In the last week alone, I've heard of three interstate buyer's agents visiting Canberra to purchase properties. Unfortunately, they're not legally allowed to work here without an ACT licence and it's leaving their clients exposed to risk (not to mention it's just shoddy business practice). To make matters worse, I'm told they paid well over market value - clearly lacking area expertise, which their clients have (literally) paid the price for. It’s leaving vendors and selling agents exposed to risk, and it’s questionable as to whether the buyers have really got the best property for their needs if the agent doesn’t know the area like a local, but it is clear they certainly didn’t get a good price.
Don't assume your buyer's agent is licensed - check! It's quick and easy to do here: https://www.accesscanberra.act.gov.au/app/services/occupational/#/RA
The real estate industry is licensed for good reason; you’re spending a substantial amount of money and placing trust in your representative to act in your best interest.
If you or anyone you know is thinking about buying a property and using a buyer’s agent, please share this with them. You could be saving them from a very unhappy ending when the cowboy rides out of town.