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Frequently Asked Questions

1. What is a buyer’s agent?

A Buyer’s Agent, also known as a Buyer’s Advocate, specialises in searching for, researching and negotiating the purchase of property on behalf of a buyer. Once a suitable property is found, Cherish Property coordinates all of your post contract administration on your behalf through to settlement. Because we are dealing with real estate agents all the time, we gain access to properties that are off market or not yet advertised, which increases the chances of finding a great deal.

2. What is a vendor agent?

A Vendor Agent, also known as a Vendor Advocate, works solely for the seller and is responsible for appointing the right real estate agent to benefit the client. As an independent advisor, Cherish Property will assist sellers to navigate through every step of the selling process, and ensure everything is being done to ensure the best possible outcome for the sale.

3. What is the difference between a Buyer’s Agent and a real estate agent/selling agent?

The difference between a Buyer’s Agent (or Buyer’s Advocate) and a real estate agent (selling agent) is who they represent.

A Buyer’s Agent exclusively represents the buyer and secures property at the absolute lowest price and best possible conditions.

A real estate agent exclusively represents the vendor (seller) and strives to sell property at the absolute highest price.

4. Are buyer’s agents for high-end purchases only?

Cherish Property works will clients of all budgets to help you find a suitable property.

5. Why would I use Cherish Property as my buyer’s agent?

If you’re frustrated with the buying or selling process, are time poor, lack the knowledge to navigate the property market, don’t want to deal with real estate agents, lack confidence when bidding at auction, located overseas or interstate or keep missing out on the perfect property, or just don’t know where to start, this service is for you. By utilising Cherish Property’s expert knowledge, you’re simply outsourcing the job to the professionals. We have the time, skills and networks in place to ensure clients find the home or investment property they want quickly, for the right price and with minimum fuss.

6. Is using Cherish Property cost effective?

Yes. Despite your budget, Cherish Property’s fee is a very small investment when you consider:

  • the expert knowledge you receive. Imagine having your every question being answered from loans to locations, property management to pest reports. It’s like having a private mentor
  • the extensive research and analysis that is completed
  • the time you save in negotiations
  • the benefit of dealing only with Tracy as your own personal mentor
  • the reduced risk
  • all of your post-purchase administration managed and coordinated.

7. Does Cherish Property provide services for all budgets and types of properties?

Yes, absolutely. Whether you’re buying or selling, we cater for every client’s needs from one-bedroom apartments to waterfront and riverfront units and houses in any price range.

8. What services does Cherish Property offer?

Buyer’s Agent

Vendor Advocate

Renovation Project Management

Visit this page to view our Property Services.

9. What is the buyer’s agent process?

Visit this page to view Our Process.

10. For a property purchase, how long does the process take?

Most properties are sourced between 2 – 4 weeks if the client brief is realistic. If the brief and criteria for the purchase is not realistic, Cherish Property works with you to demonstrate you what is available and achievable in the current market.

11. How involved will I be in the process?

You can be involved as little or as much as you like in the process. Either way, Cherish Property provides you with all the tools you need to make informed decisions.

If you are purchasing property and are in Brisbane, we encourage you to inspect the property prior to purchase.

12. How long does Cherish Property’s buyer’s agent service last?

Our standard engagement agreement is for six months; however, Cherish Property will work for as long as it takes to find your ideal home or investment. Please note that another engagement fee may be payable.

13. How often will we communicate?

We keep in regular contact with you throughout the process, providing up to date feedback and advice.

14. If I’m purchasing, what property information do you provide?

You may receive property, flood, easement, utilities and location reports, diagrams, photographs, walk-through videos, recommendations and a comparative market analysis.

15. Can Cherish Property access property before it comes on the open market?

Most definitely. Cherish Property has built up great relationships with countless real estate agents in Brisbane, therefore properties are constantly being brought to our attention before being advertised. We are contacted on a regular basis to determine if we have clients who may be interested in buying a home or investment property. The properties are then qualified and, if suitable, are inspected as soon as possible, most often prior to the first ‘open for inspection’.

If a client is looking for something unique, Cherish Property will search for off market opportunities. Many property owners are favorable to selling directly to a Buyer’s Agent for a number of reasons, including privacy reasons, they don’t want to pay commission a sales agent or don’t want to go through an entire marketing campaign.

16. Is my search criteria realistic?

Brisbane has had some solid growth over the past few years and competition has increased with the influx of interstate buyers, mainly from Sydney and Melbourne. If you’re not sure what you’re looking for, where you’re looking and how much it costs, Cherish Property works with you to demonstrate you what is available and achievable in the current market.

17. What if I change my mind about the location or type of property during the process?

It is not uncommon to revise the buying criteria early in the search process, however, if there is a significant change of buying criteria later in the process such as a change from a house to a unit, or the price point changes, then a new agreement may need to be entered. In this case, cancellation of the agreement would attract an invoice for the works completed at that point, or a new engagement fee payable.

18. What if I change my mind and don’t want to proceed with the buyer’s agent service?

Once paid, and work has commenced, the appointment fee is non-refundable. If you change your mind and wish to cancel the agreement after significant work has been undertaken, then an additional fee may be charged to cover the cost of work completed.

19. Does Cherish Property guarantee they will find me a property?

Yes. If your expectations are realistic and match your budget, Cherish Property searches to find a property that matches your criteria.

20. What happens if Cherish Property can’t find what I am looking for?

It is important that the initial consultation phase looks at the client’s criteria including budget and desired proximity to the Brisbane CBD.  If it doesn’t look possible, Cherish Property is up front about whether we can find what you are looking for. Sometimes, during the search phase, if we are not locating properties that meet a client’s requirements then we may need to adjust the search criteria.

21. What if I find the property myself?

Once you have signed an agreement with Cherish Property as your buyer’s agent, you are responsible for paying full fee regardless of who locates the property. If a client were to purchase any property during the engagement, or purchase any property that was introduced after the agreement has ended, the client is entitled to pay Cherish Property a full fee. Many clients like to be involved in the search process and often email properties through to us for consideration. We report on those properties and give feedback.

22. I want to do part of the process myself. Do I receive a discount?

We offer partial buyer’s agent services for those clients who require it.

23. Do you buy in regional locations?

Yes, we can purchase in regional locations. Properties located more than 50kms from Brisbane CBD incur additional travel fees. For locations outside a 50km radius of Brisbane CBD, contact us to discuss your requirements.

24. What if the property requires some renovation or maintenance work?

Cherish Property project manages major building works and cosmetic renovations to enhance livability, accelerate capital growth and increase rental yield. We work with builders and renovation companies who can transform your property for your every need.

25. Can Cherish Property assist in purchases outside Brisbane?

Yes, however, this will incur travel expenses.

26. Can Cherish Property bid for me at auction?

Yes. Visit this page to view the Auction Bidding process.

27. What are the costs?

Costs for services vary. Please contact us to discuss your requirements.

28. Are buyer’s agent’s fees tax deductible?

If you are purchasing a home to live in (owner occupier), there are no tax advantages on Buyer’s Agents fees, however if the property is for investment purposes, buyers should obtain advice from their tax accountant, as the costs may form part of the cost base for capital gains purposes which affects future capital gains tax (CGT) on the sale of the property later. You won’t be able to claim the cost of a Buyer’s Agent in the year of purchase or receive any tax benefit against your income tax.

So, in the long run the fee is tax deductible (albeit against a profit that only 50% of which is taxed). If the agent charges a fee linked to sourcing an investment property and the acquisition is not successful, the fee (although it remains a capital expense) would be deductible under the black hole provisions where capital cost which is not claimable elsewhere are written off evenly over 5 years. If the agent did not charge a fee that was not linked to the acquisition of the property but rather a fee for ‘general property advisory services’ then an argument for current deductibility may be able to be supported, especially if the taxpayer has other existing property investments.

29. Do I receive a discount if I use Cherish Property’s services again?

We appreciate your loyalty, therefore, second and subsequent purchases receive a 10% discount.

30. What happens when a suitable property is found?

Cherish Property clients are walked through the process as it unfolds. They are involved in reviewing the shortlisted properties, given suburbs reports, property reports, a walk-through video, have access to data and comparable sales analysis and are given the ‘pros’ and ‘cons’ of every property inspected. All of this information plus the client’s valuable input means that when a suitable property or properties are found, the client is well versed and confident that an offer should be made. Clients are never pressured into making a purchase if they are not 100% happy with the property.

Does Cherish Property ever represent the vendor in selling a property?

My Property Scout offers a vendor advocacy service to assist and support vendor sell their home.

24. Can you bid for me at auction?

Yes. Visit this page to view the Auction Bidding process.

25. How much does it cost?

Visit this page to view our Fees.

26. What happens if I find a property myself?

Once you have signed an agreement with My Property Scout as your buyer’s agent, you will be responsible for paying full fee regardless of who locates the property. If a client were to purchase any property during the engagement, or purchase any property that was introduced after the agreement has ended, the client is entitled to pay My Property Scout a full fee. Many clients like to be involved in the search process and often email properties through to us for consideration. We report on those properties and give feedback.

27. I want to do part of the process myself, do you offer a discount?

We offer partial buyer’s agent services for those clients who require it.

28. Are Buyers’ Agent fees tax-deductable?

If you are purchasing a home to live in (owner occupier), there are no tax advantages on Buyer’s Agents fees, however if the property is for investment purposes, buyers should obtain advice from their tax accountant, as the costs may form part of the cost base for capital gains purposes which will affect future capital gains tax (CGT) on the sale of the property at a later date. You won’t be able to claim the cost of a Buyer’s Agent in the year of purchase or receive any tax benefit against your income tax.

29. Do I get a discount if I use Cherish Property’s services again?

We appreciate your loyalty. Therefore, second and subsequent purchases receive a 10% discount.

30.  What happens when a suitable property is found?

My Property Scout clients are walked through the process as it unfolds. They are involved in reviewing the shortlisted properties, given suburbs reports, property reports, a walk-through video, have access to data and comparable sales analysis and are given the ‘pros’ and ‘cons’ of every property inspected. All of this information plus the client’s valuable input means that when a suitable property or properties are found, the client is well versed and confident that an offer should be made. Clients are never pressured into making a purchase if they are not 100% happy with the property.

31. How do I get started?

Phone Tracy Leske at Cherish Property on 0450 047 100.

Email us at tracy@mypropertyscout.com.au.

Complete the Questionnaire here.

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