The buyer’s advocacy industry is changing, and buyers must beware.

The buyer’s advocacy industry is changing, and caution is crucial for buyers. Selecting a buyer’s advocate to assist with purchasing a home is a significant decision that shouldn’t be taken lightly. For many of our clients, this represents the most significant investment of their lives, making it essential to partner with someone experienced, honest, and well-connected.

We have recently become alarmed by the emergence of online ‘buyer’s agent training courses’ that promise quick certifications (some as short as seven weeks, compared to the 10 to 12 months required for a formal qualification from the peak industry body) and the prospect of substantial earnings. These courses train aspiring advocates in marketing techniques designed to mislead potential clients about their experience and qualifications. Claims of being ‘highly experienced’ and ‘the best in their area’ are often made by buyer’s agents with less than a year of experience. One such course, run by The Buyers Agent Institute, offers a brief program and marketing support to help novice buyer’s advocates charge high fees and promise significant income.

One of the most challenging situations we face as Buyer’s Advocates is when clients seek our help after making poor property decisions, such as purchasing in an unsuitable area, a flawed property, or a problematic apartment building. While we strive to assist clients in rectifying these mistakes as effectively as possible, we strongly prefer to help them make the right choice from the start.

 How can you ensure you choose a qualified Buyer’s Advocate?

To ensure you choose a qualified buyer’s advocate, look for agents with a REIV member number; this indicates their professional qualifications. Consider the number of years they have been in the industry, as experience often correlates with expertise. It’s beneficial if they have a team of advocates behind them and strong industry connections in the areas they claim to specialise in. Personal recommendations from family, friends, and local real estate agents who have worked in the area for a long time can be invaluable. Additionally, checking Google reviews can provide insight into their experience and style to ensure they fit you well. However, we have seen some examples of fake reviews, so it is important to read them carefully to ensure they are legitimate.

What if they offer a low fee?

Some buyer’s advocates with limited experience may try to attract clients with low fees. While this might seem appealing at first glance, it’s important not to base your decision solely on cost. Hiring an inexperienced buyer’s advocate to find a property for you could result in you having to do most of the work yourself or making a significant investment decision without the proper due diligence. This could lead to a poor investment that you might need to rectify in a few years.

You wouldn’t choose a sales agent to sell your property if they had no experience, so you should use the same rigour when choosing a Buyer’s Advocate. Research their business, read their Google Reviews (beware of fake reviews), and check their qualifications. Look for licensed real estate agents from the peak industry body, REIV; these agents must adhere to a high standard of regulation and rules to maintain their license.  

Do you need more support to choose the right buyer’s agent?

You can visit the government website of Consumer Affairs to learn more. Or, contact us to book a free 15-minute discovery call, and we can explain our qualifications, experience and connections to you over the phone.