Buyers' agents took emotion out of The Block auction

Buyers’ agents emerged as the key players in the finale of the The Block 2011 after only one of the four cottages sold under the hammer.

The Block 2011 auction room was full of buyers agents acting as advocates on behalf of buyers while prospective buyers were scarce.

Buyers agents take the emotion out of buying property. There is no doubt that if The Block 2011 auction room had had more prospective buyers bidding instead of advocates, more of the renovated properties might have sold at auction.

Buyer’s agents know how to play the real estate game. They are qualified real estate professionals who understand exactly where the market is, what a property is worth and they are highly skilled negotiators.

The large majority of people pay an agent to sell their property, yet it is far more uncommon in Australia for people to pay an agent to buy them a property but clearly, buyers are starting to see the advantages of having an independent advocate representing their interests.

Buyer’s agents work exclusively on behalf of property buyers, while the traditional agent works for the seller and is intent on achieving the highest possible price.

Currently there are around 75 to 100 firms around Australia acting exclusively as buyer’s agents, nearly half of those are in New South Wales, compared with just two 10 years ago.

In an increasingly complex marketplace, buyers are starting to see the value of having an independent expert on their side, one who knows exactly how much a property is worth, who can negotiate the best price and terms.

Warwick Brookes is the president of the Real Estate Buyers' Association of Australia.

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