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Today's listener question opens up a very popular discussion topic.... buyer's agency.

James writes in to ask the Trio about a change of career... from carpentry to Buyers Agency. He's unclear of the pathway into the industry and he's keen to know how to be a great Buyers Agent.

Cate shares some information with our listeners, from state/territory based qualification requirements to online groups and portals. Firstly, Cate steps listeners through the training and licensing regimes in Victoria, separating out the formal classroom training from the 'apprenticeship'. The difference between a regular Buyers Agent and a great one comes down to dedication, mentorship and commitment to learning the technical skills required.

The Trio discuss some of the barriers to entry and the challenges that budding Buyers Agents face; from study to the difficulties of running a business, salary expectations and lack of financial safety nets. Cate talks candidly about the hardest parts of the role for those who decide to embark on Buyers Agency as a career.

"The three toughest things are.... the hours, the hours and the hours."

Dave used to run a Buyers Agency with Property Planning Australia many years ago and he draws upon some of the key attributes that the successful BA's had. He outlines five attributes and relates them to a successful client journey.

Dave asks Cate to articulate what she meant by 'responsibility and liability' that a BA carries. 'Caveat Emptor', as Cate describes it is the risk that a buyer takes on when purchasing a property. Cate also outlines some of the potential nightmares that need to be identified in the pre-purchase due diligence phase.

She describes her work tasks as 40% communication with clients, agents, legals and others, 40% due diligence, 20% actually looking at properties.

Cate wraps up the episode with some recommendations for budding BA's, along with some of the worst mistakes and poor assumptions some make.

And our gold nuggets……

Cate Bakos's gold nugget: The three ingredients for a great buyers agent are:

1. Commercial grit - be able to negotiate well and stare someone down
2. Analytical ability - you need to be great with spreadsheets and data
3. High EQ - you must be very good at putting yourself in someone else's shoes and genuinely relating to them

Dave Johnston’s gold nugget: "Expect it to be bloody hard work. Just like any profession at the high end."

Mike Mortlock's gold nugget: You can't disclaim away your area of expertise. Being cognisant of the reasons why people engage a BA is really important for every BA.

Show notes: https://www.propertytrio.com.au/2023/09/25/breaking-into-buyers-agency/