{"id":14144,"date":"2017-10-03T01:00:53","date_gmt":"2017-10-02T14:00:53","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=14144"},"modified":"2017-10-03T01:00:53","modified_gmt":"2017-10-02T14:00:53","slug":"not-all-buyers-agents-are-the-same-miriam-sandkuhler","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/not-all-buyers-agents-are-the-same-miriam-sandkuhler\/","title":{"rendered":"Not all buyers agents are the same \u2013\u00a0Miriam Sandkuhler"},"content":{"rendered":"

There\u2019s a saying that you get what you pay for \u2013 nothing truer than when you\u2019re dealing with buyer\u2019s agents. How do you distinguish a good buyer\u2019s agent from an average one?\u00a0 \u00a0Joining me to talk about that is Miriam Sandkuhler<\/strong> from Property Mavens.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/strong>There\u2019s a saying that you get what you pay for \u2013 nothing truer when you\u2019re dealing with people like buyer\u2019s agents. Joining me to talk about that \u2013 that you get what you pay for \u2013 is Miriam Sandkuhler from Property Mavens.
\nGood day, Miriam.
\nMiriam:\u00a0\u00a0<\/strong>Hi, Kevin.
\nKevin:\u00a0\u00a0<\/strong>True, isn\u2019t it \u2013 you get what you pay for. I guess that raises the question: how do you distinguish a good buyer\u2019s agent from an average one, Miriam?
\nMiriam:\u00a0\u00a0<\/strong>That\u2019s a great question, Kevin. What I say to people is it\u2019s like any industry: there will always be those who are more qualified, more experienced, have more expertise than some others, and so like any industry, it\u2019s important to ask the right questions of the person you\u2019re looking to engage.
\nKevin:\u00a0\u00a0<\/strong>Sometimes it\u2019s hard to know what questions to ask, and even then, Miriam, what answers to expect, because salespeople are very good at selling themselves, aren\u2019t they?
\nMiriam:\u00a0\u00a0<\/strong>Absolutely. A lot of it is really around evidence. It doesn\u2019t matter what someone says; it\u2019s \u201cWhere\u2019s the evidence that you can provide to support that?\u201d And that evidence can be through case studies, it can be through client testimonials or success stories, but particularly testimonials and case studies and evidence of expertise and outcomes is certainly something to be asking for when dealing with a buyer\u2019s advocate.
\nBut more importantly, to start with, you want to make sure that you\u2019re genuinely dealing with an independent, licensed estate agent who\u2019s acting as a buyer\u2019s agent, because there are some selling agents who masquerade and pretend they\u2019re buyer\u2019s agents but they get paid by the vendor, which means they\u2019re not \u2013 in fact \u2013 a buyer\u2019s advocate.
\nKevin:\u00a0\u00a0<\/strong>Is there a certain qualification that you need to have to be a buyer\u2019s agent?
\nMiriam:\u00a0\u00a0<\/strong>No, you don\u2019t. Sorry, I\u2019ll take that back. You need to be a licensed estate agent, and that way you\u2019re legally allowed to transact in real estate and charge for those services. But where someone isn\u2019t a licensed real estate agent \u2013 they might be an accountant or a solicitor or just someone with no qualifications whatsoever in terms of a real estate agent\u2019s license \u2013 they can\u2019t charge you for those services if they don\u2019t have a qualification.
\nKevin:\u00a0\u00a0<\/strong>It\u2019s a very gray area, because traditional agency is where a real estate agent will deal with both the buyer and the seller, but they normally get paid by the seller. That\u2019s where they earn their commission. Is it possible for an agent to get a commission from both sides, if they declare it?
\nMiriam:\u00a0\u00a0<\/strong>Legally, they shouldn\u2019t be getting paid from both sides. That\u2019s an absolute conflict of interest. Whether they declare it or not, they\u2019re legally not entitled to do that.
\nKevin:\u00a0\u00a0<\/strong>What about if it\u2019s in the same office? You might have a seller\u2019s agent and a buyer\u2019s agent in the same office.
\nMiriam:\u00a0\u00a0<\/strong>Again, I see that as a conflict of interest. You want to be dealing with people who are exclusively a buyer\u2019s advocate or exclusively a selling agent.
\nThe only thing to add to that is they might do a little bit of vendor advocacy, which means they\u2019re not actually selling property but they\u2019re helping their clients and recommending agents for their clients to deal with if, in fact, they do have a property to sell.
\nThat often comes about as a lot of us have got very good relationships and we know who the good, the bad, and the ugly agents are on the selling side, so we can really cut down and shorten that process for potential vendors.
\nKevin:\u00a0\u00a0<\/strong>Use of buyer\u2019s agents is becoming much more accepted in Australia. For quite some time, it wasn\u2019t, and it\u2019s very accepted in the States, as an example. Now, there is an organization in Australia that we\u2019ve talked about, the Real Estate Buyer\u2019s Agents Association of Australia. Is that a good recognition?
\nMiriam:\u00a0\u00a0<\/strong>Absolutely. At a minimum, you want to be dealing with somebody who is a member of the Real Estate Buyer\u2019s Agents Association, and that\u2019s because they have code of conduct and minimum qualification standards that we have to meet to be able to be a member. Really, that\u2019s the only body in Australia that can really help consumers to have access to qualified or pre-qualified buyer\u2019s agents.
\nKevin:\u00a0\u00a0<\/strong>I have to say that there are heaps of people out there who have written books. Does that necessarily make them a good buyer\u2019s agent or a good expert?
\nMiriam:\u00a0\u00a0<\/strong>Myself included in that category!
\nKevin:\u00a0\u00a0<\/strong>Well, I\u2019m sorry.
\nMiriam:\u00a0\u00a0<\/strong>No, that\u2019s fine. Look, it depends on the content of the book. And I\u2019m not intending this to be a plug, but in my experience, a lot of people write books specific to a single strategy that they\u2019ve implemented, that they recommend, that they\u2019ve done, and suddenly everybody else should be doing it. My book takes more of a financial planning approach to direct property investing and is a series of steps like an expert to get an outcome in a certain manner.
\nI think it depends really on the content of the book, and not all books are great quality and not all books are bestsellers, and not all books necessarily meet what the investor\u2019s needs are.
\nKevin:\u00a0\u00a0<\/strong>To muddy up the waters even further, there are a lot of people also who do seminars. They go on the road with seminars and purport to help people. We\u2019ve spoken in the show before about some of those, especially when they sell property. They\u2019re the ones you have to be very careful of.
\nMiriam:\u00a0\u00a0<\/strong>Again, they\u2019re not buyer\u2019s agents; they\u2019re selling agents. There\u2019s a lot of what I call \u201cedutainment\u201d that goes on in these particular road shows and seminars. They get so-called experts up there, they play whiz bang music, they show slides, they put a whole lot of stuff up there without necessarily any evidence or data to support what they\u2019re saying. And then there\u2019s usually a limited opportunity at the end of it, and if they sign up now, they\u2019ll have the opportunity to get in and try this whiz bang new strategy or concept or whatever it is they\u2019re selling. The main point there being that they are selling agents. They are not a buying agent.
\nNo buyer advocate will ever engage a client with a property that they\u2019re recommending to them, because their role is to get a brief, to confirm that brief or to potentially even develop a strategy with the client, and then once that\u2019s signed off, they will go into the open marketplace and usually buy established property for their client. But you don\u2019t come to a client with a property solution. That\u2019s what a selling agent does.
\nKevin:\u00a0\u00a0<\/strong>We\u2019ve had a big discussion here. Let\u2019s clarify a little bit. Getting back to the earlier question, how can we distinguish a good buyer\u2019s agent from an average one \u2013 bullet points?
\nMiriam:\u00a0\u00a0<\/strong>They absolutely have to be a licensed estate agent operating as a buyer\u2019s advocate. They have to be absolutely independent and only deriving income from the buyer, not from the vendor or no kickbacks from a selling agent.
\nYou want someone with at least three to five years\u2019 experience in buyer advocacy, because there are a lot of ex-selling agents who jump into buyer advocacy thinking it\u2019s easy, but they often learn the hard way that it\u2019s a lot harder to be a buyer\u2019s advocate, it\u2019s harder to get outcomes, and you can\u2019t take the same approach that you do in selling when it comes to buyer advocacy.
\nQualifications: you want to make sure that if someone has an investing qualification in addition to being a buyer\u2019s advocate, then that means they have investing expertise, which is a whole skillset in itself.
\nAnd some may just specialize in owner occupiers and limit themselves to particular territory. Other buyer\u2019s advocates, such as myself, might have investment qualifications \u2013 as I said \u2013 and we buy in multiple areas according to strategy and brief.
\nYou want to be able to check whether or not a buyer\u2019s advocate has been awarded any recognitions, so if they have awards or something pertaining to their expertise as a buyer\u2019s advocate.
\nIdeally, you absolutely want them to be a member of REBAA, the Real Estate Buyers Agents Association, because they\u2019ve invested and they meet minimum standards in the industry and they work to a code of conduct.
\nAs I said, testimonials, success stories: you want evidence to the outcomes they\u2019ve been able to get for clients to support what they\u2019re saying. Yes, things like a book or media commentary do identify expertise, but it obviously depends on the content of the book.
\nAnd you really want to be comparing apples with apples. Not every buyer\u2019s advocate is the same. The questions you ask of one, you need to ask of another if you\u2019re going to compare, and see what you\u2019re getting form that point of view.
\nBut one thing I will say is people often think they know what buyer advocacy is and their focus becomes about price and price alone, and that\u2019s where they frequently make a mistake, because it\u2019s not so much about the price but the value delivery of what they offer. And more importantly, you get what you pay for in life, as we all know.
\nKevin:\u00a0\u00a0<\/strong>That\u2019s right.
\nMiriam:\u00a0\u00a0<\/strong>And to sign off on that, I frequently see situations where people think it\u2019s easy \u2013 \u201cI\u2019ll do it myself\u201d \u2013 but if they\u2019ve been searching for six months and they haven\u2019t bought in that time, and the market has escalated and risen in that time, frequently it has cost them more in terms of the market increasing and the shortfall that they now have than if they had employed a buyer agent at the beginning. They would have paid less, got a really good outcome in a timely manner, and they now wouldn\u2019t be behind or potentially missing out on getting into the market.
\nKevin:\u00a0\u00a0<\/strong>You raise some very good, valid points there. Miriam Sandkuhler has been my guest, CEO and buyer\u2019s agent. She\u2019s at Property Mavens. Miriam, thank you so much for your time.
\nMiriam:\u00a0\u00a0<\/strong>Thanks, Kevin. I appreciate it.<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a saying that you get what you pay for \u2013 nothing truer than when you\u2019re dealing with buyer\u2019s agents. How do you distinguish a good buyer\u2019s agent from an average one?\u00a0 \u00a0Joining me to talk about that is Miriam Sandkuhler from Property Mavens. Transcript:…<\/p>\n","protected":false},"author":176692471,"featured_media":14145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,25],"tags":[101],"class_list":["post-14144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nNot all buyers agents are the same \u2013\u00a0Miriam Sandkuhler - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/not-all-buyers-agents-are-the-same-miriam-sandkuhler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not all buyers agents are the same \u2013\u00a0Miriam Sandkuhler - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"There\u2019s a saying that you get what you pay for \u2013 nothing truer than when you\u2019re dealing with buyer\u2019s agents. 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How do you distinguish a good buyer\u2019s agent from an average one?\u00a0 \u00a0Joining me to talk about that is Miriam Sandkuhler from Property Mavens. 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