Buyers agents and property mentors

[m.sewell]

Can someone please tell me exactly what service a buyers agent and a property mentor provides?

 

[Jamie M]

Buyer?s agents are licensed professionals who specialize in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers. This is straight from the REBAA website (http://rebaa.com.au/why-use-a-buyers-agent/).

A property mentor could mean anything. It's an unregulated industry so be careful of the one stop shops spruiking off the plan properties and financing them with their in-house broker.

Cheers

Jamie

 

[m.sewell]

Thanks Jamie. I know a lot of investors talk about having mentors and use buyers agents. I was curious to know whether it would be worth hiring one.

 

[D.T.]

Thanks Jamie. I know a lot of investors talk about having mentors and use buyers agents. I was curious to know whether it would be worth hiring one.

Having a mentor in some sense could just mean a friend/colleague that often offers you advice whenever you ask. There's organisations/companies that *offer* to be your mentor (for a hefty price, usually) and these are the ones you should definitely steer clear of.

A buyers agent is basically a real estate that works for the buyer rather than the "normal" ones who work for the seller. They'll take the description of what you're looking for and try to find it for you and then negotiate a good price for you. This can be handy if you're looking interstate and are short on time, but I find it more satisfying to find my own properties. Fees for these can be anywhere from $5K to $10K or a even percentage of the property value.

 

[Michael_X]

Spending alot of time on SS and chatting to fellow investors has been the best mentoring I have gained.

Reach out to people privately if you are specific questions. You will be surprised at how people are willing to share and help

Good luck in your investing journey!