Starting a Property Investment Agency

[KidGeeq]

Hi guys

I am in the process of starting a property investment agency

The purpose of the business is to assist people in purchasing homes and investment properties. We will work as middle men between the purchasers and the vendors/real estate agent/developers etc. Our role is simply to help you find a property and then guide you through the settlement processes. We will charge clients a fee for our services. We will not sell houses to clients directly. We work as a sort of agency. My questions is: What type of license is required for this type of business [VICTORIA]? What steps will I have to take to start such a business?

Thanks in advance.

 

[sanj]

I'm curious and genuinely don't want to be too harsh here but what do you have to offer prospective clients? Based on a thread you started only 12 months ago you don't have cash or experience or many contacts, why should someone pay you to be a middle man?


http://somersoft.com/forums/showthread.php?t=94432

 

[D.T.]

As per what Sanj said

Also, to do as you described, you're better off being a buyers agent. This will be seen as a lot more legitimate and does majority of what you're describing.

 

[KidGeeq]

Fair question.

Relative to a majority of first home buyers and first time investors I have relatively more experience within the process of purchasing property. Furthermore, although my personal portfolio is not that large I have assisted countless people in the entire purchase of homes and investment properties.

My clients are usually those who lack basic knowledge of property investment due to language and educational barriers but have funds that they wish to invest in property or in a new home. As such the role of my business would be providing guidance through a complicated process. It is something I have been doing regularly over the past couple of years. Essentially i want licensing to legitimatize something I am already doing.

I will look into licensing requirements to be a registered buyers agent.

Cheers.

 

[Scott No Mates]

As a buyer's agent the licensee will require a full agency licence and anyone dealing with the public will also need to be suitably qualified.

 

[Xenia IM]

whether you need a license will depend on who you care getting paid by.
If you are receiving income directly from a purchaser for the sale of a property that is either sourced or sold by you, you will need a license.

If you are receiving money that is on behalf of someone else, ie a landlord or vendor, you IN ADDITION need a trust account.

If you are getting paid from an agent or a developer for referring business, the short answer is you need a license to make it easier. HOWEVER - there are ways around that one as the laws are grey.

 

[Jacque]

Fair question.

Relative to a majority of first home buyers and first time investors I have relatively more experience within the process of purchasing property. Furthermore, although my personal portfolio is not that large I have assisted countless people in the entire purchase of homes and investment properties.

My clients are usually those who lack basic knowledge of property investment due to language and educational barriers but have funds that they wish to invest in property or in a new home. As such the role of my business would be providing guidance through a complicated process. It is something I have been doing regularly over the past couple of years. Essentially i want licensing to legitimatize something I am already doing.

I will look into licensing requirements to be a registered buyers agent.

Cheers.

Hi Kid

I would strongly recommend, if you have a genuine interest in earning an income from buyers agency (rather than selling real estate) to start out as a PA/rep with an already established agency, to see if this career is really for you. Check out positions on seek.com.au or contact buyers agencies directly to see if they have any openings for these roles. Starting out as a research assistant and/or PA can provide a good insight into the role of a BA and you can then decide if it's right for you. This link on "How to become a buyers agent" in each state of Oz might be of assistance http://rebaa.com.au/join/how-to-become-a-buyers-agent/

 

[KidGeeq]

Hi Kid

I would strongly recommend, if you have a genuine interest in earning an income from buyers agency (rather than selling real estate) to start out as a PA/rep with an already established agency, to see if this career is really for you. Check out positions on seek.com.au or contact buyers agencies directly to see if they have any openings for these roles. Starting out as a research assistant and/or PA can provide a good insight into the role of a BA and you can then decide if it's right for you. This link on "How to become a buyers agent" in each state of Oz might be of assistance http://rebaa.com.au/join/how-to-become-a-buyers-agent/

Thanks Jacque! This is exactly what I was looking for.
Cheers

 

[marg4000]

You will need professional indemnity insurance.
Marg

 

[Sean M]

Hi Kid,

Good luck mate do your research and make sure you have a business plan before you do any thing. Jacque has posted some great advice. Also suggest you talk to others who are in the industry to see how they got started.

Cheers

Sean

 

[Jake Milne]

I agree with Jacque. Go and get your reps certificate from the REIV (one week full time course) and then go and get a job with an established advocacy company to learn the skills you'll need and to gain the experience necessary for your full licence.