
The Real Estate Buyers Agents Association of Australia (REBAA) has cautioned consumers against accepting “free” buyers’ agent services when purchasing property.
REBAA President Melinda Jennison said legitimate buyers’ agents always charge for their professional services and work exclusively for the purchaser.
“Recently, a ‘free’ buyers’ agent service promotion was emailed to me, which had been targeted to mortgage brokers from a development marketer by the look of it,” Jennison said.
She warned that such promotions are often tactics used by property spruikers to sell inferior developer stock.
“The use of the term ‘buyers’ agent’ as well as the addition of some mainstream media logos is an attempt to give the business legitimacy, when in fact what they are offering has nothing to do with buying a property and everything to do with selling one instead,” Jennison said.
The REBAA president urged buyers to consider whether any party to a property transaction has a vested interest in the outcome.
“Why are they wanting to act for you for free? Usually, it’s because they want you to buy developer stock or take their fee from the vendor โ which is hardly exclusive or independent advice,” she said.
Jennison advised consumers to carefully check the credentials of any buyer’s agent, ensuring they are appropriately licensed and act exclusively for the buyer.
“Buyers should also ask questions about their experience, time in the industry, research methods, relevant industry body membership status including if they are a REBAA accredited member, as well as how they are paid and by whom,” she said.
The Property Investment Professionals of Australia (PIPA) Chair Nicola McDougall echoed these concerns.
“Free advice has long been the domain of spruikers, with this latest marketing ploy just another example of unscrupulous operators seeking to profit from unsuspecting property buyers,” McDougall said.
Both industry leaders emphasised the importance of working with licensed, independent professionals who prioritise the buyer’s interests over financial gain.