Why Become A Buyer’s Agent In 2024?

by Ben Handler

April 8, 2024

buyer's-agent-showing-home

With the recent downward tick in interest rates and price increases, Australia’s real estate market looks promising. Coinciding with this, is a surge in demand in the real estate industry for a lesser-known job title: the buyer’s agent.

Thanks to the increased demand in the market, becoming a buyer’s agent has become an attractive alternative career trajectory for real estate adjacent occupations.

If you’re considering a career change in a challenging yet rewarding industry, becoming a buyer’s agent in 2024 might be the right move for you.

Why Use a Buyer’s Agent in Real Estate?

Purchasing a home is a big decision that requires a great level of patience and know-how. If you’re having trouble finding a home, short on time, or unfamiliar with the real estate landscape then a buyer’s agent can help solve these problems.

An experienced buyer’s agent will have expert negotiating skills, an intimate knowledge of the local housing market, and contacts that include real estate companies selling ‘off-market’. Once you give your agent your budget, preferred location, and any other specifications, they can set out and begin searching for properties, leaving you to go about your normal routine. 

Why 2024 is the Year to Become a Buyer’s Agent

Now is a better time than ever to become a buyer’s agent. The job landscape is changing at an unprecedented pace, and key economic factors such as market trends and the growing demand for housing all make this the perfect time for a career change in a dynamic and growing market.

Listed As LinkedIn’s Top 6 Jobs On The Rise For 2024

According to research conducted by LinkedIn, 76% of Australians are considering making a career shift. And ranking in the Top 6 (that’s right, SIX) of Australia’s in-demand roles for 2024 is the buyer’s agent.

This means there is no better time than now to enter the real estate market and play for the other team. If you have previous experience, education, or interest in real estate, then becoming a buyer’s agent might just be your calling.

Market Trends

One of the largest contributing factors to the growing demand for buyer’s agents is the ever-increasing complexity of real estate market trends. Fluctuating interest rates, changes in regulations, and the various financing options available make buying a home a much more intricate and delicate process. 

This trend is expected to continue and create a competitive environment for buyer’s agents to offer their invaluable expertise and connections to secure winning deals for their clients.

Housing Demand

Despite rising interest rates and limited supply driving property values upwards, the Australian housing market is currently experiencing strong demand. 

Prospective home buyers are quickly recognising the need for professional assistance to navigate the complexities of the evolving market effectively, especially in key markets like Sydney and Melbourne, where housing demand is expected to remain high.

This ongoing demand increases the need for agents who can navigate the complexities of the real estate landscape and point buyers in the right direction.

Income Of A Buyer’s Agent in Australia

The potential income of a buyer’s agent in Australia is appealing, to say the least. Earnings will primarily depend on factors such as your experience, negotiation skills, number of clients, and method of payment. 

According to Talent, the average salary for a buyer’s agent is $100,000 per year in Australia. Entry-level positions are said to start around $63,750, and experienced buyer’s agents make up to $175,000 and beyond. 

So, how does a buyer’s agent get paid? Most buyer’s agents work on a commission-based model, earning them a percentage of the final purchase price. Others offer fixed-fee services or may offer a combination of both, but more on that below.

How Does A Buyer’s Agent Get Paid?

Buyer’s agents structure their fees in a few different ways. These include the commission-based model, a fixed fee, and, less commonly, a percentage of the savings.

The commission-based model is the most common approach and gives the buyer’s agent a percentage of the purchase price. This price varies but can typically be between 1.7% – 3% + GST. For example, a home bought for $1 million (the median price of houses in Melbourne), would be $20,000 for a 2% fee and $30,000 for a 3% fee. 

This means that just five homes bought in a year at a 2% commission fee would result in $100,000 for the buyer’s agent.

A fixed amount is a more transparent method and makes more buyers feel comfortable as there is no incentive to recommend a more expensive property. A new buyer’s agent might charge between $5,000 to $7,000 for each purchase. An agent with more industry experience might charge around $13,000 to $20,000.

How Buyer’s Agent Institute Can Help 

The Buyer’s Agent Institute (BAI) offers a range of programs, courses, weekly live mentoring clinics, webinars, coaches, support systems, and social media groups on apps like Facebook to champion your continued success as a buyer’s agent. 

Success Stories

We’ve had many aspiring buyer’s agents take BAI’s programs and change their lives. 

Take Raghav and Monika, for example: after getting into real estate early on, this couple took BAI’s 7-Week Accelerator Program and started their own buyer’s agency. They now help buyers find top-notch existing investment properties, or build residential developments from scratch. They have now set a personal goal to purchase 50 properties on behalf of their clients this year.

Adam Davis began his career in the military and combined this experience with his inherited love of property ownership to start his own business during the COVID-19 pandemic, Adam Davis Buyers Agent. Working with BAI, Adam says the program ‘was instrumental in getting him started on the right foot’.

Head to our website to read many more stories just like these and get started on your buyer’s agent journey today.

  • Blog
  • Buyer’s Agents - FAQs
  • Career
  • Education
  • Featured
  • Personal Development
  • Property