Want To Be a Buyers Agent – What You Need To Know
I want to be a buyer’s Agent – How do I do that?
Buyer’s agents, also known as buyer’s advocates, help clients navigate the property market by assisting them in finding and purchasing properties.
Licensing is typically regulated so in NSW you need to register with Fair Trading and in Queensland the Office of Fair Trading (Both links are at the end of this article). So you need to ensure you meet the eligibility criteria set by those regulatory authority. This may include age requirements, educational qualifications, and other prerequisites but id you are feeling lazy we can assist so give the Enrolments Team at Validum a call 1800 848 911 (it’s a FREE consultation by the way and we cover all the competencies required to make this career leap for you).
Is a buyer’s agent a great career option?
You can build a thriving business as a buyer’s agent that could see you making a six-figure income even in your first year. We are serious it is possible; you just need to understand how and what it takes so here’s something to get you started.
Here’s are six (6) gold nuggets to make it happen:
- You need to understand you are going to be working not just with buyers but understanding the anatomy of sellers. Sellers can bring a lot of variables that you should be aware of. For example, you could be working with two parties working through a divorce settlement and the house you are looking to buy for your client is part of this. So, it is vital you know about the sales process so don’t neglect that information.
- No doubt as the name suggests the focus is buyers, but you’ll find the reason they are looking for your services is they could be time poor or need some expert advice. Not all people using a buyer’s agent are going to be investors or experienced buyers so be prepared you are the one getting paid to do their research and negotiating. So being savvy with all things financial and immersing yourself is a pre-requisite to success. For example, connecting with brokers and knowing about the mortgage rates and what it takes to get finance and the processes involved and connecting with people you can bounce off for resources and advice is critical. Remember you have to ensure a painless transaction as you are probably going to be their buffer in the deal so knowing that information and having the right people around you will make you look like a superstar and expert.
- Be prepared to do a lot of listening and note taking as you are going to be their guide to sourcing property to ensure their property interests are met. You’re acting on behalf of them so there needs to be a high level or respect and trust in this relationship so be prepared to nurture that role you have.
- To connect and build that relationship you’ll need to be prepared to spend a lot of time with your clients to deep dive into their lives and financial position, investment goals and lifestyle choices. There is a different mindset you need to bring into this transaction, so be prepared to invest yourself as you may not get the client on board after a few conversations it can take time to plant those seeds.
- As a buyer’s agent, it’s our primary job to research deeply and know much more than the client so do your due diligence. That’s a hard thing to get around as Google isn’t going to be your only resource, remember your client can Google too. So you need to nurture relationships with builders developers, land holders, investors groups, brokers, accountants, financial planners. You don’t want to be putting substandard properties in front of your clients or working with other parties that aren’t as professional and well versed as you are so ensure you choose these people wisely and do your investigating well.
- You need to set high standards and establish yourself as a trusted property advisor. Client relationships are the foundation to successful outcomes and long-term success in this field. You are providing services to ensure financial success, or a dream property so be passionate about what you do and ensure your negotiation and interpersonal skills are honed in. You cant go into these deals without being prepared and being well resourced. Being underdone in these areas will be seen right through you, clients are pretty well informed themselves so ask yourself what you can bring in that they wouldn’t be able to access themselves, that will prove your worth.
Advantages of a Buyer’s Agent Career:
- Helping Clients Achieve Goals: Buyer’s agents assist clients in one of the most significant financial transactions of their lives – buying a property. Helping clients achieve their homeownership or investment goals can be fulfilling.
- Flexible Schedule: While real estate work can involve irregular hours, buyer’s agents often have some flexibility in their schedules. This flexibility can be appealing to those who prefer varied work hours.
- Commission-Based Earnings: Buyer’s agents typically earn commissions based on successful property transactions. This means that as you gain experience and build your client base, your earning potential can increase and almost be limitless.
- Diverse Tasks: The role of a buyer’s agent involves a variety of tasks, including property research, client communication, property showings, negotiation, and transaction management. This diversity can keep the job interesting.
Challenges to Consider:
- Commission-Based Income: While commission-based earnings offer the potential for high income, there’s also variability and uncertainty. Income may not be consistent, especially for new agents or during market downturns.
- Market Dependence: The real estate market’s fluctuations can impact the demand for buyer’s agent services. Economic conditions and market trends can influence the availability of properties and the willingness of clients to buy.
- Competitive Environment: The real estate industry can be highly competitive. Success as a buyer’s agent often requires effective networking, marketing, and the ability to stand out in a crowded field.
- Client Expectations: Meeting and managing client expectations can be challenging. Clients may have high expectations, and successfully navigating the buying process requires effective communication and problem-solving skills.
- Before pursuing a career as a buyer’s agent, it’s advisable to gain a clear understanding of the real estate market in your area, the specific requirements for licensing, and the demands of the profession. Networking with experienced professionals, seeking mentorship, and staying informed about industry trends can contribute to success in this career.
How much do buyer’s agents make?
The earnings of a buyer’s agent can vary however, it is common to receive a percentage of the purchase price or a flat fee. Give the team at Validum a call as our trainers are also Buyers Agents and you can have a chat to them about how this all works as well.
Want to be a buyer’s agent talk to the team at Validum on 1800 848 911 and we can provide a FREE career consultation and talk about what you need to get started.