Buyers' agents recognised by NSW Fair Trading

13 November 2018

Consumers looking to engage a buyers’ agent now have an REINSW Buyers’ Agent Chapter Committee-approved fact sheet to refer to.

The fact sheet Using an agent to buy property – which REINSW noticed online in September 2018 – is very similar to the updated fact sheet the Buyers’ Agent Chapter Committee worked on a year earlier, between July and September 2017.

Rich Harvey, CEO and Founder at propertybuyer, says this is a big step towards recognising the important role buyers’ agents play in the property services industry.

“It’s critical that consumers understand the difference between a buyers’ agent and a selling agent,” he says. “When looking to buy a property, some consumers may think a selling agent is there to represent them, however, the selling agent's client is, in fact, the vendor.

“A buyers’ agent has complete loyalty to the buyer and is only paid on the buying side of the transaction. This fact sheet helps consumers understand the skills and motivations of a buyers’ agent.”

Harvey also says the fact sheet helps consumers understand the scope of service to expect when engaging a buyers’ agent.

“Consumers can now feel more confident in knowing what will be delivered and use this information to engage an appropriately experienced buyers’ agent to assist them in the delivery of that service.

“Buyers’ agents are an integral part of the property services industry and provide invaluable and specialist knowledge to consumers. They level the playing field and offer independent representation for buyers, helping them to achieve their property goals.

“Acknowledgement through this fact sheet on NSW Fair Trading’s website gives credence and recognition to this important profession.”