Breaking Into Buyer’s Agency (and Other Advisory Roles) – How to Start, Survive, and Thrive (Ep. 224)

Previously known as “The Property Planner, Buyer and Professor”

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Highlight segments:

4.50 – James’s listener question

7.40 – Mike talks about some of the pathways that he sees people take, both good and bad.

15.00 – Dave asks Mike about his thoughts on what the biggest barriers are

17.40 – Cate shares a hint of next week’s show

18.40 – Cate candidly shares the reasons why some BA’s can’t cut the mustard

21.55 – Dave recalls some of the observations he made about Buyers Agency when he ran this function within his business many years ago.

27.05 – Dave asks Cate to talk about some of the potential nightmares that Buyers Agents need to be able to identify in their due diligence.

29.20 – Mike shares some thoughts on how someone can get started with pursuing a career in BA

30.45 – Cate talks about some of the biggest mistakes budding BA’s make.

33.01 – And our gold nuggets!

Show notes:

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.

James’ question: 

LOVE the podcast and all the great content you are providing. I feel like I have learnt SO many valuable things not just in and around property but in mindset, finance and life from it so thank you for that I am very grateful. It has changed my life in a positive way and my passion for property grows the more I learn.

I am currently rent vesting with 1 investment property, a registered carpenter with my own business but feel I am being pulled more towards the property industry. I have read as many books as I can, I listen to property podcasts and am trying to educate myself in this space as much as I possibly can. 

I would like to eventually become a buyer’s agent, but the pathway is still unclear on how to achieve this. Not to only become a buyer’s agent but to be a great one. 

Where and how can I learn these skills and if you had any advice for me starting this journey what would that be? Anything you could share on this would be greatly appreciated. 

  1. State-Based Qualifications: Victoria Edition

    • Cate breaks down the two-pronged approach to becoming a Buyer’s Agent in Victoria. Discover the difference between formal classroom training and the apprenticeship phase.
  2. The Making of a Great Buyer’s Agent

    • Cate shares that the key to excelling in this role boils down to dedication, mentorship, and a commitment to mastering the technical skills.
  3. Barriers to Entry

    • The trio discuss the hurdles that new Buyer’s Agents may face, including education requirements, running a business, and salary expectations.
  4. Reality Check: Hardest Parts of the Role

    • In a candid moment, Cate outlines the three toughest aspects of being a Buyer’s Agent: “The hours, the hours, and the hours.”
  5. Attributes of a Successful Buyer’s Agent

    • Dave reminisces about his days running a Buyers Agency and highlights five attributes that separated successful Buyer’s Agents from the rest.
  6. Understanding ‘Responsibility and Liability’

    • Dave prompts Cate to elaborate on the responsibility and liability a Buyer’s Agent carries, a concept she refers to as ‘Caveat Emptor.’
  7. Day in the Life of a Buyer’s Agent

    • Cate shares her daily work breakdown: 40% communication, 40% due diligence, and 20% property viewings.
  8. Advice for Aspiring Buyer’s Agents

    • Cate concludes the episode with some valuable advice for those considering a career as a Buyer’s Agent. She also warns about some common mistakes and assumptions newcomers make.

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.

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