How property managers can thrive as buyer’s agents
If you are a property manager, you can be commended because you gain rare insights into what makes a good investment property – because you are the people who look after the bad ones when things go wrong.
If you’re a property manager and you’re thinking about a change of direction, or simply want to add another possible income stream to your work, have you thought about becoming a buyer’s agent?
Read on to find out why this could be the ideal new-year career shift.
What skills do property managers and buyer’s agents share?
As a property manager, you already have extensive experience offering leasing and property management services. Helping your existing clients find new opportunities by working as a property finder is an excellent way to boost your earnings with retainers and commissions. And there’s no need to give up property management, either – you could continue to service your existing clients while also working as a buyer’s agent.
Property managers have a demanding job, juggling multiple properties and being the point of contact for both landlord and tenant, as well as tradespeople. As such, you also make excellent buyer’s agents. Here are some of the skills you already have that will lend themselves to the role of a buyer’s agent.
- Handling a large portfolio of investment properties means you’ll have a strong overview of what makes a good property and which ones you should avoid as an investor, such as those with structural issues or other problems. This knowledge and keen eye will be invaluable to clients hoping to avoid expensive investment mistakes.
- Both property managers and buyer’s agents need to have an understanding of the costs, both ongoing and unexpected, of an investment property, to gain a good picture of the potential income and profits. As a buyer’s agent, this ability to assess a property accurately is essential.
- Knowledge of tenancy laws, although as a buyer’s agent you may need to expand this across states and territories if you are sourcing interstate properties for clients.
- A strong understanding of the rental market and current rental rates means you’ll know exactly how profitable a particular property will be, and which ones will offer the best return on investment for your clients based on location, layout and other factors.
- An understanding of how property investors think and what their motivations are. Being a buyer’s agent is a huge responsibility, as you are helping someone make significant investment decisions. Property managers tend to be calm, hardworking and diligent, and these attributes are essential when it comes to finding and negotiating on properties for your clients, many of whom you may already be working for as a property manager.
What extra skills will I need as a buyer’s agent?
The main skills you’ll need to learn as a buyer’s agent will be how to gain clients who are looking for a property consultant to help them find the right investment property. Happily, as a property manager, you may already know some of your first ‘property buying’ clients.
You’ll also need to expand your area of expertise. Investors often look well beyond their local patch for up-and-coming opportunities in other states or parts of the city. So if you’re someone who loves to study the property market and find the next up-and-coming area, being a buyer’s agent will suit you very well.
Who is my target market?
Your existing clients, who already know and trust you as a property manager, are the first people you can approach. And once you find them a great property, they will come to you next time they are looking to expand their portfolio.
You’ll also find that many homeowners, who have seen their home’s value soar in recent years, are now looking to invest in property but don’t know where to start. They may be too busy to house hunt, or they may be unsure of what makes a good investment property, let alone where to find one. This is where your expertise can really help.
Would you like to become a buyer’s agent?
As an experienced property investor and buyer’s agent, I have helped many people build their wealth through property. Drawing on years of experience, I have now created a buyer’s agent course to teach those looking to expand into this exciting and growing sector of the real estate industry.
For those already in the industry, such as property managers, I feel that becoming a buyer’s agent is an excellent and often lucrative way to diversify your skillset and build on your existing experience – always a good idea in today’s ever-changing job market.
Feel free to get in touch with me today if you have any questions about my real estate courses, or about becoming a buyer’s agent. I’m always happy to chat.