Buyer’s agents must be licensed real estate agents by law. The major difference between a buyer’s agent and a seller’s agent is that a buyer’s agent is always working exclusively on behalf of a buyer only whereas a seller’s agent is working on behalf of a seller but is also working with the buyer in order to close a sale. In some circumstances this may cause a conflict of interest to occur (especially if the selling agent isn’t ethical).
Zac Newbold from Your Australian Property Solutions (YAPS) says that he always tries to help home buyers or investors just as a business consultant would assist a corporation. “Buyers can make the emotional decision of whether they like the house or don’t like the house,” says Zac Newbold. “But they need someone on their side, as their trusted advisor and authority, to help them navigate the buying process, and more importantly, help them make a prudent business decision as well.”
Mr. Newbold is very familiar with the Melbourne property market and is always available to discuss his knowledge with either his potential client or current clients. He also can provide clients with the previous sales history of each property as in most cases the past is a good indicator to the future.
“And a seller’s agent doesn’t have an obligation to tell you about the previous sales history as it may mean it may jeopardise the sale of this property as the seller agent’s primary goal is to close the sale. That’s where advising/ recommending is very different from selling,” says Mr. Newbold.