The Real Estate Buyers Agents Association of Australia (REBAA) has issued a warning for consumers to avoid any so-called “free” buyers’ agent services when purchasing property, emphasising that genuine buyers’ agents always charge a fee for their expertise.
REBAA president Melinda Jennison (pictured above) cautioned buyers about promotions offering “free” services, which are often used by property spruikers to push low-quality developer stock.
Jennison shared an example of an email promotion targeted at mortgage brokers that falsely advertised free buyers’ agent services.
Jennison explained that such services are not aligned with the buyer’s interests, as the so-called agents are typically paid by the vendor.
“Essentially, these ‘free’ buyers’ agents are selling agents in disguise,” she said. “They have a huge financial incentive to help you buy that property and that’s not necessarily in the buyer’s best interest.”
Jennison urged consumers to thoroughly check the qualifications and licensing of any buyer’s agent they work with, ensuring that they are paid exclusively by the buyer and have no ties to the seller or developer.
Consumers should inquire about the agent’s industry experience, research methods, licensing, and if they are a REBAA accredited member. This helps ensure they are dealing with a legitimate professional.
Both Jennison and PIPA chair Nicola McDougall emphasised that free advice is often a cover for profit-driven motives.
“Free advice has long been the domain of spruikers, with this latest marketing ploy just another example of unscrupulous operators seeking to profit from unsuspecting property buyers,” McDougall said.
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