A quick question: Have you ever walked into a real estate office while browsing for property and seen brochures with titles similar to 'Buyer's Guide' or 'Advice for Buyers', or have you ever seen their websites offer 'Tips for Buyers' , which tell you how to be best prepared for the deal?
Did you say, 'Yes'?
Hold the phone! These agents have a legislative obligation under the PAMD Act to get the highest price for the person selling their property (or 'vendor'), so why would they try and appear so helpful to the average buyer?
When suing someone, would you take legal advice from your opponent's lawyer? The answer would be 'no' every time, no matter how helpful they appeared to be. So why do so many buyers take advice from a vendor's agent?
We've spoken to buyers who claim they get mixed signals about who the agents represent. In the negotiation stage, this leads to an unhealthy level of trust, where buyers let their guard down. In a short space of time, the agent knows all about the buyer's financial position, buying strategy, emotional connection to the deal and other information which can be used to the vendor's advantage.
Our advice - Keep in mind who you're dealing with and make sure you only reveal information necessary to improve your position as a buyer.
Yours in property
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