Property investors are increasingly turning their skill for spotting a bargain into a lucrative career as a buyer’s agent. We spoke to a panel of experts about how this career choice can work for you.
An investor who finds themselves being able to easily add property to their own portfolio can find similar success in the buyer’s agent space where they can help others buy property, according to Buyer’s Agent Institute CEO Ben Handler.
Speaking on Smart Property Investment’s webcast How To Make Money From Picking Properties, Mr Handler explained a buyer’s agent acts just as aggressively and strategically as a real estate agent, except they are representing the interests of a buyer.
“A buyer’s agent is there to independently and exclusively represent the buyer, and whether it’s for purchasing a family home, or whether it’s for an investment or even helping a developer find a site, the buyer’s agent is there to represent the best interests of the buyer and also is remunerated by the buyer,” Mr Handler said.
The key skill for a buyer’s agent, Mr Handler said, is “being very, very good with people” to the point where they become similar to a psychologist as they need to manage emotions.
“Even for people who are buying for investment purposes, there’s this bit of illusion that you’re not using emotion when you’re buying for investment,” Mr Handler said.
“However, you’re trying to reach a financial goal for investment, you might want to retire early or reach some sort of financial freedom, so you’re dealing a lot with emotion, so I think trying to manage people, their expectations and coach them and nurture them and look after them is a really important skillset of the role.”
Past this, a good buyer’s agent also needs to have integrity, he said.
“You’re playing with a lot of money for people, so just making sure that you’re always being diligent and putting the client first to make sure that you’re operating with just high integrity.”
A passion for property is also needed, but there is no underlying vocation that a potential buyer’s agent needs to be trained in before they can start learning to become a buyer’s agent.
“A lot of people love investing and property, so a lot of those people, they may be an engineer or they could be in healthcare or transportation, but if they understand property, they’ve got the passion, they can monetise that and turn buying property into a career,” Mr Handler said.