Property Real Estate Agents in Western Australia -

Article by: Elizabeth
Last updated: Tuesday, 11-Jul-2006 00:00:00 CEST

Use the advice of your Property Real Estate Agent to understand the range of hidden costs, including the legal costs of contracts of sale, advertising, valuation fees, market research involved in arriving at the correct sale price, signboard costs, telephone costs, and offcourse your own personal time.

But the most valuable service that a licensed real estate agent provides is the skill of negotiation, to reach agreement between a willing buyer and seller of a property.


Sellers want to receive the highest price for a property whereas buyers want to pay the least amount as possible for a property. This creates a natural conflict between buyers and sellers that an agent will negotiate an agreed outcome.

Many people who choose to sell their home privately actually short change themselves because they sell their home for less than the market value of the property, thereby losing more money than any possible saving on fees. Skilled selling agents know what true market values are and they are required by law to act in the best interest of their client.

There are laws in Western Australia that also require licensed real estate agents to be fully accountable for the representations they make about a property. This should make buyers more comfortable in dealing with an agent rather than a private seller.

The following are other reasons why you should consult licensed real estate agents when selling your home.

*Real estate agents can only receive a selling commission fee if there is a successful sale.

*Licensed real estate agents can access a vast range of advertising networks to maximise the promotion of your home, including group or franchise marketing journals, the multi-listing service and real estate Internet services.

*Real estate agents also keep lists of prospective buyers who call agents' offices or who attend home opens.

*People dealing with licensed real estate agents have the protection of an industry fund that safeguards all monies that are held in trust by the agent, like deposits.

*There are special advantages for homebuyers in dealing with real estate agents, such as a first homebuyers grant available to buyers of low priced properties. (This is in addition to the First Home Owners Scheme.)

*Licensed real estate agents who are also members of the Real Estate Institute also have compulsory professional indemnity insurance, which provides peace of mind for sellers if unforeseen events result in legal disputes between persons involved in the purchase and sale of a property.

*Licensed agents are trained to deal with complicated sales transactions like a property sale subject to the sale of another property.

A new development in WA are agents who specialise in representing homebuyers and offer services like property selection and negotiating an offer to buy a property on behalf of a buyer. Like selling agents a buyer agent is only paid a buying commission when a purchase transaction occurs. The consumer protection laws in WA also cover buyer agents.

The family home is the most important financial asset for most Australians and it makes sense to obtain expert assistance when selling and buying.

 

The Real Estate and Business Agents Supervisory Board (REBA) is an independent statutory authority established under the Real Estate and Business Agents Act 1978 (the Act).

REBA is vested with statutory duties, responsibilites, and powers to regulate and supervise certain people acting in respect of real estate transactions or certain business transactions in Western Australia.

The Act empowers the Board to presrcibe a code of conduct for agents and a a code of conduct for sales representatives. A single code, The Code of Conduct for Agents and Sales Representatives has been made. It was published in the Government Gazette on 1 July 1993.

REBA administers The Act, its Regulations and the Code of Conduct.

REBA is fully funded through the interest paid on the balance of money held in the trust accounts of agents, licence and certificate fees, and interest on investments. Funding is used to provide services in five major areas.







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