Working solely for the buyer, a buyer’s agent is a specialist in the real estate market. A buyer’s agent provides a hands on service throughout the buying process to get the best possible outcome for their clients, whether it’s a first home buyer looking for their dream home or an investor looking for a high growth investment property.
To achieve this, a buyer’s agent handles each step of the property purchasing process, starting from the initial property search, all the way up to settlement. This guide provides an in-depth explanation of what a buyer’s agent does on behalf of property buyers.
The difference between a buyer’s agent and a real estate agent
A buyer’s agent and a real estate agent are two sides of the same coin. A real estate agent is obligated to work on behalf of property sellers with a focus on maximising the sale price. On the other hand, a buyer’s agent represents property buyers with the goal of securing the best deal according to the client’s interests.
Property buyers who purchase independently often rely on the vendor’s real estate agents to guide the transaction. The apparent conflict of interest in this arrangement leads to less-than-ideal outcomes for buyers.
A buyer’s agent solves this gap in the market by looking after the interests of property buyers. A good buyer’s agent can help buyers access off-market properties in competitive markets, avoid value traps, and negotiate a favourable deal.
How buyer’s agents help with property purchases
The responsibilities of a buyer’s agent cover all of the necessary actions to secure the ideal property for clients at the right price. While property buyers can technically purchase property on their own, the complexity of a property transaction can result in costly mistakes, even for experienced buyers. Market research, local knowledge, and negotiation skills are required to secure the right property deal, which is where a buyer’s agent comes in.
Buyers often enter the market without a clear plan and budget, which leads to overpaying or missed opportunities. A buyer’s agent works to create a clear property brief that defines what buyers are looking for in a property, not just in terms of lifestyle needs, but also long-term value.
From there, a buyer’s agent scours the market to form a curated list of properties that meet the brief, including off-market properties that have yet to be listed publicly. This cuts down on the time and effort for buyers to find prospective properties.
Once buyers have narrowed down on a property, the buyer’s agent carries out extensive research on comparable sales, organises due diligence checks such as building inspections, and liaises with the vendor agent to kickstart the negotiation process. The buyer’s agent’s job at this point is to assess the terms of the sale against the client’s interests and push for favourable terms.
Buyer’s agents also connect clients to professional services required for the transaction, such as conveyancers, mortgage brokers, pest and building inspectors, to keep the transaction moving smoothly.
When done right, buyer’s agents relieve a lot of stress from property purchases, steer buyers away from costly mistakes, and achieve a better financial outcome.
What a typical transaction looks like for a buyer’s agent
While the client’s needs or type of property purchase may differ, buyer’s agents generally follow the same structure throughout a property transaction.
1. Client brief and strategy session
The buyer’s agent meets with the client (in-person or virtually) to understand the budget, property type, key preferences, and timelines. A brief is built using the information gathered, which will then be used to develop a strategy for purchase.
2. Search and shortlisting
A good buyer’s agent has access to suburb-level data — rental yield trends, days on market, zoning changes, and buyer demand. Leveraging industry networks, a buyer’s agent will conduct property searches, including off-market opportunities. A shortlist of properties that meet the brief will be presented to the buyer.
3. Property analysis
When the client expresses interest in a property, the buyer’s agent dives deeper into the details of the property to estimate fair market value and assess potential risks (e.g. future developments nearby, flood zones, construction quality).
4. Negotiation and offer
Buyer’s agents handle the negotiation, using a strategy that consists of timing, body language, and market insight to push for the best deal. For auctions, buyer’s agents set a clear bidding strategy. If the transaction is a private sale, the buyer’s agent will work quickly to lock in a deal without overpaying.
5. Settlement and post-purchase
Once the offer is accepted, the buyer’s agent ensures all conditions are met. This includes liaising with solicitors, following up with the selling agent, and tracking inspections and finance deadlines. Some buyer’s agents also offer post-settlement support, checking in on leasing arrangements or renovation advice.
Working as a buyer’s agent requires a deep understanding of local property markets, overall real estate trends, and how property transactions are carried out. For aspiring buyer’s agents or those new to the real estate industry, getting the basic qualifications is only the first step — you’ll need more than theoretical knowledge of the buyer’s agent role.
At Entry Education, we offer an online buyer’s agent course that offers helpful insights and proven strategies for new buyer’s agents to find success in their career. The course content is backed by over 100 years of combined real estate experience, covering the day-to-day operation and a wide range of commonly encountered scenarios to give you the best chance of becoming an effective buyer’s agent.
