What is a buyer's agent in Queensland real estate?
A buyer's agent represents both owner-occupiers and investors who are looking to buy a property. As opposed to real estate sales agents, they do not represent sellers. Get started today, learn more about completing a registration course with the REIQ here.
Property buyers may decide to use a buyer's agent to negotiate directly with real estate agents over the purchase of a property, or to find and evaluate a property because they are unable to do so themselves - perhaps because they don't have time or live elsewhere.
Buyer's agents might provide a complete service, or they may simply be engaged to bid on a buyer's behalf at an auction. For property investors, the buyer's agent service would involve more data analysis and interpretation, with the goal being the highest possible rental yield and capital growth.
First up, check out whether you are eligible to work in real estate through the Office of Fair Trading (OFT), which has eligibility requirements for people wanting to work in real estate.
The next step is to choose which course is right for you. For those who wish to work under a principal licensee, only a registration certificate is required. If you want to operate independently as a principal licensee of a buyer's agency, you'll need to study for a full real estate licence.
Once you've finished your course and received your statement of attainment, it's time to apply to the OFT for your certificate. This process can take up to six weeks.
Registering as a real estate salesperson or applying for a full real estate licence will require formal identification. You will also need to pay certain fees when you lodge your application.
How to get started
Much of what you need to get started as a buyer's agent is taught to you in your real estate training.
Successful buyer's agent Joanna Boyd says buyer's agents will need to have a thorough understanding of what paperwork needs to be done and what actually happens through each step of the sale process.
"For a lot of the work, though, you're really learning on the job," she says. "Try to work for an established buyer's agency where there are multiple employees to learn from. Learn the terminology, the process, what each part of the agency does."
Negotiation is a vital part of the buyer's agent's role, and practice makes perfect. If you don't have experience in negotiating, no stress - Boyd says it all "comes down to practice and confidence".
"Stick to the client's brief and understand what their end goal is. As a buyer's agent you need to not get emotionally invested, instead, follow your client's directions at all stages. Sometimes it's just about being a bit ballsy, and not taking things personally."
And as any buyer's agent will tell you, there's hardly anything more rewarding than finding someone their new home.
Become a buyers agent today by completing a registration course with the REIQ, click here to get started!
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