Embarking on the entrepreneurial journey of starting your own buyer’s agency is a commendable pursuit. If you are intending to set up your own buyer’s agency, you would need a full real estate agent’s licence in each State you intend to operate within – both for yourself as an individual, plus an agency licence for the company you will operate under if this is your preferred operating structure. If you are currently a “registered” real estate agent, then you would need to undertake further study and apply to become a “fully licensed” real estate agent. The Real Estate Institute in your State plus TAFE and some private institutions run training courses.
In setting up your buyer’s agency, you would need to identify your market of buyers to tap into, and develop your own client service methodology, which would define your business offering. One of the main differences between a selling agent and a buyer’s agent is the reporting to clients – there are a lot more written reports provided to buyers, than to vendors, essentially to mitigate risk.
As with any new business, you would want to put together a business plan covering market entry and growth strategies; service offerings and pricing model; market research; marketing plan; operations plan; management plan; financial plan and analysis; risk analysis; research and development. This is particularly important if you are planning to approach the bank for seed capital.
As every state and territory has differing requirements for real estate it is essential you take the time to find out what is mandatory for your area and what regulations apply . The above information is intended as a guide only.