An agent is a person who works for or represents another person in dealings with third parties. Any person who hires an agent is called the principal. An agent is expected to work under the regulations and boundaries set by the principal. Buyer agents in Sydney help people look for suitable accommodations to buy or sell the property. They fall under the category of mercantile agents.
Who are mercantile agents?
These agents either sell the goods or buy them. They can also raise money against them, such as properties. They are concerned with “transactions.” Brokers, commission agents, auctioneers, and factors fall into this category.
Enter into a contract.
You must contract with any person stating they will be your agent. It is always better if the contract is written and duly signed instead of a verbal one. It serves as proof.
Why are agents important?
If one is looking to deal with properties in Sydney that have high net worth, it is strongly recommended that you hire an agent. This is because an agent specialises in the area of concern and can make dealings with third parties easier and quicker. Moreover, you are transferring your risk to the agent. Hence, he must look for a suitable property that is legal and has no chance of transfer of title.
Always hire a licensed agent.
Working directly with customers and other buyer agents in Sydney while holding a license can expand one’s network and close more sales. Having connections at the bank, legal firm, mortgage lender, and other prestigious institutions will aid licensed agents with their deals and property listings. The likelihood of achievement will increase due to their connections with respectable and knowledgeable people. Not to mention the better prices and excellent assistance that accompany buyer agents. Remember that having a solid network is equally essential for agent-principal success.
Specify your housing requirements to your agent
If you want to buy property, you need to clarify what you want in a house.
- Firstly, specify if you want an apartment or an individual house like a villa or bungalow.
- The next piece of information should be about the budget. This is essential information, as it can be a waste of time and effort if your agent looks for properties above or below the budget.
- Specify the number of rooms required. Add if you want any balconies or terraces and your preferred size (in terms of square feet).
- Lastly, mention the locality where you want to buy the property.
On the other hand, if you are looking to sell the property, you must clarify the price, the locality, its age, and any legal obligations on it.
Types of agents in Sydney:
Expressed agency: when you sign a contract with a person stating that they will be acting as your agent on a duly stamped paper, it is called expressed agency. It works as valid evidence in a court of law. The duties of an agent usually start after this. Most buyer agents are hired through this process.
Implied agency happens in emergencies where a person is forced to represent or act as your agent. There is no contract expressly taking place, but it is implied through the actions of the agent and the principal. This is also valid in a court of law.
Termination of agency:
You can terminate the contract with your agent if you feel the work is not done within your boundaries. This could also mean illegal work or unfair means. In such cases, one does not have to worry about taking responsibility for the agent. According to the Australian High Court, the person can end the contract by stating a valid reason.