Becoming a Buyers Agent?

N

Noodle

Hi All,

I'm seriously looking at the idea of getting my buyers agents licence for NSW to work part time alongside my existing business due to the direct synergy and demand from existing clients/colleagues.

I am however very much in the research phase still so would love the honest (feel free to be brutal) feedback from existing buyers agents and more importantly investors alike on the viability this idea.

Initially this would be undertaken on a limited part time basis, as it is not my primary business but something I would like to do on the side. The long hours and flexibility is not a concern for me as I am already self employed.

So my main questions are:

From both investor and BA perspective, is a full REA licence preferable or just the BA licence? I will only ever be representing the buyer so do not know what use the full REA licence will be.

What traits do investors/home buyers look for in their chosen Buyers agent?

Would you prefer to work with a relatively small business as most of the BA's featured on Somersoft operate, or with one of the bigger corporate style BA's such as Metropole, Property Buyer or momentum wealth?

Lastly, for those who have used a buyers agents services in the past, what areas if any did you feel were lacking or could have been of value to you.

Thank again, and any feedback much appreciated.

Noodle :)
 
What I would look for in a buyers agent is knowledge and experience. I'm willing to pay for knowledge and experience that I don't have.

The question is, if you're just doing it 'part time' 'on the side', how are you going to be any better than the average investor who does it part time and on the side?
 
Thanks Alexlee and sorry I should have clarified. When I say part time, I don't mean limited hours, I just mean that I will only take on limited briefs at any one time, and not the typical 5-10 briefs per BA I have seen a lot of individual BA's take on.

Essentially I have consistently been passing on a number of referrals to BA's through my existing business and see this as lost opportunity (for the sake of a licence), especially as it is something I have a lot of experience with from prior roles and from a selfish point of view something I also enjoy immensely (which obviously helps).

From an investors perspective I honestly believe, if you have time, skill, knowledge and proximity to the location to do it yourself, then a buyers agent is probably not the best option. However those IF's are plentiful and extremely varied.
 
Whilst clearly biased, I would typically prefer to go with a smaller Buyers Advocacy over a larger firm in any specialty field like this. As Alexlee has mentioned you are buying expertise, experience and knowledge and more often than not with the smaller companies you are dealing direct with the owner and not just an employee who may or may not care in giving you the best level of service. This certainly isn't to say an employee won't be great, but pound for pound I'd choose an owner vs employee any day of the week.
 
As far as I know, you will be required to do the entire real estate licence course to be a BA. There are no short cuts or different levels of licensing. If you only have a certificate of registration you are required to work for a licensed person.
 
Scott No Mates said:
As far as I know, you will be required to do the entire real estate licence course to be a BA. There are no short cuts or different levels of licensing. If you only have a certificate of registration you are required to work for a licensed person.
Click to expand...

This is actually what I thought originally, however turns out it is not the case. If you are only intending on ever representing the buyer you can complete a Buyers Agents only licence, however for reasons I am still yet to discover many existing Buyers Agents believe it is still better to get a full REA licence as well.

If anyone could clear this up that would be great, I know a few of the BA's have referred to this in previous threads.
 
Thanks Sim. I have actually spoken with someone at RETS who offer both licensing options in their courses, but still haven't found a definitive answer. I will certainly try giving REBAA a call.
 
Noodle said:
This is actually what I thought originally, however turns out it is not the case. If you are only intending on ever representing the buyer you can complete a Buyers Agents only licence, however for reasons I am still yet to discover many existing Buyers Agents believe it is still better to get a full REA licence as well.

If anyone could clear this up that would be great, I know a few of the BA's have referred to this in previous threads.
Click to expand...

Have a look at the REINSW website
http://www.reinsw.com.au/default.aspx?ArticleID=1707
Buyers agent course us about $1500

Whereas the full cousre is $2500
http://www.reinsw.com.au/default.aspx?ArticleID=1705
 
So basically a quick course with no prior knowledge in that field of work you can become a real estate agent and start selling/leasing?
 
Thanks Terry, clearly more core units within the full REA licence, although its still missing the CPPDSM4001A - Act as a buyers' agent unit. Which only adds to my confusion as you would think this unit would be fairly crucial.

Anyway I'll take my enquiries direct from here, but thought this thread might be of some use for others looking to eventually move into this relatively young industry.
 
John_ said:
So basically a quick course with no prior knowledge in that field of work you can become a real estate agent and start selling/leasing?
Click to expand...

Being qualified to do something, doesn't mean you'll necessarily be any good at it.

Also my understanding is you would generally need to be working in the industry in some capacity to complete the licence modules.


Under regulated or over regulated is a fine line, and if you compare it to places like the UK where no licence at all is required then at least its regulated to some degree.
 
I read "part time" and stopped...

I cannot express how serious you need to be if you wish to be a good BA; and if you don't want to be a good BA don't bother.

As far as licencing is concerned you need a full REA licence (if you're doing this alone) or at least agents rep certification. The BA is a module under the full licence but it only works if 1. your a certified agents rep and 2. you're working for a fully licensed practice.

To be a successful BA you need to work hard at creating relationships with selling agents and associated industry professionals. You need to know almost every suburb you choose as your area like the back of your hand. To the point where you can identify an individual property from memory when someone tells you the address. Without these factors your expertise isn't really expertise... It's just someone who buys slightly more property than someone that hasn't bought.

People count on your ability to find property before anyone else and get the deal before any other wood duck buyer out there does whilst dominating the selling agent so you get the best price.

You mentioned working with 1 or a few clients at a time... This won't work. You need volume to get leverage from REA's, conveyancers, building inspectors, depreciators and all of the other associated industry professionals... You mentioned referrals to BA's, so maybe you're already somewhat there with this bit?

Because of the above there's almost no time off from this job. Early mornings, late nights, weekends, 6-7 days a week, 70+ hours a week is standard; any less than this and you'll never make it. Networking, finding properties, inspecting properties, meeting clients, negotiating, the list goes on...

This job is frantic at times, exhilarating at others, hard work all the time but it is one of the most rewarding experiences of my life and it's an easy job to fall in love with.

Also, your PM said you'd call me... it's been a week and you haven't. As a BA you need to do exactly what you say you're going to do or people won't trust you with their hard earned coin. Also, as a BA if there's an opportunity you need to get on the phone immediately.

Appreciate that this is a bit of tough love; I want you to be a BA, it'll help grow our industry... but there is no half measure.
 
BA needs a good network a network where it alerts the BA before the general public if a BA has that it ain't no 6-7 day working week.
 
We're talking about someone wanting to start as a BA so they'll need to work that hard just to get the network.

I work with BA's that have been in the game for 17+ years and they still work 5-7 days a week. You can't stop a Sunday auction from going ahead just because it's your day off.

There's also a lot more to the job than just being notified about a property from one's network.
 
Jake Milne said:
First of all we're talking about someone wanting to start as a BA so they'll need to work that hard. Also I work with BA's that have been in the game for 17+ years and they still work 5-7 days a week.

You can't stop a Sunday auction from going ahead just because it's your day off.
Click to expand...

I think the OP should take your word on what is required rather than an individual making assumptions. From where I see it it's a tough gig - unless you get on TV :p

Oscar
 
Haha Cheers Osc. Yeah those TV BA's are hilarious. Sitting in a nice cafe, waiting for a magical phone call to let the buyer know they've just bought on their first offer. That's the life ahhhh.
 
Jake Milne said:
Haha Cheers Osc. Yeah those TV BA's are hilarious. Sitting in a nice cafe, waiting for a magical phone call to let the buyer know they've just bought on their first offer. That's the life ahhhh.
Click to expand...

What?? You mean that's not how it works? You must down 5 lattes a day with all the free time you must have. :D

Oscar
 
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