Many Buyers Agents claim to have all the skill-set necessary to act as a professional real estate buyer. Before hiring someone to represent you, it is important to qualify who you are dealing with to ensure you are in good hands and getting great value for money.
Why is it important to qualify your buyer’s agent?
- Save you money through sharp negotiating
- Purchasing property that has a higher chance of capital growth
- Save time and resources by focusing on the right properties
- Informatively guide you though the whole buying processSo how do you qualify a buyer’s agent?
A professional buyer’s agent should have completed the following experience and academic qualifications:
- A minimum of 1 year of working in real estate, selling property
- Completed an agent’s representative course. This is usually a TAFE qualification completed over 5 days.
- Certificate IV in Property Services. This is for senior employees and principle agents, (full real estate license).
- The agency needs to be licensed for the company they are operating under
A great way to verify if the agent has completed the above is check the public register provided by Consumer Affairs Victoria. The register will disclose the agents full name, the type of license, license number, suburb the office is registered in and if the license is current.
Additional memberships like Real Estate Institute of Victoria memberships are important too.
Useful skills that will help the buyer obtain a wiser advisor:
Ensure your buyer’s agents owns a property or an investment themselves. It is important to deal with people that know what it is like to be in your shoes and not pressure you to make a decision you may not be comfortable with.
– Your buyer’s agent has built a home or understands the building process. When buying an older home, there could be many costs involved in renovation or simply bringing the property to a liveable standard. It benefits buyers if an agent can estimate the cost of repairs, this can also affect their understanding of putting the correct value on a property.
– Buyers and buyer’s advocates share a similar relationship to that of a sports athlete and a coach. For the athlete to make the right moves, they need a coach that understands the sport well and how to coach the athlete in making the right decisions. I’ve always liked the saying: ‘By crawling a child learns to stand.’ Truly experiencing the property market’s ups and downs, gives a buyer’s agent the ‘grey hairs of wisdom’ – education can’t offer. From experience, qualified buyer’s advocates can gain new knowledge and information that can better guide future real estate investment decisions.
– A wise buyer’s agent has a number of real customer reviews on external sites to their own website. Make certain the public has positive things to say. Google the agent’s name and see what comes up! It takes excellent customer service to have a good review. Good reviews can improve quality of service, demonstrate customer satisfaction and most importantly helps buyers identify advocates who are customer focused.
– Great knowledge of the local market is a must for a good buyer’s agent. Many companies from other states claim to understand the local Melbourne market. They hire sub contracts and take large risks hoping that everything works out well. Local buyer’s agents that have been raised in the city know the ins and outs of surrounding suburbs, the best places to live and invest in, the public transport system and access natural and man-made amenities that all add value to a property.
– A wise agent is a member of a real estate association – A good quality advocate must follow that particular association’s code of conduct and rules of practice. For instance, the Victorian Real Estate Institute of Victoria makes its members uphold a high moral and ethical standard, technical knowledge and personal development though in-house training programs. The main propose of an association keeps agents in check, so if a real estate agent makes a poor decision or acts unethically, he or she will be disciplined.
Before engaging the services of a Buyer’s Agent, it is important to confirm they are licensed to deal in property and have the correct authorization from consumer affairs and business licensing authority. This will ensure you have a favorable outcome and value added.
Real estate is a complex industry that requires years of training and in-depth knowledge of market trends. Buyers advocates need to undergo the proper avenues of education and must obtain a license after rigorous testing. In Victoria, it is against the law to practice real estate without a license – this includes agents who buy, sell, rent or property manage a home.
At Wise Realestate Advice we ensure all boxes are ticked and that sincere care is taken when providing a buyer with the wise advice and action required throughout the buying process. To speak to one of our friendly buyer’s agents click here to fill out an enquiry form or just simply call us on 1300 00 WISE.