Venturing into commercial real estate and becoming one of the best commercial property agents in your place is an excellent goal. This move can provide you with a lucrative career, especially when there is a commercial real estate boom in your area. However, starting a commercial real estate agent career comes with various requirements. To become one, you need to do the following steps.
- Adhere to the Minimum Age Requirement
Commercial real estate is a serious business. If you wish to become a commercial real estate agent, you must be at least 18 years old to become one. If not, you need to apply for other roles, such as a receptionist or a messenger in a real estate agency, to learn more about the industry. This also allows you to establish a network of valuable contacts that can help you pursue a career as a commercial real estate agent.
- Secure a Real Estate Qualification
Enrolling in a real estate course will help you learn everything you need to know about the real estate industry and the roles of a real estate agent. Also, taking a course related to or in real estate is very helpful in earning a license. Many Australians are taking the following courses in their respective territories to jumpstart their commercial real estate journey.
- Property Services Training Package (Queensland)
- Certificate IV in Property Services (Victoria)
- Certificate IV in Real Estate Practice (New South Wales)
- Diploma of Property Services or Agency Management (Tasmania, Western Australia, South Australia, the Northern Territory, the Australian Capital Territory)
Nevertheless, make sure to secure your qualification from a duly registered training institution. Opt for training centers that operate in various territories. These institutions are nationally recognized, and the qualifications they provide will allow you to work as an agent anywhere.
- Earn Relevant Work Experience
Those who want to become commercial real estate agents in Australia need to earn relevant work experience. However, this requirement varies according to the state where you want to practice. In New South Wales, aspiring agents are required to work in the real estate, leasing and sales industry as assistant agents. To do this, they also need to have an assistant agent certificate.
On the other hand, aspiring agents in Victoria, Tasmania, ACT and Western Australia need to work for one or two years in the real estate industry before they are allowed to apply for a license. As a result, many aspiring agents work in the following roles right after graduating or while studying.
- Assistant Agent (Real Estate, Sales and Leasing)
- Property Representative
- Agent’s Representative
- Property Manager
- Secure an Insurance for Professional Indemnity
Aspiring real estate agents are also encouraged to secure professional indemnity insurance. This protects them from financial loss due to lawsuits lodged against them or when clients slander their good name. This insurance is also considered a requirement to secure a real estate license in various areas, such as Tasmania and New South Wales.
- Secure a Real Estate Registration or License
Securing a real estate registration or license is a major requirement to become an agent, and the requirements involved vary from one state to another. However, the qualifications obtained from registered training schools are deemed essential. You might also be required to submit documents to verify your identification. These include a copy of your passport or birth certificate to the local state government.
Securing and maintaining a real estate registration or license comes with a small annual fee. The amount paid for these documents varies depending on the issuing state. For example, the real estate agents operating in New South Wales are required to pay for Property Services Compensation Fund yearly when they get or maintain their licenses.
Getting a real estate license allows you to work as an agent in a particular state or territory where it was issued. But when you move to another territory, you will be required to apply and secure a license there to work legally as a real estate agent.
- Apply for a Commercial Real Estate Agent Role
Having a real estate license or registration will automatically allow you to work as a real estate agent. If you are already employed as an agent’s representative, there is an excellent chance that your agency will promote you. You may also consider applying for a real estate agent position at a different agency.
The journey to becoming a commercial real estate agent comes with several requirements. Most of these require hard work and are designed to hone your skills to become the best agent. Fortunately, the real estate industry is a lucrative field. As such, being employed as an agent by a reputable agency will expose you to unlimited opportunities and have all your hard work paid off.