Upon completion of purchasing or selling a property, balance of the fee less engagement fee is payable in 30 days or at settlement if arranged prior.
*The Engagement fee is due and payable within 48 hours of signing an authority form for full service packages.
What is a Qualified Buyer?
A Qualified buyer has a deposit, has applied for finance and been given pre-approval in writing from a lender and is essentially ready to purchase property.
An Unqualified buyer is saving a deposit, has no approved finance (as yet) and is not quite ready to purchase a property.
Why do I need to sign an authority?
Short answer is a Buyers Agent /Vendor advocate requires a legal authority to act on your behalf. This agreement covers both parties. The Client is nominating a representative to engage on their behalf and an agreement makes it legal. It specifies the terms and conditions clearly for both parties so there are no misunderstandings.
When do I pay the balance of the service fee?
30 days from the date of contract signing. Payment in full can be arranged on settlement day if organised prior to purchase. Please discuss when engaging your advocate.
Why should I hire RENMAC AGENT?
Renay is a genuine Geelong local. Renay grew up in Geelong, flew the nest and travelled the world. After living in the USA for 8 years Renay’s family and strong connections within the Geelong and surrounding communities led her back home. Renay knows the suburbs of Geelong, The Bellarine, Ballarat, Colac, through to Apollo Bay and can help you find a property that ticks the boxes to suit your needs.
In regards to Melbourne & suburbs, Renay also bids at auction in city postcodes. Renay can be engaged exclusively to conduct bidding on your behalf. * Relevant notice period required book online.
After service Renay encourages her Clients to make contact if they require help with recommendations for kindergartens, schools and local trades. Renay can connect you to people in your new area to help you & your family transition smoothly into your new community.
Renay is a federally trained government administrative officer with mediation and negotiation skills; who utilizes these skills to invest in the residential property market.
Renay is an Investor. Renay has worked hard to secure investments for Clients, family & friends in the Melbourne, Geelong, The Bellarine, Ballarat, Coastal & Colac property markets and can do the same for you.
After gaining insight working in sales and property management, Renay upskilled as a Buyers Agent & Vendor Advocate. Renay identified a gap in services in the regional markets - especially as a Vendors Advocate specifically for downsizers and empty-nesters.
Renay provides real estate consultancy services to disabled clients pro bono (free). Renay also makes charitable monetary donations to selected organisations and donates her time as a volunteer.
Establishing and operating boutique accommodation services on The Great Ocean Rd and premier inner-city locations is also a specialty.