Becoming a Buyers Agent?
- Thread starter Noodle
- Start date
Now if only you knew the truth behind the cameras
Veronica and Bryce are friends and colleagues of mine and I hear what REALLY goes on..... sure they're not engaging in full-blown searches but don't forget these buyers apply to the show for a bit of FREE extra help and some TV face-time. It's all about entertainment at the end of the day Noodle, suffice to say that Jake is right- if you want to make it as a BA it's not a part-time business. Take it from me
The minimum costs of running a business properly alone are too much to even consider doing it "on the side". Why not ask a bigger agency if they have any vacancies for a trainee or PA to develop a "feel" for the profession before you jump right in? You might then appreciate the truth about the time, effort and risks involved in this industry. * Please don't ask us however. We have no need for inexperienced staff though we are always open to those who have sales or BA experience minimum 12 mths
I also disagree that a partial licence is sufficient. Here in NSW (I know other states are different) whilst you only need the BA partial licence any BA worth their salt would have the full licence. Learning the sales and PM side of things is truly valuable, as well as the other modules including trust accounting (for when you may expand your business here) and small business practices.
Speaking as REBAA President, I can also tell you that because every state and territory is different with their respective regulations and qualifications regarding buyers agency it is difficult to have a "national qualification standard" for BAs. I would suggest, however, that you seek a competent level of training if you want to obtain the most out of your training and conduct the course face to face with REINSW or a similar training facility. Best of luck.
Thank you very much Jacque, that is exactly the answer I have been searching for all this time. I have spoken to literally half a dozen buyers agents this week alone, and none were able to answer that question for me. More than likely because they are all ex sales agents so probably had the full licence anyway.
Hi Bigtone,
My primary business is a relocation agency for overseas nationals moving to Australia and is something I do not intend to give up as it is also very interesting and rewarding.
Clearly there is a direct synergy and whilst I could easily continue to refer on business, I thought I should least explore the option of getting my own BA licence.
I appreciate it is a lot of hard work, but still seriously considering it.
Thanks Jake really appreciate the honest feedback
Re the PM lol. You sounded a bit like an ex girlfriend I once had for a second
In all seriousness though I actually spent most of Easter weekend with a BA friend who answered a lot of my questions, so apologies for not calling. Although I certainly know who to call if I have any VIC specific q's.
Well now that we know this I agree that there is much to be related here and, given sufficient manpower, you could certainly utilize a BA arm in a relocation business. Best of luck with it all Noodle
In NSW up until a few years ago you could do an abridged course and hold a restricted license allowing you to only buy real estate not sell it ie be a buyers agent. There was no need to hold a ful RE license or be suprevised but I think this was being transitione out. link to NSW fiartrading will answer it.
http://www.fairtrading.nsw.gov.au/Property_agents_and_managers/Qualifications/Buyers_agent.html
As to the part time thing ussually I would agree with your sentiments but I actually do know a very good BA who does 2 or deals a month. Just laser focussses on one area and does it part time Wednesday's and Saturdays and after hours. She is very good with areal passion for eal estate just doesnt want it to be a full ime gig. Started out just doing it for family and friends for free then started getting referrals etc so has been 100% organic growth.
It's no problem at all Noodle, I didn't mind that you didn't call but just wanted to point out how I thought it reflected your attitude.
It sounds like you're doing your homework which is great. I think you'll find if you did some work as a BA you'd like it more than your current business
It sounds like you're doing your homework which is great. I think you'll find if you did some work as a BA you'd like it more than your current business
Thanks Jake really appreciate the honest feedback
Re the PM lol. You sounded a bit like an ex girlfriend I once had for a second
In all seriousness though I actually spent most of Easter weekend with a BA friend who answered a lot of my questions, so apologies for not calling. Although I certainly know who to call if I have any VIC specific q's.
Thanks Marty, glad to know I'm not completely crazy lol. I was always brought up with the attitude of "where there's a will, there's a way" so will keep researching and see.
It's no problem at all Noodle, I didn't mind that you didn't call but just wanted to point out how I thought it reflected your attitude.
It sounds like you're doing your homework which is great. I think you'll find if you did some work as a BA you'd like it more than your current business
Fair enough, although I like to consider myself a man of my word, so a little embarrassing.
Re the try before I buy, I have actually occupied a similar role overseas so know it to be rewarding, although given my existing business feel it would be pretty difficult to do it for anyone else but myself.
Other than licensing, relevant insurances, industry memberships, data subscriptions and time are there any other glaringly obvious costs I have not accounted for specific to being a BA? Bearing in mind I will be doing no marketing/website etc as this is purely to service existing clients.
With all due respect I'd be avoiding a BA who only works 2 days a week... what about all the listings that hit the market on Tues, Thurs and Fridays? Also there would absolutely be properties she has to pass over for lack of availability to inspect... meaning her clients miss out on potential possibilities here.
To give a very simple example: Our BA, Cathy, recently found about a hot new listing on a Thurs morning- inspected it later that same day and was able to get clients through and do CMA, negotiations and DD on property on Friday. By 5pm Fri she had the deal done and exchanged early Sat morning, with the buyers who turned up at the first open on that same Sat afternoon being bitterly disappointed to have missed out on this one.... no doubt your friend would have been inspecting it for the first time on the Sat...
No disrespect intended (and I'm sure she's lovely and I don't doubt her passion) but her paying clients cannot possibly be reaping the entire benefits of a BA service by only being attended to on a part time basis. I stand to be corrected but I certainly wouldn't be hiring anyone who admitted that's the only time they spent "working".
Hi Noodle
I don't think you've missed any major costs.... except for 10 cafe latte a day
...and a new BMW hehehe...
I agree with Jacque and Jack about the part-time bit. In your situation though, this may be viable as long as you have flexibility to be 110% available for a period of time if the situation demands. If you'd worked for another agency under a limited license they would definitely expect (and rightly so) for you to be full-time. If you work for yourself and have the flexibility coupled with a limited flow of new business then this should work?
NB: don't skip on a good website though...
Good luck with it
Paul
I don't think you've missed any major costs.... except for 10 cafe latte a day
...and a new BMW hehehe...
Just picked up my new beemer on Saturday haha.
For me mostly investors. Probably about 70/30. Most home owners are locals but want help with searching as they're time poor or want help with off market deals and negotiating.
We run on average 50/50 with ratio at the moment 60/40 favouring home owners. There are a LOT of home owners out there who simply don't have the time, the local knowledge or the persistence to get into the market on a fair footing. I enjoy helping both, but get a special kick out of home owners especially when they bestow hugs on me at auctions
It's very satisfying!
About 50/50 here too. Although I would say the upper end of the market for me is most definitely primary residence dominated, but that is simply reflective of the areas I typically operate within.
For me the homeowners are usually referred to me because they are time poor and know it takes a lot of time and effort to proactively source the market for the best options (not just browsing the property web portals), although I do get a of a lot of expats too these days. Investors can be for all kinds of reasons, but more often than not they just need someone on the ground who has a nose for a good local deal, or at least knows how to manufacture one.
For me the homeowners are usually referred to me because they are time poor and know it takes a lot of time and effort to proactively source the market for the best options (not just browsing the property web portals), although I do get a of a lot of expats too these days. Investors can be for all kinds of reasons, but more often than not they just need someone on the ground who has a nose for a good local deal, or at least knows how to manufacture one.
