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Buyer's agent v vendor's agent: What's the difference?
In this article we look at what the difference is between these two types of real estate professionals and explain why a buyer’s agent may be someone you would want on your team.
What's a vendor's agent?
Most people are already familiar with real estate vendors or sellers agents. If you’ve ever visited an open home or made inquiry about a property for sale you were probably dealing with a vendors agents or one of their associates. Vendors agents work for the vendor of the property. Their objective is to get the highest price and the most favourable terms for the vendor. Typically vendor agents fee structure is a percentage of the sale price of the property, so not only are they contractually obligated to operate in the interest of the vendor but they are also financially incentivised to do so.
What does this mean for you, the buyer?
What's a buyer's agent?
Unlike sellers agents who work for the vendor, buyers agents or buyers advocates work for the buyer. They help people to find a property that meets their needs and in their price range, deal directly with vendors agents to make an offer and handle the negotiation all on your behalf. Once both parties have come to a mutual agreement and contracts have been exchanged a buyers agent can assist with the necessary processes right up until settlement.