Become a Buyer's Agent

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.

Understanding the educational and training landscape is crucial for anyone aspiring to become a Buyer’s Agent, whether you plan to establish your own agency or work alongside experienced professionals. Each state in Australia operates under its own set of laws and licensing requirements regarding property transactions. To ensure you’re on the right track, it’s essential to begin your journey by contacting your state-based Department of Fair Trading/Business Licensing. For additional guidance and connections with reputable Buyers’ Agents, reach out to the Real Estate Buyer’s Agents Association (REBAA) or your local Real Estate Institute (REI). 

Did you know? Property legislation varies from state to state in Australia. A fundamental rule is that a Buyers Agent MUST hold a license in the specific state where they are making purchases. For instance, if they are based in Victoria and hold a Victorian license, they cannot buy property in Queensland unless they also possess a Queensland License.

In terms of training, the methods employed by businesses can differ significantly. Some organisations advocate a hands-on approach, pairing experienced Buyer’s Agents with assistant Buyer’s Agents in training. Others offer apprenticeship-style roles, providing a structured learning environment for new entrants. Ideally, undertaking an apprenticeship with a REBAA-accredited buyer’s agent/advocate who can mentor you through the early stages is highly recommended. Training courses are available through institutions such as the Real Estate Institute in your state, TAFE, and select private organisations.

Fast Fact: Currently there is no training on the market specific to Buyer’s Agents offered by a registered training organisation.

Currently, no registered training organisation offers market-specific training for Buyer’s Agents. However, Buyer’s Agents can hail from diverse backgrounds, each bringing unique skills to the table. Some of REBAA’s most experienced Buyer’s Agents hold tertiary qualifications in fields such as accounting, valuations, business, law, science, medicine, and nursing, among others.

At REBAA, we embrace newcomers eager to venture into the dynamic world of buyer’s agents. However, we are increasingly concerned about the rise of inexperienced entrants and the misleading allure of online non-accredited courses. These programs often fail to equip aspiring professionals with the practical skills essential for success, leaving them with unrealistic expectations. We urge you to tread carefully.

While the idea of moonlighting as a buyer’s agent might seem enticing, the reality is far more complex. It’s not just about purchasing property part-time while juggling another job. True expertise comes from hands-on experience and guidance from seasoned professionals. While some courses might offer insights, genuine mastery requires real-world immersion and mentorship from established buyer’s agents. It’s about more than talking the talk; it’s about walking the walk, exceeding client expectations, and building a fulfilling career in the buyer’s agents space.

If you’re concerned that your training provider isn’t delivering as promised, don’t hesitate to reach out to the Australian Competition and Consumer Commission. Your journey to becoming a successful buyer’s agent begins with the right foundation – one built on knowledge, experience, and genuine support.

Each State has its own laws and licensing requirements regarding property transactions, so you will need to hold a licence for the state that you will be buying property in. Generally speaking, there are two types of licences – a “registration” suitable for employees, or a “full licence” for agency principals. The terminology may differ from state to state. To get started, please make an enquiry with your state-based Department of Fair Trading.