What is a buyer's advocate?
What does a buyer's advocate do and how can they assist a purchaser?
The real estate agent that sells the property on behalf of the vendor is, of course, on the vendor's side. Their job is to sell the property for the vendor, for the highest possible price and relatively quickly, with contract conditions that are favourable to the vendor.
A potential buyer can engage their own agent, to assist with the process of finding, inspecting, researching and negotiating the purchase of a property. The person that assists the purchaser with all those tasks is known as a buyer's advocate, buyers advocate, buyer agent or buyer advocate. They have experience working in the real estate industry, have completed relevant professional courses and their job is to get the best possible deal for the purchaser (= the exact opposite job of the real estate agent who sells the property!).
A buyer's advocate can save a purchaser a huge amount of stress and time, and their negotiating skills can also significantly reduce the purchase price. Buyer's advocates have wide networks in the real estate, building, finance and property industries, which they leverage for the benefit of their purchaser clients, including by sourcing off-market properties, negotiating extra access to the property prior to settlement, and ensuring the inclusion of complex special conditions in the contract that protect the purchaser (and which are drafted by the purchaser's lawyer - a buyer's advocate is not permitted to provide legal advice). Buyers should always consult their lawyer before signing any contract or deed/Heads of Agreement related to the property that is presented to them by a buyer's advocate.
Buyer's advocates usually offer a no-obligation initial chat and quote. We can certainly refer you to some excellent advocates, who have looked after our clients very well.
And yes: a buyer's advocate can also act on behalf of a vendor, to assist them with the process of selling a property.
Note: the above is general information and should not be considered as legal advice.
Photo by Alexander Suhorucov