Looking to start a career in real estate?
Real estate is not the simplest industry to enter into. It’s an industry that respects experience and connections, which makes beginning a career in real estate seem daunting.
Unsurprisingly, it is also one of the most competitive industries in Australia.
However, it’s also one of the most rewarding careers.
So, how do you start a career in real estate? We’re here to guide your efforts towards taking your first step into the fray.
Assess the different real estate career options
There’s more than one way to dip your feet into Australia’s massive real estate industry. From sales to finance, many areas can serve as a suitable starting point.
For some, the ideal career is closing property sales contracts. Others may prefer a more technical role in finance or mortgage brokering.
For brevity, here is an overview of the different career opportunities in property and real estate:
Real estate agent
Residential real estate agents mainly service homeowners as clients. Their day-to-day work ranges from hosting open houses to negotiating sale contracts.
Commercial real estate agents, on the other hand, focus their efforts on servicing businesses and companies that are looking for spaces to host or expand their operations.
At an entry-level position, real estate agents in Australia typically earn an average of $77,500.
However, because it’s structured to incentivise transactions, agents can earn upwards of $100,000 (and more) with the addition of commission bonuses, depending on the success rate of their contracts.
Becoming a successful real estate agent doesn’t happen right away though. There are strict state-specific requirements, from getting the proper certification for real estate practice to the necessary length of work experience.
The position of real estate assistant agent is usually a stepping stone to other fully-fledged real estate roles.
Assistant agents exist in supporting roles for the sales of residential and commercial property, managing real estate marketing campaigns, property management services, and buyer’s advocacy services.
The idea is to gain working experience in real estate activities and transactions to better understand how they work so that this knowledge can be applied when stepping into an independent role. Think of it as an apprenticeship of sorts, where you learn the ropes before taking on the full responsibilities of the future real estate role.
Property managers are called in to shoulder the responsibility of managing a residential or commercial property.
Some common responsibilities include:
- maintaining the property up to industry safety standards
- arranging for inspections and repairs
- ensuring legal compliance of property use
- setting rental prices and fee collection
- handling tenant issues and complaints
- making tax, insurance, and mortgage payments
Currently, property managers are in high demand in the industry, with over 54% of Australian properties engaging in a property management service, according to the Real Estate Institute of Australia (REIA).
Property sellers will sometimes engage the services of property auctioneers to sell their property at an auction.
Auctioneers facilitate the negotiation process for the sale of the property by receiving and managing buying offers made by multiple bidders. They work closely with the seller or the seller’s real estate agent to decide when to confirm the sale of the property based on the current value of bids and the instructions provided by the seller.
This is a high-pressure role that involves clever use of pricing strategies and will require an in-depth understanding of the movements of the real estate market and property valuation.
Buyer’s agents are a specialised subset of real estate agents that deal exclusively with property buyers. Unlike real estate agents who function in a more generalised capacity, buyer’s agents work to source out potential properties and present them to buying clients for purchase consideration.
A buyer’s agent’s services cover both home buying and investment purposes. Home buyers looking for a specific type of home in prime areas will get a buyer’s agent to assist them in finding and negotiating the best price for the future home. Similarly, buyer’s agents also help property investors look for high-value properties to build a successful real estate investment portfolio.
Finance and mortgage brokering
Working on the other side of property transactions, property finance and mortgage brokers provide home or investment loans to buyers for the purchase. While these roles are closely related to finance, they are still governed by state regulations due to their importance in real estate transactions.
Compared to a decade ago, there has been a 30% increase in Australian households that hold a mortgage on their property. Property costs across major cities and metropolitan areas are forecasted to continue rising, confirming the need for more robust property finance services in the near future.
Review your state guidelines
Each of the above real estate careers has its own set of qualifications and requirements that are specific for each state in Australia.
As an example, getting a Certificate IV in Real Estate Practice is a requirement to work as a real estate agent in VIC, but this certification will not apply to other states such as QLD, which requires a Real Estate Agent Licence.
Be clear about the exact certifications you need for your chosen real estate career in the state where you are planning to work. Some states may also have stricter requirements that may involve a certain order of getting the required certifications, so it’s important to research your role thoroughly and plan ahead.
Take your licensing exam
Once you have a clear checklist of what certifications or courses you need to pass, all that’s left to do is to study diligently and take the exams. Getting access to the right real estate course resources and educators can make all the difference in how quickly and successfully you will attain your certification.
Apply for your desired role
With all the necessary qualifications and knowledge under your belt, it’s time to start applying for a career in real estate. Whether that’s in property management, real estate agent services, or mortgage brokering, you’ll have the opportunity to start your real estate career in the right direction.
Start your future real estate career with comprehensive real estate courses backed by experienced agents in the industry. Entry Education offers real estate courses for qualifications in NSW, QLD, VIC, and all other states in Australia.