FAQ

A lot of seller’s real estate agents we meet seem very helpful. Why do we need a buyers’ agent?

Don’t be fooled. A seller’s real estate agent is just that - an agent of the vendor. That agent owes duties and responsibilities only to the vendor; particularly when it comes to getting the highest price possible from you. That agent is also forbidden by law to act for you or in your interests. For example, beware of the lists of comparable sales some agents distribute at open inspections. In our experience, such lists more often than not exclude other comparable sales less flattering to the seller exposed by our research methods which includes on line Land and Property Information (LPI) searches.

An exclusive buyers’ agent such as Curtis Associates acts only for you with the primary objectives, as all competent buyers agents should follow, of buying a property that best suits your criteria at the lowest possible price, with a minimum of stress and in the shortest possible time.

If a buyers’ agent is such a good idea, why do most property buyers in the Sydney property market still do it for themselves?

Do it yourself property buying has been the norm in Sydney’s real estate culture for many years and is one which seller’s real estate agents have keenly preserved as it keeps the balance of power weighed in favour of their vendor clients. This one sidedness has inevitably contributed to the high prices of real estate in the Sydney property market.

Just as all cultures change, because it has been that way does not mean it will stay that way.

Ten years ago, on line shopping was thought to be a fad. Today, it is seen as the greatest competitive threat facing traditional retailers.

The same is proving true with Sydney buyers’ agents as shown by the rapid growth both in their numbers and in the volume of property transactions buyers’ agents and buyers’ advocates around Australia handle every day.

The times, as they say, are “a - changin’”.

Why is Curtis Associates one of the only buyers’ agents with a web site not claiming to save money for its clients?

Unless a saving is measured against something, such a claim is both meaningless and of no assistance in helping you understand the value a buyers’ agent might give you. Whilst Curtis Associates regularly purchase properties below the seller’s asking price or the figure our clients were prepared to pay (often by a large multiple of our fee), the old property adage that ‘the money is in the buying’ is not all about price.

We believe there is a better way of assessing the value a buyer’s agent might add and to choose between buyers’ agents. We call it “the hindsight test”. ™

In selecting your Sydney buyers’ agents, we recommend you do not shortlist any buyers’ agent unable to pass the “the hindsight test™”.

I have bought and sold a lot of real estate in the past. Why couldn’t I buy the property for the same price as Curtis Associates?

You might. And that is one of the problems with buyers’ agents claiming to save money. It can only ever be a hypothetical question with a hypothetical answer. However, on statistics published by the Australian Bureau of Statistics, you are likely to have engaged in the exercise once every 7.5 years whereas we are doing it full time every day of the week. On those statistics, probabilities alone would favour a better outcome with a buyers’ agent like us than without one. And that is before you take into account the price reductions we achieve by, for example, challenging sellers’ real estate agents with comparable sales evidence sourced from our professional data bases and elsewhere as well leveraging the results of the penetrating due diligence we undertake for you.

How does Curtis Associates get access to properties before they hit the Sydney property market?

In many different ways.

One way, which usually happens every week, is from private sellers wanting to avoid a public marketing campaign or a selling agent’s commission.

Another way is by contacting property owners, developers and other operators in the Sydney property market whose details are kept on our extensive and well maintained data base.

Yet another is by unsolicited approaches to owners of properties we believe might suit your requirements; this being the practice known as canvassing.

One of the most frequent ways is through seller’s real estate agents either responding to our search enquiries or contacting us before a property is advertised or with properties that will never be advertised because the seller wants to avoid a public marketing campaign. Some Sydney buyer agents call these “silent listings”.

All seller’s real estate agents have monthly turnover targets. From their perspective, dealing with a competent buyers’ agent like Curtis Associates makes perfect sense as it may save them time finding qualified potential buyers. Our potential buyers are already qualified as the retainer fee they have paid only reinforces.

Buyer’s agents like Curtis Associates are also a source of repeat business.

More important however is the simple but essential matter of trust. No matter how robust past negotiations may have been, if a seller’s real estate agent’s past dealings with a buyers’ agent were handled professionally and with integrity, the buyers’ agent who commands such respect is likely to be the first buyers’ agent that seller’s real estate agents call with the next off market opportunity.

We are such a buyers’ agent.

As testimony to our hard earned reputation, Curtis Associates receives such calls and emails on a daily basis and it is not unusual for property addresses to be disclosed even before the seller’s real estate agent has secured the listing with an agency agreement.

Does Curtis Associates receive commissions from any persons other than your clients?

No, because we regard the preservation of our independence as essential to the services we provide you.

Does Curtis Associates also offer vendor advocacy services like some other buyers’ agents?

No, because as outlined in the Why Choose Us? page, we regard avoiding any conflicts of interest as a fundamental term of our fiduciary relationship with you.

In this respect, our standards are even higher than those required of lawyers. Our view is simple. A buyers’ agent or buyers’ advocate who provides vendor advocacy services cannot also legitimately claim to be an exclusive or independent buyers’ agent – especially as the result of a conjunction arrangement where the vendor advocacy services are provided in return for a share of the selling agents’ commission however small. This is also one reason Curtis Associates chose to cease its membership of the Real Estate Buyers Agents Association of Australia (REBAA).

On 12 August 2011, the Real Estate Institute of NSW (REINSW) advised buyers' agent members against the provision of vendor advocacy services, being those services which are offered free to members of the public but as a result of which the buyers' agent receives a referral fee or commission from the selling agent. In the REINSW's view, this practice is likely to breach the Rules of Conduct prescribed by the Property, Stock and Business Agents Act 2002.

Does Curtis Associates also offer services such as finance brokerage, property and project management like some other Sydney buyers’ agents?

No, we are specialist buyers’ agents and buyers’ advocates who choose not to be distracted by other and not necessarily compatible activities in an attempt to supplement our income stream. We are not prepared to risk becoming a Jack of all trades, Master of none.

Instead and free of charge, we are happy to refer you to trusted specialists in these and other areas with whom we have worked over the years of which these are some.

Your Principal is not a former sellers’ real estate agent. Doesn’t that put Curtis Associates at a disadvantage relative to other Sydney buyers’ agents who are mostly all former sellers’ real estate agents?

Quite the opposite. Many clients choose Curtis Associates precisely because our Principal is not a former sellers’ real estate agent.

Whatever their precise motivations, the numerous property and other transactions our Principal has negotiated during a period spanning more than 24 years speaks for itself as a guarantee that engaging Curtis Associates as your Sydney buyers’ agent is a decision changing the way you buy property.

We call it “the professional difference”.

Your Principal is a lawyer and you have a registered valuer on staff. Does that mean that Curtis Associates provides legal and valuation advice?

No. Whilst our legal and valuation expertise is available to you, we do not provide such advice and are not permitted to do so by law. If such advice is required, then and as with other specialists, we are happy to provide you with a list of recommended professionals of which these are some:

If I engage Curtis Associates to find and buy a property, what happens if I find something myself?

We appreciate that a lot of clients enjoy finding properties online and from other sources. The chances are that we would already have considered the property and not short listed it for one reason or another. If not, then in the spirit of openness and transparency that characterises our relationship and recognising that we are on your side and not in competition with you, our buyers’ agency agreement provides that you let us know about the property so that we can get working on it for you. We are entitled to our full fee regardless of who finds the property.

Does Curtis Associates put a time limit on its buyers’ agency agreements like some other Sydney buyers’ agents?

No. For the one retainer fee, we keep going until we find and/or buy your perfect property. If it takes six days, that is our financial gain. If it takes six months (unusual), it is our risk not yours. And as our logo makes clear, we are ‘advisors’ first, ‘acquirers’ second so we do not rush you into a purchase. Unless the property is right for you in terms of price, emotion and return on investment, we will recommend against buying it. That said, in order to secure the right property for you, we do ask you and any trusted advisor such as your solicitor or conveyancer to appreciate that it is sometimes necessary for us to move very quickly – Curtis Associates has been known to exchange contracts unconditionally within two days after being retained requiring our staff to carry out round the clock due diligence over that period.

Does Curtis Associates put a limit on the number of suburbs you will cover for me?

No but we will help you narrow down those suburbs as part of immersing ourselves in your property requirements from the beginning of our retainer. Where possible, we often suggest that you accompany our Principal on a drive around hot spots in the Sydney property market of which you may not be aware – we call this a “caravan”; and it is something from which past clients have reported deriving great benefit.

How long does it usually take Curtis Associates to find and buy a property for its clients?

In the 12 months to 31 March 2011, the average duration of all such retainers was just over six weeks.

How many properties are involved in such an assignment?

In such an assignment, Curtis Associates typically appraises anywhere between 15 and 50 properties for you of which three or four would be shortlisted for your private inspection. We do not shortlist any property that our Principal has not physically inspected.

What happens if I change the suburbs in which I am interested during the retainer?

In the same way that we ask you to be realistic with your property expectations relative to your budget and to have your finances approved, we strive to be fair, reasonable and flexible with our clients and recognize that your geographic preferences can and sometimes do change as your property search unfolds. It is a question of degree. If you were to make a major change several weeks into the retainer, we would ask to re negotiate our retainer fee. This happened for example with clients who, several weeks into the retainer, changed the focus of their search to St Ives just as we were about to exchange contracts for them on a property in North Bondi.

Am I locked in to your buyer’s agent’s agreement once I sign?

No, you are free to terminate the agreement on giving us seven days’ written notice for any reason. As with our entire retainer, all you risk losing in that (unusual) case is our relatively small retainer fee.

What do you charge?

We charge a relatively small non refundable retainer fee with the bulk of our fee being payable on success defined as exchange of contracts to purchase a property. For certainty and your peace of mind, our success fee is a fixed amount in your price bracket and does not increase with every increase in the purchase price.

Is Curtis Associates a member of a professional body?

Yes, we are a full member of the Real Estate Institute of New South Wales.

Does Curtis Associates have full professional indemnity insurance?

Yes, up to $5 million. As confirmed by our Certificate of Currency.

Why does Curtis Associates not have a Testimonials page like other buyers’ agents?

We think that most testimonials are best assessed in a context rather than in a vacuum. To see what this means, we invite you to browse our Case Studies which include a small sample of the many glowing testimonials we have received over the years. As referrals and what our clients say about us is very important to Curtis Associates, we are happy to share other testimonials with you in our offices and to put you into contact with past clients so that you can discuss direct their experiences of having engaged Curtis Associates as their buyers agent.


31.12.11

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