Three fundamentals of being a good buyer’s agent

He said: “I had someone recently who was a labourer in Queensland and his joints got too sore and he's on leave at the moment and he couldn't actually carry out his role anymore and he loves buying investments.”

“He's enrolled [in] the course. He's going to look into buying property [as] a career and become a buyer's agent. [This business is] for anyone,” the property professional added.

Among the lessons they teach are the processes that their own agents use—from searching and buying to selling properties, as well as providing good customer service.

“[Basically], everything that you need to know to become a superstar buyer's agent,’” Mr Handler said.

While the career transition is undeniably challenging, according to him, learning the simple fundamentals of the business is a good first step towards success. 

Excellent market intelligence

Your success as an investor will not necessarily mean that transitioning to a career as a buyer’s agent will be a breeze, Mr Handler said.

The business of helping others find the perfect property entails a different range of market knowledge—you have to understand different marketplaces and how they could affect your client’s portfolio.

The property professional explained: “[They] actually really know the property they're talking about ... The good one will understand exactly where to buy. They will know buildings, they will know streets, they will know everything.”

Clients first

Aside from an exceptional understanding of the markets, you must also have the ability to advocate well for your clients, according to Mr Handler.

At the end of the day, he said, anyone can acquire the necessary knowledge to establish themselves in the business. But being able to create strong relationships with clients is what will make an agent thrive.

Mr Handler highlighted: “[A] good buyer's agent puts their client first, first and foremost. They are very client-centric … [and are] solely representing your best interests … [They] have good emotional intelligence ... [and are] able to offer good service.”

“[As a buyer’s agent], it's not about yourself, it's about them … You've got to have very strong relationships,” he added.

Open communication

In order to establish trust and build strong relationships with clients, according to Mr Handler, you must be open to discussing all factors that might influence their wealth-creation journey—from services fees to the possibility of not being able to actually add value to their portfolio.

The property professional strongly encouraged getting to know a prospective client’s objectives, as well as his capabilities and limitations, before ultimately offering your services. As much as they want to help investors, as a company Cohen Handler doesn’t engage with every investor that comes knocking at their door, he said.

Mr Handler explained: “I think it comes down to … [how] can we solve the problem that they're facing? If we can't solve it, then, we may not be the right fit for them, [so], we'll tell the client … ‘Maybe you should do this yourself.’ If we can't add value we're not going to engage with you. It's not for everyone, the service.”

Smart Property Investment’s Phil Tarrant personally believes in the value added by buyer’s agents to his multi-property portfolio—so much so that he has made them an integral part of his own wealth-creation journey. As an investor, he summarises the role of a buyer’s agent in three words: Information, research, and understanding.

“It's all about ensuring investors make the best investment decisions possible, [and] a lot of that comes down to information, research, and understanding. For some investors, the buyer's agent [is their] best bet,” he concluded.

Tune in to Ben Handler’s episode on The Smart Property Investment Show to know more about the growing buyer’s agency industry in Australia.

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