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Buyers' Advocates on the Rise

A Property Consultant with over 20 years experience, Mark Allan can be retained to assist you as a buyer and can even act as your representative at Auction and bid on your behalf.

Buyer's advocates appeared on the Australian real estate scene less than five years ago, but already they have caused a stir. More and more consumers are enlisting the services of buyer's advocates to help them find and purchase their dream home.

Buyer's advocates generally offer two types of services. The full service sees them search out properties meeting their client's criteria and also negotiate the purchase of the property ultimately chosen, whether by private sale or auction. Buyers may also engage buyer's advocates purely to bid for them at the auction of a house they have found for themselves.

Users of the full service can expect to be charged around 2% of a successful purchase price. Several buyer's advocates will request a non-refundable deposit of up to $1000 to engage their services before they begin the search for a home. Using a buyer's advocate to bid at auction, meanwhile, is likely to set you back up to 1% of the successful purchase price.

Investors should note that the cost of using a buyer's advocate is tax-deductible when purchasing an investment property. Unfortunately, for the owner-occupier, no such tax break exists.

Why then are many prospective owner-occupiers willing to hand over this money to a buyer's advocate? For some it is the time saving on offer. Having the advocate search out ideal homes keeps many buyers' weekends free from scouring through newspapers, meeting with agents and attending inspections.

To many people, however, the main advantage to using a buyer's advocate is that they are spared the chore of bidding for themselves at auction. Buyer's advocates understand implicitly the bidding process and bring to auctions the confidence, emotional detachment and tactics necessary for a successful bid.

Buyer's advocates also claim to be able to save their clients money by netting them a purchase price often below that which they are willing to pay. Whether or not this is true, there is no disputing the fact that a buyer's agent can save people precious time and emotional distress. It is little wonder they are becoming increasingly popular.

Contact Mark Allan to discuss your specific needs for a specialist Buyers Advocate or Auction Representation.

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