How to Become a Buyer’s Agent PDF  | Print |  E-mail
Education & Training requirements

The minimum training requirements vary from state to state, but generally speaking is a short course run by the Real Estate Institute in your State plus TAFE and some private institutions. Successful completion of this course would then entitle you to become a “registered” buyer’s agent or real estate agent with the Office of Fair Trading in your state.

Further study can be undertaken through the same channels to become a “fully licensed” buyer’s agent or real estate agent, with an appropriate upgrade of licensing through the Office of Fair Trading.

If you are starting your own Buyer’s Agency, a Degree in business to aid in running your own business, including some Marketing units, would be beneficial.

In terms of training, it is essentially “on the job”. However, buyer’s agents can come from many different backgrounds – each offering their own benefits which can be transferred and utilised as a buyer’s agent. Client service or professional services experience can aid in managing clients; research and analysis can aid in finding and assessing properties; risk management can aid in managing contracts; and selling agent experience can aid in negotiating contracts. Past property investment experience can also be drawn upon.

Licensing

Each State has its own laws and licensing requirements regarding property transactions, so you will need to hold a licence for the state that you will be buying property in. Generally speaking, there are two types of licences – a “registration” suitable for employees, or a “full licence” for senior employees and agency principals. The terminology may differ from state to state. To get started, please make an enquiry with your State-based Department of Fair Trading.

Professional Standards

All members must be committed to certain standards as outlined in the REBAA Code of Ethics and Standards of Practice, which can be viewed in the Professional Standards section of this website.

Starting your own Buyers Agency business

If you are intending to set up your own Buyer's Agency, you would need a full real estate agent's license - both for yourself as an individual, plus an agency license for the company you will operate under. If you are currently a “registered” real estate agent, then you would need to undertake further study and apply to become a “fully licensed” real estate agent. The Real Estate Institute in your State plus TAFE and some private institutions run training courses.

In setting up your Buyer’s Agency, you would need to identify your market of buyers to tap into, and develop your own client service methodology, which would define your business offering. One of the main differences between a selling agent and a buyer’s agent is the reporting to clients – there are a lot more written reports provided to buyers, than to vendors, essentially to mitigate of risk.

As with any new business, you would want to put together a Business Plan covering market entry and growth strategies; service offerings and pricing model; market research; marketing plan; operations plan; management plan; financial plan and analysis; risk analysis; research and development. This is particularly important if you are planning to approach the bank for seed capital.