NEW TO REAL ESTATE IN NSW – WHAT YOU SHOULD KNOW…
To work in the real estate industry in NSW, individuals typically need to complete the required educational and licensing requirements. The qualifications and steps may include:
Statement of Attainment in Real Estate Practice (Assistant Agent): Some educational providers in NSW may offer courses designed to provide foundational knowledge and skills for those entering the real estate industry. The exact title of the course may vary, so it’s essential to look for programs that cover relevant topics.
Real Estate Certificate of Registration Course: This is a mandatory course for individuals looking to work in the real estate industry in NSW. It covers the fundamental aspects of real estate practice and is a prerequisite for obtaining a Certificate of Registration.
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Real Estate Licensing Course: To become a fully licensed real estate agent, individuals need to complete a more advanced licensing course. This is a higher level of qualification and is required for those who wish to operate their own real estate agency or act as a principal agent.
It’s crucial to choose a reputable educational provider like Validum Institute.
Link to website www.validum.edu.au
Advantages to being in real estate – Income Potential: Real estate can offer significant income potential, especially if you’re successful in closing deals and building a client base. Income can be uncapped and your hours of work can be flexible depending on which area of real estate and office you may work in.
You need to be good at – Networking and Sales: Success in real estate often requires strong networking and sales skills. You’ll need to build relationships with clients, understand their needs, and effectively market properties.
Another great advantage is – Flexibility and Independence: One of the attractive aspects of a real estate career is the potential for flexibility and independence. You may have control over your schedule and how you operate your business.
It’s not always suits and coffees- Be aware – Competition: The real estate industry can be highly competitive, with many agents vying for clients and listings. You’ll need to differentiate yourself and provide excellent service to stand out.
You need to research – Market Knowledge: A successful real estate agent needs to have a good understanding of the local market trends, property values, and regulatory environment.
Before pursuing a career in real estate in NSW it’s essential to research the local market, understand the requirements for becoming licensed, and consider whether you have the skills and temperament for the profession. While real estate can be a rewarding career for some, it may not be the right fit for everyone.
The real estate industry can have various positions and roles that may be considered as supportive or assistant roles. In NSW, there are two real estate licence classes, and here we look at the difference between Class 1 and Class 2 real estate licences.
Common roles within a real estate agency in NSW include:
Real Estate Sales Agent: This is the primary position involved in property sales. Sales agents work with clients to buy or sell properties.
Property Manager: Property managers handle the leasing and management of rental properties on behalf of property owners.
Real Estate Assistant: Some real estate agents or agencies may have administrative or marketing assistants who support the overall operations of the business.
If the term “assistant agent” is specific to a particular agency or has emerged as a new role or title since my last update, it would be advisable to check with local real estate agencies in NSW for the most accurate and current information.
To get a clear understanding of any specific job title or role, it’s recommended to review job descriptions provided by individual agencies or contact relevant industry associations in NSW for the latest information. Additionally, checking online job platforms or contacting local real estate agencies directly can provide insights into the current job market and available positions.
Why are their two classes of licensing in NSW real estate?
Class 1 / Class 2 real estate licence
The Certificate of Registration is the entry level registration needed before you can work as an Assistant Agent in NSW under the supervision of the Licensee in Charge of an agency (who needs to hold a Class 1 Licence).
The maximum term of the Certificate of Registration is 4 years. Within this 4 year period, a Certificate of Registration holder is required to complete the CPP41419 Certificate IV in Real Estate Practice qualification and apply for a Class 2 Real Estate Agent Licence (if they want to remain in the industry).
A Certificate of Registration holder must have a minimum of 12 months experience working as an Assistant Agent before they can progress to a Class 2 Licence.
A Class 2 Real Estate Agent Licence will allow you to act as a real estate agent, and otherwise perform all the functions and activities of a real estate agent in sales or property management – including but not limited to negotiating with clients and vendors, collecting rent, deposits, bond payments and fees related to a lease, licence or contract etc..
But a Class 2 Licence holder cannot open or manage a trust account, or act as the Licensee in Charge of an agency.
A Class 1 Real Estate Agent Licence allows you to carry out the same authorised activities as a Class 2 licence holder, PLUS act as a licensee in charge, work for yourself as an independent agent, and open and authorise trust account transactions.
The Class 1 Licence is the highest real estate licence issued by NSW Fair Trading.
You need to complete a CPP51122 – Diploma of Property (Agency Management) and hold a Class 2 Licence for at least 2 years before you can apply for the Class 1 Licence.
Whichever Class of NSW real estate licence you’re aiming for, it’s important that you enrol and study with a Registered Training Organisation (RTO). Once you complete your training program, you’ll undertake assessment. Then, when you pass with flying colours, of course, you’ll take your certificate of completion to Fair Trading NSW and be issued with your real estate licence.
Other Reading and Research To Look At…
- NSW FAIR TRADING https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/licensing-certification-and-qualification/Licence-types-and-classes/real-estate-agent-licence
- REAL ESTATE LICENCE NSW https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/licensing-certification-and-qualification/applying-for-a-licence-or-certificate
- VALIDUM INSTITUTE validum.edu.au (NSW Courses)
- WANT TO BE A BUYERS AGENT https://www.validum.edu.au/want-to-be-a-buyers-agent/
- EVERYTHING YOU NEED TO KNOW ABOUT BEING IN NSW REAL ESTATE https://www.validum.edu.au/everything-you-need-about-getting-into-real-estate-in-nsw/
Contact us anytime on 1800 848 911 for your FREE REAL ESTATE CONSULATION or visit www.validum.edu.au for more information.
