The real estate industry is awash with opportunities, but online licensed real estate agents stand to benefit. Before opening your property management agency, you need to complete some assessments with a registered training organisation in Australia.
Upon completing the real estate training and passing the examinations, you acquire a real estate license to start practising.
If you have been wondering how to become a real estate agent in Australia, you are finally in good hands.
This post addresses important facts about becoming a real estate agent. You will learn what a real estate agent is, the duties and responsibilities of active real estate agents, the requirements to become a registered real estate agency in Australia and more.
Let’s dive in!
What Does a Real Estate Agent Do?
First, not everyone who works in the real estate industry is an agent. Different professionals working in the real estate industry include auctioneers, buyer’s/seller’s advocates, property inspections, and property managers.
Typically, a real estate agent can act as a broker or property management agent. The licensed real estate agent simplifies buying or selling a property. Active real estate agents connect property buyers and sellers, guide them through the transaction, and represent clients in legal negotiations. Generally, a real estate agent earns a commission, often a percentage of the property sale price.
The licensed property management agent manages the commercial properties on-site on behalf of the registered property owners. The property management agent earns a commission which is a percentage of the rent paid by the tenants.
How Much Does A Licensed Real Estate Agent Earn?
Most real estate agents earn on a commission basis. Other factors include splitting earnings with their sponsoring broker and the number of transactions completed.
While most real estate agents earn a commission, some will earn a base salary plus bonuses. That means how much a real estate agent makes depends on payment terms between the real estate agent and the client.
Property buyers do not pay the real estate agents directly; instead, the broker receives a commission from the total proceeds of the sale.
How To Become a Registered Real Estate Agent
Now that you understand what a real estate agent does, let’s dive into how to become a real estate agent?
Do Your Research
Many people search how to become a real estate agent out of curiosity, which often relates to the lifestyle associated with a successful real estate career.
Any successful real estate professional will tell you that success comes with hard work and extra hours, and typically, it may take months or even years. Besides, successful real estate agents enjoy helping property buyers and sellers.
Therefore, do complete research to find out what it takes to become a successful real estate agent.
Complete the Real Estate Industry Courses
Real estate training requirements differ from one state or territory to another. Therefore, you must review the courses based on the specific location you intend to kickstart your real estate career.
For example, to become a real estate agent in New South Wales, you must complete the assistant agent course, which comprises five units of study. Enrol at a registered real estate institute.
Complete a 12-Months Hands-On internship Under a Licensed Real Estate Agent
Upon completing the real estate agent training course at a registered training organisation, some states require that you gain at least 12 months of full-time experience under a property manager.
The internship opens the doors to tremendous career success as you gain invaluable knowledge working under the supervision of active real estate agents.
Working as an intern, you can practice what you learned and put the agency management skills gained into practice before opening your agency.
Apply for A Property Management License
Upon course completion, you must apply for a real estate license to work as an assistant agent in your state. Typically, a real estate agent’s license requirements vary from one state to another.
For instance, in Queensland (QLD), you must first complete the mandatory real estate training course. In Victoria, you must complete the course and a 12-months full-time experience as an agent’s representative.
Get Your Resume Ready
Once you have acquired the real estate license, you are ready to kickstart your real estate career. To secure the first interview, you need to fix your resume. Ensure you have included all skills and relevant work experience, knowledge and abilities in your portfolio.
While writing your CV, do mention any areas of specialisation. For instance, you may choose to deal in residential, commercial, or a mix. Stating the relevant real estate practice is critical to obtaining the right customers.
Hire Virtual Assistants for The Basic Operations
Much of the real estate agent’s work or responsibilities involve studying the market conditions. However, there is still so much to do at the back office. Most back-office operations involve repetitive tasks like making phone calls to other agents, preparing vendor reports, and sending open house invitations to prospective vendors.
Ideally, a real estate virtual assistant can handle such tasks, leaving you enough time to meet potential buyers, prepare for sales meetings, or study the property industry. The virtual representatives also act as agent representatives at some meetings.
If you want to become a real estate agent and open your own agency, you now understand what it takes. Remember to take courses relevant to your state and apply for a real estate license before opening your real estate agency. For qualified real estate virtual assistants in Australia, contact us.