What is a buyer’s agent?

A licensed real estate professional who is educated, experienced and ethical. We buy properties on behalf of you our client. We work for you, are paid by you and receive no money from sellers or their agents.

A buyer’s agent specialises in locating and negotiating the purchase of a property on behalf of the buyer. They also conduct background checks on the property and area to ensure buyers pay the fairest price to their advantage.

To be truly working in the buyer’s best interests a Buyers Agent must be appointed in writing using a PAMD Form 22a and paid a fee for their services. Licenced Buyers Agents like Lillyness must comply with the Property Agents & Motor Dealers Act, which protects property buyers from dubious practices.

What is the difference between a buyers’ agent and a selling agent?

Lillyness as your buyers’ agent – works exclusively for you, the buyer, whereas the selling agent works in the best interests of the vendor (seller). Â

A buyers’ agent aims to secure the property for the lowest price and best conditions possible for you, the buyer. The selling agent wants to get the highest price and best conditions for the vendor (seller). Lillyness will give you the best service, time and attention that you need to make an informed property choice.

Why use a buyer’s agent?

Engaging a professional buyers agent to source the right property at the right price means you won’t pay too much. We will suggest the property hot spots for investment that should deliver a superior level of capital growth. Being in the market every day means we instantly recognise good value property. We cut through all the hype generated by sales agents and give you the bottom line.

Save Time – Time is our most precious asset. Searching for the right property takes a considerable amount of time. While the average person may inspect 5 properties per week, (predominately on holidays or weekends) we can look up to 7 days a week. We have specific criteria and know what to look for. Many of our clients are busy professionals and understand the need to leverage time. We only present a shortlist of suitable properties for you to inspect.Â

Reduce Stress – Buying property can be a very stressful experience. Our job is to deflect all the stress and get the best result for you. We guide you through the process; coordinating the support services you need including solicitors, mortgage brokers, building inspectors, insurance, accountants, quantity surveyors and property managers.Â

 You may buy the wrong property and incur significant costs in the process of reselling in a few years (stamp duty alone is often 3-4 times our fee) or you may simply miss out on a great buy and what you wanted. We would not walk into your area of expertise and expect to compete on a level playing field with you, nor would we go to court without a lawyer. It is too important a decision to get wrong.

So you can do everything for us?

No not at all. We specialise in property. We bring together the outside expertise as it is needed if you do not already have it. We deal with your financial adviser, your accountant and your solicitor where appropriate.

What guarantee do I have that you will look after my interests?

As licensed real estate agents we have a legal duty to obtain the best result possible for you our client. Queensland law imposes severe penalties for agents who do not observe the Real Estate Agency Practice – Code of Conduct. Regulation 2001.

What qualifications do you have as a group?

Licenced by the Government

• Tertiary Qualified
• Members of professional bodies including: REIQ, FAICD and CDA.
• Own residential and commercial property portfolios

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Which is best – positive or negative gearing?

We concentrate on looking for long-term capital growth; however, less growth for better gearing is a legitimate strategy in many circumstances.

What suburbs do you source properties in? Do you specialize in any particular areas?

For investors we source properties throughout the Gold Coast in Queensland. We have access to all properties listed with agents as well as those “silent” listings not yet advertised on the open market. We constantly research “hot spots” for our clients and maintain close working relationships with a wide network of selling agents. Becoming a client of Lillyness means you can tap into our knowledge bank of current information and gain access to the best investment opportunities as they arise. We are not limited to a particular area of the Gold Coast.

Do you ever represent the vendor?

 No. If you engage us as your buyer’s agent we never sell property or accept sales commission from vendors or their agents for the properties presented to you for your consideration. We work exclusively in our clients’ best interest to find a property that meets their needs. As your agent we have no vested interest to sell property for an owner.

 Are buyers’ agents fees tax deductible?

 If you are purchasing a property for investment purposes, the cost of using a buyers’ agent is either tax deductible or added to the cost base of your investment property. Check with your accountant to see if our fee would be tax deductible in your case.

 How much does an advocate cost?

 Generally between 1.5 and 2.0% of the purchase price. Our fees are fixed at the start and represent a fraction of your investment. We charge an engagement fee, to confirm your interest, then a success fee payable only once the property transaction becomes unconditional. The level of our service also varies depending on what you require from us.Â

Is the amount of commission charged by real estate agents regulated in any way?

There is a limit on the amount of commission chargeable by real estate agents, which is governed by Queensland law and enforced by the Real Estate Institute of Queensland. The maximum allowable to be charged is; 5% of the first $18,000 and 2.5% of the balance (calculated on the sale or purchase price of the property).

Do I have to pay for our first meeting?

No.

Who pays for the services of 3rd party services providers?

You the buyer. Please note that we do not charge a handling or administration fee to arrange same. You pay at cost. In the same way that vendors selling property pay for advertising over and above commission paid to the selling agent. Generally the costs of valuations, pest and building reports and quantity surveyors reports are circa $450 each.

Do we receive commissions or referral fees from 3rd Party providers i.e. Finance Brokers, Building and Pest Inspectors et al?

No. Never.