Hi All,
I am new to this forum and look forward to interacting with everyone on this forum and learning as much about property investing In Australia.
A bit about myself…
I am currently living in Cape Town, South Africa. Over the past 5 years I have built my property portfolio at a decent rate and currently own 30 properties. I have been building my portfolio in my spare time as I am currently and IT professional with your normal 9-5 job. I have purchased these properties via agent agents as well as sourcing my property. My buying criteria has been simple.
1: Buying property Below Market Value (BMV)
2: Buying property with a positive cash flowThe reason for this is that I firmly believed that when you buy property for investments purposes, you should be making your money from day one in terms of the equity in the property and the positive cash flow it generates.
I would like to take the knowledge I have gained in South Africa and start applying it in Australia when I move over at the end of the year. For the records, I have permanent residency in Australia.
I plan to start sourcing my own Below Market Value and cash flow positive properties I have been told that I need to get a real estate agents license in order to received commission from property deals. I have the following questions:
1: What is required to get your real estate agents license
2: If I refer my sourced properties to investors for a 'referral fee', would I still require real estate agents license to do this?I'm sure there are estate agents on this forum who would be able to assist me.
Kind regards,
RobbieHi Robbie,
1) In order to get a real estate licence you are required to complete an associate diploma from TAFE or OTEN (by correspondence/internet), there are other providers as well eg SEEK, KAPLAN etc. If you are working in more than one state, then you are required to have a licence for each state.
2) If you are buying on behalf of others, acting as a buyers agent etc this is also an area which requires a licence.
3) If you are buying only for yourself or for entities fully owned by yourself (only), then you don't need a licence unless you are classed running a property business.Hi Robbie,
If you are buying these properties for yourself, you don't need a licence. Even if you want to sell your own property yourself, you don't need a licence. It is only when you are buying/selling for someone else, you need to complete an agent's representative certificate and work under/for someone who has a full estate agent's licence ie. a real estate agency. You need to complete the certificate before you can apply for the licence. The certificate will take 2 weeks full time to complete with tests and assignments cost is $750 in Victoria. Then you have to have 12 months work experience as well before applying for the licence. The cost of studying for the licence is $4500 approx. and should be completed in 12 months time or less, depending on your work load. You have the option to do this with contact classes or by distance learning. Hope this helps!
Chiller
There used to be an intensive full time licencing course in NSW at the REINSW. It was around 3 months full time.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks guys,.
So by the looks of it, it is not very easy to get your estate agents licence.
Please tell me if this idea would work…
I plan to source property all over Australia, therefore I would need to get a Estate Agents Licence for each state, which is going to extremely time consuming and costly.
Therefore, what I would need to do is the following:
1: Approach Real Estate Agencies in all the states of Australia and ask if I can work under them to get my agent's representative certificatecertificate
2: In return for their favour, I would give them a share of all the commission / refferal fees i make from sourcing my own property and selling to my own clients.
In my eye, this would be a win win situation as I would be allowed to deal in proeprty and the estate agency would be getting a small percentage of the money I make from commission.
What this work? Are there any estate agents on this forum?
Regards,
Robbie
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