The real estate industry in New South Wales is a booming one thanks to a growing economy, favourable business environment, and an attractive year-on-year increase in property prices. Therefore, there have been a large number of real estate buyers agencies pop up in recent times.
This translates into plenty of opportunities for those looking to build their career in the real estate field.
If you’re looking for a job that can potentially provide you with both financial stability and personal satisfaction, becoming a buyer’s agent in NSW can be the perfect fit.
In this article, we’ll explore what it takes to become a buyers agent in NSW so that you can make an informed decision about pursuing this career path.
Who is a buyer’s agent?
A buyer’s agent is an independent professional who assists prospective homeowners find and purchase properties.
They assist buyers with their search, negotiate on their behalf, and provide expert advice throughout the buying process.
It’s an exciting role that requires knowledge of the local market and the latest trends in real estate.
The services a buyer’s agent offers include:
- Understanding the property market
- Researching and finding properties that match your criteria
- Appraising the property
- Negotiating on your behalf
- Dealing with real estate /vendor agents
- Providing property inspection reports
- Managing the paperwork and documentation involved in purchasing a property.
- Providing property advisory
How to become a buyer’s agent in NSW
In NSW, a buyer’s agent or anyone who wants to work in the real estate field must be licensed by the Office of Fair Trading.
There are two types of licenses – Class 1 and Class 2. A Class 2 license will allow you to work as an assistant buyer’s agent under the supervision of a licensed real estate agent in a buyer’s agency.
If you want to practice independently as a buyer’s agent and be able to operate trust accounts for businesses, you will need a Class I license. Before you can obtain a Class 1 license, you must hold a Class 2 license and have some work experience.
Acquiring a Class 2 license
Before you start the process of obtaining a license, ensure you have:
- Numeracy, technical skills, and literacy at the Year 12 level
- Passion for building relationships and networking
- Willingness to work for long hours and on weekends
- Experience using software and databases such as MS Excel and Word
You will also need to be at least 18 years of age, have no criminal record, and not currently be involved n any court proceedings to apply for a license.
If you meet these criteria, you can enroll in the Certificate IV in Real Estate Practice course conducted by an accredited institute. This course is delivered online, in person, or a combination of both. Depending on the delivery mode, you can expect to complete this course in 4 to 8 months.
The 5 core units of the course covers aspects such as:
- Preparation for professional practice in the real estate field
- Understanding legislation and ethics in real estate
- Establishing communication and marketing profiles
- Establishing vendor and buyer relationships
- Preparation for working with trust account
Once you complete all the modules in this course, you will receive a certificate of registration to practice as an assistant buyer’s agent.
In addition to holding the Assistant Agent license for 12 months, you will need to complete work experience tasks as required over a period of 12 months. This adds up to a total work experience of 2 years.
Once you have completed these requirements, you can apply for a Class 2 license with Fair Trading NSW by paying the prescribed fee. As a Class 2 licensed agent, you can:
- Act as a buyer’s agent to help your clients buy property
- Negotiate with vendors
- Collect deposits, rents, fees, and bond payments related to a contract or lease.
Acquiring a Class 1 license
To apply for a Class 1 license, you need to have worked as an Assistant Agent for 12 months and as a Class 2 licensed agent for 24 months.
You will also need to complete one of these diploma courses:
- Diploma of Property CPP51119
- Diploma of Property CPP50307 or
- Diploma of Property CPP51122
Buyer’s agents are also required to undergo CPD (Continuous Professional Development) training each year to continue to hold their Class 1 or 2 license.
As you know by now, you will need to complete the necessary training courses and obtain your license before you can start working as a buyer’s agent.
With the right training and qualifications, you can become an invaluable asset to your clients as a buyer’s agent.