Engaging a buyer’s agents is no longer for the rich and famous. More buyers can foresee the benefit of having an agent in their corner to help find the right property, negotiate the best price, and ensure the settlement process goes as smoothly as possible.
Buyer’s agents are rising in demand. With the potential for lucrative salaries and commissions (and Australia’s competitive market) it’s no surprise that many salespeople are making the transition to the role.
While many of the skills and experience of a seller’s agent are transferable to a buyer’s agent, there are plenty of differences that you’ll need to be aware of.
Why are real estate agents switching from selling to buying?
According to the Property Investment Professionals of Australia (PIPA), the number of buyer’s agents in Australia has doubled in the last 10 years. Many of these are seller’s agents who have decided to make the switch.
The appeal of becoming a buyer’s agent includes that you will be making a positive difference in someone’s life. The home-buying process can be stressful and convoluted, particularly in Australia’s competitive market, where supply isn’t meeting demand and house prices are higher than ever. Having a skilled buyer’s agent to represent buyers is invaluable to helping them buy their dream home at the best price possible.
Statistics show that buyers are recognising the advantage of enlisting a buyer’s agent, with PIPA revealing that 40% of Australian first-time buyers considered working with one in 2023.
How long does it take to go from being a seller’s agent to a buyer’s agent?
The time it’ll take to shift your real estate career will depend on your prior experience and goals for the future.
Your transition will likely be quicker if you already have several years of experience in the real estate industry and are going to work for an established buyer’s agency. In this case, your new career could begin in just a few months.
For those with limited experience or wanting to start up their own buyer’s agency, the transition will likely take a little longer.
A guide to switching from Sellers Agent to Buyer’s Agent
1. Get qualified
If you haven’t already, you’ll need to obtain a full real estate licence specific to your state, or a CPP41419 Certificate IV in Real Estate Practice.
2. Get some experience
You’ll already have a good idea of the real estate industry from your experience as a seller’s agent, but you should get some real-world experience as a buyer’s agent to understand how the home-buying process works on the other side.
Gaining experience before starting work will also help you to hone the skills required to be a successful buyer’s agent, such as communication, negotiation, and attention to detail.
3. Build connections
Build long-lasting relationships with real estate agents who can give you tips about property listings (especially before they go on the market), and loyal clients who may work with you again or recommend your services to other people. You may even consider getting a mentor if you are very new to the industry.
4. Reprogram your thinking
If you’ve been working as a seller’s agent, you’ll need to switch your mindset so that you are acting in the buyer’s best interests, rather than the seller’s. You’ll need to get used to analysing properties and walking away from them if they don’t meet your client’s needs. You’ll also need to perfect negotiating for the fairest price and to secure a mortgage.
5. Research the market
A buyer’s agent who is on top of their game will stay on top of industry trends and local market listings. Local knowledge provides preparation to carry out inspections of potential properties, assess risk, and back up all your recommendations with accurate facts.
6. Decide how you’ll transition
Once you’re ready to start work as a buyer’s agent, you’ll need to decide whether you want to work for an established buyer’s agency or start your own. Working for an existing company may be beneficial at first so that you can gain real-world experience, but starting your own could bring more freedom and financial benefits if you are skilled and experienced enough to do it.
7. Take a short course
To get an edge on other buyer’s agents and set yourself up for a successful and rewarding career, Entry Education offers a Buyer’s Agent course.
Our specialised training course will give you the essential knowledge and skills to build your career upon, plus practical exercises to help you test your skills through real-world situations. After completion, you will be well-prepared for a buyer’s agent career where you represent your clients professionally, ethically, and stand out from your competition.
As the leading real estate training organisation in Australia, our real estate courses will prepare you to work as a buyers agent in New South Wales, Queensland, Victoria, South Australia, Western Australia, and the Australian Capital Territory.
To find out more about our courses, contact us by calling 1300 799 447 or fill in our online enquiry form.
