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Why property buyers should be wary of buyer’s agents

Published on 22nd November by Fiona Bennett

Why property buyers should be wary of buyer’s agents

One way of purchasing property is through a buyer’s agent; however, if this is the method you decide to use when buying a property, then this needs to be approached with caution says Mark Mendel, CEO of iBuyNew.

Mendel tells the Real Estate Conversation that Australians need to be wary when engaging a buyer’s agent to help with their property purchase as it could end up proving very expensive.

In spite of this, more and more Australians today are turning to buyer’s agents to assist them with purchasing a property. Property buyers should carefully consider whether a buyer’s agent will provide genuine assistance in securing a property that suits their needs and requirements or whether they are just looking to spend more of the buyer’s money through opting for a more expensive property.

As buyer’s agents typically charge anywhere between 1.5 per cent and 2.0 per cent of the property purchase price when finding your home and negotiate the deal or secure the property at an auction, the higher the property price, the more money the buyer’s agent will make in fees, which says Mark Mendel “seems counter intuitive to me.”

Another way of purchasing a property if you don’t want to engage a buyer’s agent is to speak to a Property Consultant at iBuyNew. Our Property Consultants are experts in the market and have a wealth of experience behind them. We can help find a property that is tailored to your budget and requirements, no matter whether this is your first home or third investment property.

The great thing about working iBuyNew is that we work on a flat fee, so whether you buy a $500,000 property or a $1 million property, our Property Consultants are paid the same, allowing us to find the property that is right for you.

Find out more today about purchasing property by calling iBuyNew on 1300 123 463.

You can also read the full article here, which appears in The Real Estate Conversation: "Buyer beware of buyer’s agents"

You can also view a similar article here from News.com.au: "Homebuyers warned of buyers' agents pushing up house prices."

Fiona Bennett

Fiona loves to keep our clients engaged and up to date with the latest property news and trends and regularly provides updates through our social media channels.

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