Buyers Agent FAQs

What is a Buyers Agent? A buyers agent is a licensed real estate agent who works on behalf of property buyers and can also act at other times on behalf of a seller.

What does EXCLUSIVE Buyers Agent mean? An exclusive buyers agent only acts for the buyer, does not list or sell property and consequently can deal with any real estate agency and/or private seller without limitation or conflict of interest. While selling agents have a legal and ethical obligation to achieve the highest possible price for vendors, a buyers agent is engaged by property purchasers to source and/or negotiate an acquisition on their behalf. Buyers agents are required to act in the buyer’s best interests at all times.

Are you Licensed Agents? Yes, our company and all of our people are licensed under the Real Estate Agents Act 2008 and in addition, we are members of the Real Estate Institute of New Zealand, the professional body of the real estate industry. Beware any buyers agents who are not licensed as they are acting illegally.  REAA-Fact-sheet-Buyers-Agent Jigsaw Small

What does NZ Buyers Agent Do? We find available property that meets the buyers criteria. We provide an analysis of comparative sales of the property identified and an opinion as to the value of the property based on local knowledge, experience and statistical sales analysis. We advise accordingly and may even give reasons not to buy. We source and negotiate on behalf of companies seeking to lease space in commercial buildings ensuring that they obtain the most competitive rates and freeing the company executive to concentrate on core business. We offer referrals where necessary to other property professionals, for example, a home inspection service or lawyer. We disclose all research (positive and negative) on the property. We negotiate the best price and terms on behalf of the client on any offer presented. We search the local council property file to assess whether there are any issues not disclosed on a Land Information Memorandum, (LIM). We recommend the most competitive lending sources, if required.

Why Choose NZ Buyers Agent? We offer objective, independent, expert advice throughout the entire purchasing process. Our inside knowledge of the New Zealand property market and expert negotiation skills ensures an astute investment. We eliminate a lot of the emotional pressure. We guarantee discretion and confidentiality. Our strong industry networks, including those with area-specialist selling agents, enable us to access property listings not always available to the general public on behalf of our clients. Our fees are success-based. If we do not find a property for you, you do not pay.

What is a LIM? A Land Information Memorandum (LIM) is a report prepared by the Council at your request. This Local Authority is the provider of information which it holds relating to land and or property. It does not provide interpretation of this information or advice on how to interpret or utilise this information. Your own independant and appropriate professional advice should be sought.

A Land Information Memorandum provides:

• Official address, legal description, area of site and unit/flat number as appropriate. • Information on special land features or characteristics including potential:

• erosion • avulsion (removal of land by water action) • falling debris • subsidence • slippage • alluvion (the deposition of silt from flooding) • inundation (flooding)

• Presence of hazardous contaminants which are likely to be relevant to land and is held in the Council’s Land Information Register. • Information on private and public stormwater and sewerage drains as shown in the Council’s records. • Information relating to Government Valuation and any rates (including water and miscellaneous accounts) owing in relation to the land. • Information concerning any consent, certificate, notice, order or requisition affecting the land or any building on the land previously issued by the Council (whether under the Building Act 2004, or any other Act). • Information relating to the use to which the land may be put, and conditions attached to that use. • Information which, in terms of any other Act, has been notified to the Council by any statutory organisation (ie: Historic Places Trust or the Department of Conservation) which has the power to classify land or buildings for any purpose. • Information which has been notified to the Council by any network utility operator under the Building Act 2004.

The memorandum may also include:

• Such other information concerning the land which the Council considers – at its discretion – to be relevant.

A LIM is sometimes not completely accurate or up to date. For that reason, NZ Buyers Agent often searches council files to check

What does ‘silent sale’ mean? Some people who are seeking to sell properties choose not to use normal marketing channels such as the internet and newspaper advertisements. This may be for reasons such as cost, the wish to retain privacy, to avoid open homes or simply to reduce stress. Another reason is that the seller only wants to deal with qualified buyers and that is where our clients fit. The advantage to our client is that almost always, there is no-one else looking to buy the property so there is an absence of competition. NZ Buyers Agent through industry networks, is able to source such properties.

What areas does NZ Buyer Agent cover? We provide nationwide coverage with our Auckland office servicing the upper North Island and our Wellington office servicing the lower North Island and South Island. We can source residential, commercial, industrial, lifestyle, rural, hotel and motel properties.

Am I getting value when I engage NZ Buyers Agent? You will get the benefit of decades of hard-earned experience. You will be given sound guidance on any property purchase and you will not pay too much. We will save you time, from making bad or emotional purchases and we will protect you from the sales pitch of sellers agents who are looking after the best interests of their vendor, not your best interests. We will usually save you in money terms, at least the cost of our fee.

Is there any limit to the number of properties which will be submitted for me to consider? No. We will only submit properties which fit your criteria. Sometimes, your criteria might change during the process and we are happy to accommodate this. The process make take weeks or it may take months. Our agency agreement is usually for a six month period but we would normaly find a property for you well within that timeframe. From our point of view the quality and value of the purchase takes precedence over time time spent on evaluation and research.

What if I find a property myself after I have engaged your services? If you find a property yourself after you have engaged us under our full service package, you should allow us to evaluate and negotiate the purchase. It is natural for you to be looking out for suitable properties but it is also important that we partner you to the completion of the process. If you find a property, evaluate and negotiate the purchase without us, you will still be liable for our fee.