If you’re buying a house, you’ve probably heard the term “buyer’s advocate”. But, what do they actually do? And should you look at getting one?
A buyer’s advocate (agent) is a property-buying professional that is engaged by, and therefore works for the property buyer as opposed to the real estate (selling) agent who is paid by the Vendor (Seller). Engaging a buyer’s advocate helps level (balance) the playing field or better when it comes to client representation.
What is a buyer’s advocate’s role?
A buyer advocate’s role is to help their buyer clients search, evaluate and secure the right property for the best possible price, terms and conditions. It typically starts with the preparation of a detailed client brief and strategic plan of action reflecting the specific requirements of the buyer client.
The buyer advocate’s work typically includes:
- Identifying suitable advertised, pre-market, off-market and targeted buying opportunities;
- Property inspections (open and private), assessments and short-listing;
- Due-diligence recommendations and coordination including property checks and contract of sale review;
- Strategic independent representation and negotiations (private sales and auctions); and
- Ongoing support through to settlement.
Benefits of using a buyer’s advocate
A buyer’s advocate can save their clients significant time and money and smooth out the emotional roller-coaster often experienced when buying a home. It can also mean having access to properties not otherwise available; the difference between securing or missing out on a property; and avoiding costly mistakes.
About the author
Nick has worked as a property advocate across Melbourne and the Mornington Peninsula since 2015. He is fully licensed and certified with the REIV.
Nick Colavecchio
BEng BBus CEA(REIV)
M: 0439 984 022 E: nick@nidacgroup.com.au
