What formal requirements are there to be a Buyers Agent

It is essential before engaging the services of a Buyers Agent to confirm they are licensed or authorised to deal in property.

Training requirements vary from state to state, however to meet the minimal requirements to become a Buyers Agent, an agent must undertake a short course from the Real Estate Institute in their relevant state (these courses are also sometimes run by TAFE or private institutions).

Once the agent obtains the above qualifications they are able to receive a license from the Office of Fair trading in that state. In order for an agent to work interstate they are required to obtain a license from each state they wish to work within. This is due to each state having unique laws and licensing requirements in regards to property transactions, however an agent can use their prior qualifications to be granted these additional licenses.

Typically there are two license types, one used for employees of an agency (registration), and one for senior employees and agency principles (full license). In order for a Buyers agent to run their own agency, they require a full real estate agent’s license plus an agency license for the company they are operating under.

For more details you should contact the Department of Fair Trading in your relevant state to confirm the Agents license requirements. The Real Estate Buyer’s Agents Association of Australia (REBAA) also provides useful information in regards to training and licensing requirements.

Another related link that may be helpful is What to look for in your Buyer’s Agent.

About the Author: David is an avid web, finance and property geek who decided to combine these interests and found BAG in his spare time. If you have thoughts, issues or questions you can find him at LinkedIn, Google+ or alternatively drop him an email david at buyersagentguide.com.au

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