Consumers are being urged to make sure their buyer’s agency is licensed and wholly independent.
Currently every State and Territory in Australia has different licensing requirements so you need to make sure that the agency you’re dealing with holds a real estate qualification for the state that you’ll be buying in.
A licensed buyers’ agency means consumers are guaranteed that at least one agent within that agency is a qualified buyer’s agent.
While some buyer’s agents are licensed they may not be exclusive and can be acting on behalf of sellers AND buyers.
This means that an agent claiming to be a buyer’s agent may in fact be working for a vendor or a developer at the same time and accepting payment from both sides.
We encourage buyers to ask their prospective agents, “Are you licensed in this state and are you an exclusive buyer’s agent?”
REBAA (Real Estate Buyer’s Agents Association of Australia) is Australia’s largest industry body of accredited buyer’s agents with licensed professionals in every state in Australia.
As licensed agents we require that our member agencies are exclusive and covered by the required amounts of Professional Indemnity Insurance and are bound by REBAA’s code of conduct.
We strongly recommend buyers use an accredited REBAA member or risk entrusting what is likely to be the biggest purchase of a lifetime to someone who is not qualified nor wholly independent.
Published with permission from Real Estate Buyer’s Agents Association of Australia.
Originally published at https://rebaa.com.au/is-your-ba-licensed-to-buy