Could this be the game changer for the real estate industry?
Tony Brasier, Chairman and Managing Director of PRDNationwide believes having a sellers agent and a buyers agent on both sides of the transaction will lead to the trusted advocate status and ultimate professionalism of a real estate agent in Australia.
After 40 years in real estate, Tony has some great advice for buyers, sellers and agents in the video – check it out!
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Here’s the transcript of the video:
Tony Brasier thanks for joining prop tech couple with Soho. so nice to be with you you wrote a really interesting article not too long ago about that the the industry needs a game-changer what is the game changer in your opinion that even she actually needs I've been strong for a long time on having an agent on both sides of a transaction and when you see the real estate Institute's are promoting a higher standard of professionalism which I totally agree with I don't believe you can have ultimate professionalism if you haven't got an agent acting for both sides of a transaction you know since I've been in real estate the Auctioneers and Agents Act was originally a set of rules for agents and the principles they work with being normally the vendors but over time the governments have put in more and more consumer protectionism to a point where theoretically they got to be acting from both sides but being paid from by one yeah now until we get to a point where you know people have someone acting for them I say we'll never achieve that trusted advocate status of it agent yeah there are buyers agents in Australia you know it's steadily been growing the last kind of ten ten to fifteen years I mean it's still I guess slow adoption what needs to be done to get more buyers agents on but not just more buyers agents on more can consumers more buyers actually wanting to engage with the buyer's agent and pay obviously a buyer's agent fee yeah well I think it needs a strong campaign from the state governments and the real side Institute's to encourage it comes at a cost but that cost you know should be saved by having a professional acting on your behalf and getting you the best possible price so it can it can happen at the moment I would say it's only at the top of topping in the market where people are pointing buyers agents if you look at the block channel 9 series and the auctions air you know who's got the highest profile of the agents involved in that whole process I would say the three buyers agents that are acting for the bars and possibly you know what one or two of the auctioneers is but I think that emphasizes on the point that you know if we want to be the trusted advocate everybody's going to have an agent on both sides of the transaction yeah in terms of phase especially in the u.s. anyway you know the seller would pay a fee the buyer would pay a fee do you think one of the I guess barriers to more buyers agents in Australia or more buyers using those agents is that buyer actually has to be out of pocket now and actually has to pay the fees out is that a gonna be hard thing to kind of adopt yeah well it definitely is a barrier to overcome but but if you consider that it's going to save you money anyway because you're gonna have someone hopefully negotiating a much sharper price than you may be able to do yourself you know their knowledge of the market which is which is it which is a huge difference yeah it is it's a fact that you've got to pay a fee but if you if you're buying shares you pay a stock broker if you're doing buying a business you're paying your accountant I mean real estate is one of the few things that you don't actually pay someone to act on your behalf to do the transaction yep I guess in terms of getting this this adoption you said you know be gonna filter it for the real estate news shoes could push it a bit more but I guess what specifically needs to be done it's the kind of education is it's a mass marketing because I don't shoot me a lot of buyers they don't really understand how buyer's agent actually works no but both state government you know they should be that they should be the people promoting it the most because they'll be few consumer disputes you know whenever I've been received a complaint from someone in a property transaction it's normally being the purchaser who thinks that the agent is also acting on their behalf now while they're trying to act in their best interests they're still being paid by the vendor so it's the vendor relationship is the one that is the most important to them to act in their best interest so really state governments should be pushing this is the best practice and the best way to do a property transaction yeah if I'm a buyer what are the advantages of using a buyer's agent well I think a buyer's agent in the first instance save me a lot of time they can research the market for you they can get it down to a smallest based on your requirements so hopefully you've been in a situation where what you're looking at is meets your expectations and then it's a matter of choosing which property you want now in the process of negotiation a professional negotiator would be far better off than an individual dealing with an agent who is acting for the vendor so I think in the long run a buyer's agent can also save you some money in the negotiation
