So you want to work as a buyer’s agent? You have chosen one of the more prosperous career paths in Australia. Yes, Australia’s real estate industry has improved in recent years, making it an excellent place to start a career. The changing economy has also increased the popularity of real estate as a career option. Here’s everything you need to know to become an Australian buyers agent. But first, let’s go over the fundamentals.
Is buyer’s agent a lucrative career?
A career in this industry can be very lucrative due to the booming real estate industry and favourable changes in Australia’s economy. Today more and more Australians are using buyer agents to save time and money and give them the confidence to make informed property-purchasing decisions. With online bidding of properties gaining momentum, Australians realize that the best way to access unique properties and silent sales is via a buyer’s agent. Buyers agents also conduct due diligence and help buyers avoid critical real estate mistakes. A successful agent can earn between $80,000 and $200,000.
What skills do I need to become a buyer’s agent?
You must be an expert in real estate to work for a buyers agency. You must also have the necessary skills to purchase real estate. It would help if you were enthusiastic about the industry and naturally able to negotiate the best price for your clients. Online marketing skills and tech-savvy are necessary as most buyers contact agents online. Finally, you should be a people person who understands what motivates people to purchase. Understanding how human emotions play a role in buying can help you become a successful buyer’s agent.
Steps to becoming a buyers agent
Step 1: Understand what is needed to become a buyer’s agent
Becoming a buyers agent is not the same as becoming a real estate agent. So, it’s important to understand what role you will be playing when you become a buyer’s agent.
What is a buyer’s agent: A buyer’s agent represents property investors, home buyers, and other property buyers during a real estate transaction. While real estate agents provide services to sellers and buyers, a buyer’s agent is hired by a prospective property buyer.
What does a buyer’s agent do: When a buyer hires a buyer’s agent, the agent understands what type of property the buyer needs. They then conduct extensive research on the best available properties for their client. Once the client has decided on which property to purchase, the buyer’s agent assists in negotiating the best price for their client.
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Step 2: Get the necessary licensing and training requirements
If you want to work as a buyer’s agent, the first step is to get your license through a reputable real estate training organisation. Each state has its own real estate agent’s licensing rules. Each state also has a Real Estate Institute – the best place to get trained to enter the real estate industry.
There are quick online and crash courses that you could enroll in, but the quality of your training provider could be a cause for concern. Your best bet is to go through a Real Estate Institute in your state to get quick placement in a reliable real estate agency when you are licensed. If you go through a private institution, choose a reputable one.
Whether you decide to go through your state’s real estate institute or a private institute, you will have to study hard to pass the exam to get your license. Study requirements vary from one state to the next, so it’s important that you check your state’s governing body’s website for approved courses.
Step 3: Gain experience
Get at least a year of full-time work experience working for a licensed real estate agent in your city. You must do this within three years of applying for a license.
If you plan to work interstate, you will need a separate license for each state you work in. If you decide to open your agency, you will require a full license besides an agency license.
Final thoughts
Becoming a licensed buyer’s agent can be lucrative if you are passionate about real estate. But, like most jobs, success takes dedication and hard work. Like most well-paying jobs, you will have to work long hours. Keep abreast of what top agents do to stay successful. Ensure your license is always up-to-date. Work for a reputable company for at least a few years before you start your own agency. Love your clients and focus on making them happy. Buying a home is a big part of every family, and you will be a part of that.
