Are you considering diving into the real estate industry and getting your licence?
A real estate licence may help you leverage your career as a professional. This marks the difference between marketing on behalf of a broker or starting your own agency to achieve your dreams. Obtaining a licence requires knowledge of the laws in your state and training in the skills you may be expected to have as an agent. Start your career today and join the industry of specialists selling, leasing and managing properties for clients by getting a real estate licence in Australia.
Understand the Laws for your State
Requirements for a real estate licence include being aware of your state’s laws as an agent. There might be age requirements for real estate, particular experience and education, or paperwork. For example, in NSW, you may have contributed to the Property Services Compensation Fund, completed a certified real estate course, and are currently working within the NSW borders. In Victoria, you are expected to have one year’s experience as an agent in the state and have completed a certificate in real estate.
As each state varies in requirements and may not be all the same, it might assist you to be aware and updated on any changing laws, especially if you are considering working in another state. Similarly, each state costs differently when renewing a licence, so it might be helpful to note this for the future so you know what to expect. From the various components of attaining a licence, each state may also differ in specific information, such as how they market, the legal costs, council-related laws, and many other factors. It may be essential to also learn the different skills from the range of courses and experience available before applying so that you might be more knowledgeable about the rapidly growing real estate market.
Check the following to see what is required in your state:
New South Wales
- At minimum, be at least 18 years old
- You have paid particular contributions to the Property Services Compensation Fund
- You have already completed a real estate licence course
- Keeping your place of work within the state or 50kms within the border
- Completed 12 units in Certificate IV in Real Estate Practice
- Be 18 years or older
- Have been assessed in the 19 specific units for CPP41419 Certificate IV in Real Estate Practice
- Be able to identify legal and ethical requirements of property management
- Have completed the CPP50307 Diploma of Property Services (Agency Management) with 24 units obtained
- Obtained a Certificate IV in Real Estate Practice
- Completed a Sales Representative Registration – completing the 19 units of competency
- Obtained a CPP50307 Diploma of Property Services (Agency Management)
- Experience as a full-time property manager or representative in the last five years for a minimum of two years
- Pay application fees
- Be prepared to continue education
- Completed 18 units of competency for CPP41419 Certificate IV in Real Estate Practice (Agents Representative Course)
- Received a Diploma of Property (Agency Management) completing the 12 units
- Have at least experience in full-time work as an agent’s representative in the last three years in Victoria for a minimum of 12 months
- Have completed the CPP50307 Diploma of Property Services (Agency Management)
- Full-time experience in the industry right before applying for your licence for a minimum of two-years
- Police and probity check
- Completed CPP41419 Certificate IV in Real Estate Practice
- Obtained a CPP51119 Diploma of Property (Agency Management)
Australian Capital Territory
- Hold a CPP50307 Diploma of Property Services (Agency Management)
- Completed a Certificate IV in Real Estate Practice (CPP41419)
Police certificate which can be issued from the Australian Federal Police
Relevant knowledge is required to get a real estate licence in Australia, so attending classes and completing courses might benefit your chances of receiving one. As mentioned, understanding what each state requires in terms of knowledge and educational background is where you could start researching where you might be able to access and obtain the expected knowledge.
Institutions provide many educational programs with relevant coursework and practical experience to gain credentials and the correct expertise. Online opportunities may also cater to your availabilities and time, making it easier to gain knowledge in your own time. Finding relevant experience in real estate may assist your career in achieving skills, experience, handling different situations and finding your clients, which might help you build your confidence once you are in the industry. By gaining a relevant background and staying up to date with the market, you are on your way to getting a real estate licence and accomplishing your dreams of becoming an agent.
Connecting with other Real Estate Agents
Networking could benefit you by getting opportunities to work for agencies and connecting with professionals. Attending webinars, seminars, conferences, and online communities may help you find individuals with recent real estate experience and may create conversations on strategies you could benefit from.
Events are a great way to start, but social media platforms such as Instagram and LinkedIn may also provide free information on current market trends, specific industry knowledge, and individuals who may want to help others. With these free platforms online, you can view the background, skills, education and communities that current professionals currently have and are a part of. From this, you can discover some inspiration and find ways that you can implement their strategies to your current skill set.
Applying for your Licence
Once you have completed relevant coursework, gained some experience, and are ready for your licence, you are one step away from getting your licence. Depending on your state, you might have the chance to apply for your real estate licence online. Ensuring you have prepared the required documents to prove your identity, such as a birth certificate, a passport, a driver’s licence or a citizenship certificate, will allow the process to go smoothly and quickly. Each state also varies in prices of fees, so you may need to research further how much this may cost in advance to prepare.
Choosing your Path
Receiving your licence will mark the beginning of your career, so knowing what you want to do afterwards might help you plan your pathway easier. If you wish to start your career with a broker or want to begin your own as a licenced real estate agent, your path depends on what your goals are. Although starting on your own may come with additional research and resources, such as marketing, finding clients, and all other things with forming your business.
Consider Insurance for Your Business
Getting your real estate licence isn’t just a walk in the park, so ensuring that you have business insurance once you are a licenced agent may help benefit you from any unexpected claims on your business.
Professional Indemnity insurance is offered to real estate agents to provide the protection against potential losses that arise from errors or omissions while operating your business. Having the extra risk management might ensure your reputation does not go under the hammer in the event of an unfortunate event. Realtors might want to also consider Public Liability insurance, which provides the proper protection for you and your business in any event that an individual gets injured or as a result of your business activities. It also provides cover for any compensation payments to third parties and legal costs that could be associated with the claim.
As a real estate business owner, you have many things to worry about, from advertising to paying your agents and keeping your clients. It may be valuable to consider business insurance to protect your business from unwanted and expensive claims.
If you are wanting to get your real estate licence in Australia, education and knowledge of the housing market are some of the important factors to look at when diving into this industry. Also understanding that every state is different will be important when applying for your licence. Step into the real estate industry today, and become a licenced agent to start selling, leasing and marketing homes to clients.
As a real estate agent, it is important to take care of your clients and find their dream homes. Let BizCover help sort out your real estate business insurance today. With our simple online platform, you can compare real estate insurance quotes in just minutes.
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