- Lorraine Burns
The 6th biggest mistake you can make when buying a house in New Zealand
Thinking the friendly Agent promoting the property works for you
In New Zealand the traditional real estate model is very one sided – in favour of the property seller. Over 99% of licenced Real Estate salespeople act for and represent the seller. Their objective is to get the buyer to pay the highest amount possible for the benefit of their client – the seller.
Many real estate agents are involved with both buying and selling transactions. When a real estate agent works as a listing agent, they earn 3-4% commission on the sale. When they work as a buyer’s agent they will show you properties that are listed with their firm. There is little incentive for this agent to show you properties that are listed with other Real Estate firms. This is because conjunctional arrangements typically divide the commission; with 80% going to the firm with the listing and only 20% to the firm that introduces the buyer.
An agent is more likely to guide you to one of their own listings, or they may put more of their time and energy into selling their active listings than providing full service to buyers.
Exclusive Buyers Agency was established with a single focus - to serve the Buyer. We go above and beyond with our due diligence process to ensure that you have the information you need to make an informed buying decision. We use the information we obtain in the due diligence to negotiate hard on your behalf to ensure that you don’t pay more than you should for your home.
When you work with an Exclusive Buyers Agent, you will avoid any conflict of interest that exists with traditional agency representation. This is because Exclusive Buyers Agents never list homes for sale, and never work for a seller. We do not share commissions with the seller’s agent and have no interests in any of the properties we present to you.
You will not have to question whether your agent is completely loyal to you, nor, will you have to narrow your search for your perfect home to those homes listed with your agents’ firm.
We go to lengths to understand your needs and leave no stone unturned in the search for the right home - whether listed, unlisted or for sale by the owner. We work with agents from all Real Estate firms to bring you the properties that best match your search criteria.
We present properties to you, negotiate, investigate and facilitate all the due diligence on the properties you are interested in. We provide you with all the information you need to make an informed buying decision.
For each home you are interested in you will receive a comprehensive property appraisal which includes:
Similar properties recently sold nearby
Similar properties currently for sale nearby
Statistics of sales of properties in that area
Sales and listing history of the property considered
Information about the area
Schools that are in zone for the property
Due diligence is only undertaken with your agreement. The type of due diligence recommended will depend on the property.
We make our buyers happy by getting them what they want and negotiating hard on their behalf so that the fee they pay is considered good value. Our fee for the complete service is 3% of the purchase price of the property (plus GST) and this is payable on settlement.
We do not receive any commission or compensation from any real estate agent or property seller. We also do not receive any compensation from any of the specialists, lawyers, accountants, mortgage brokers or building inspection companies that we recommend.
When you need experts, who are on your side and committed to helping you get what you want call me directly on +64 21 468 828.
Lorraine Burns
Licensed Buyers Agent (REAA 2008)
Managing Director & Buyers Agent
Exclusive Buyers Agency Ltd
Mobile +64 21 468828
DISCLAIMER: The information contained is not intended to form professional legal advice or legal opinion on any particular matter. The opinions expressed in the material are not necessarily those of IFPNZ Ltd (Licensed REAA 2008). IFPNZ Ltd and Exclusive Buyers Agency Ltd make no representation or warranty as to the accuracy or completeness of the material. Exclusive Buyers Agency Ltd & IFPNZ Ltd accepts no liability for any loss, damage or consequence, resulting directly or indirectly from the use of the material.