Rules for Melbourne Home Buyers working with Agents

Rules for Melbourne Home Buyers working with Agents

While Melbourne buyer’s agents love working with people, there will always be clients who are not respectful of their boundaries, either intentionally or not. These simple rules will keep you and your agent on good terms when shopping for a home.

 Buyer’s Agents Work on Commission

 The majority of melbourne buyers agents are usually paid commissions. An agent is not paid if a deal is not closed. So, they are therefore generally very driven to work hard for you. Most real estate agents don’t work solely on their salary. In fact, you probably don’t want to hire them because they will still receive the same salary whether or not they are helpful to you.

Remember to keep your appointments and be punctual

Understand that agents have many clients to deal with, and they should be able to assist you in a reasonable timeframe, but you should be aware that you won’t always be at the top of their list of priorities.

Please keep note of any appointments you have with your agent because their time is valuable. Also, call your agent to let them know when you anticipate arriving if you are caught up in traffic or running behind schedule for any other reason.

Related: What you need to know about the Buyers Agency Agreement

 How to Select a Melbourne buyer’s agent

It is advisable to interview multiple agents in order to ensure you find a good fit. You should also tell each agent clearly that you are at the interview stage.

It is best not to interview more than one buyer’s agent from the same company. Even though many agents in the same office work well together, internal politics within the company can make your home buying experience more complicated than necessary.

Do not contact a Listing agent when working with a Melbourne buyer’s agent.

Listing agents are hired by the seller, not the buyer. If you choose to work with the property listing agent you ultimately decide to them represent you, that agent will now be engaged in dual agency, creating a conflict of interest for the agent. The work of a buying agent is not something that listing agents desire to undertake. Do not attempt to speak with the listing agent directly; instead, let your agent handle the situation.

 Open House Protocol

Ask your agent if it’s okay for you to visit open houses alone. Going to open houses alone is discouraged in some areas. If your agent gives the go-ahead, let the agent hosting the open house know you are represented by handing them their business card.

Do not inquire about the seller’s intentions with the open house host. Instead, let your agent ask such questions on your behalf. Most likely, your agent will adopt a different approach that will benefit you more. Also, refrain from disclosing personal information to the seller’s agent. If you decide to make an offer on the house, it most likely won’t help you and might even work against you during negotiations.

Sign a Buyer’s Broker Agreement with the Buyer’s Agent

You are expected to sign a contract with a Melbourne buyer’s agent. It establishes an understanding between you and the broker or agent and outlines their obligations to you.

Do not ask a broker or agent to show you homes if you are not prepared to sign a contract with them. Otherwise, if you find a property you want to buy, it can be unclear who is entitled to the commission—that is, the procuring cause.

Rules for Melbourne Home Buyers working with Agents

Ask for and sign an agency disclosure

Agents must give agency disclosure to buyers by law. This document, however, differs across states. The agency disclosure you sign is proof of receipt. It is exclusively a disclosure. It is not an agreement to be used by any agency whatsoever. Please read it carefully.

Single agency is the most efficient and well-respected type of agency. This means that you have your own agent. They must represent your interests because you have a fiduciary duty to them.

Clearly state Your Expectations.

Let your agent know if you anticipate having them pick you up at your door and drive you home after viewing properties. Numerous people will offer that service. If not, they might invite you to meet at the workplace. Tell your agents how often and how you’d like them to communicate. What type of communication do you prefer? Texts, emails, phone calls?

Be realistic about your goals and the timeframe you need to find your new home. You can provide feedback to your agent and help them in other ways. If you are unhappy, tell them. Agents want to make sure you are happy. Be confident in your opinions.

 Do Not Sign Documents You Do Not Understand

You shouldn’t feel ashamed to ask your agent for clarification on a form. This is their job. Buyer’s agents may be familiar with many forms but not you. So, ask until you’re satisfied that you understand.

Realize, however, that Melbourne buyer’s agents cannot interpret the law because they are not attorneys. Therefore, agents should not be asked for information that amounts to a legal opinion without first making it clear that you are not looking for one.

Be Prepared to Buy

You don’t need a Melbourne buyer’s agent if you’re not ready to buy. You can visit open homes alone, but be honest with the agents there and let them know you’re just looking. In actuality, it’s advisable to wait until you’re really in the market for a home before looking at houses in person. By doing this, you avoid wasting an agent’s time.

You can hire a babysitter if your children are too young for you to take them while touring the homes. Take your checkbook with you. You’ll need it to draft an offer because your buying offer could also need to include an earnest money deposit. Moreover, you ought to have received a mortgage pre-approval by this time.

You and your buyer’s agent can connect successfully and easily navigate the home-buying process if there is mutual respect and consideration.