Becoming a buyer’s agent, with Veronica Morgan – Ep. 70
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For the latest episode of this bonus series of the property investing journey, Mike is joined by Buyer’s Agent extraordinaire Veronica Morgan to shed some light on being a Buyer’s Agent, why there are so many Buyer’s Agents in the market right now and why it can pay to be wary.
Veronica has so many credits to her name there are too many to mention. They include being the host of Podcasts Your First Home Buyer Guide and The Elephant in the Room, author of “Auction Ready” and co-founder of Home Buyer Academy. She has also hosted Foxtel shows “Location, Location, Location, Australia” and “Relocation, Relocation, Australia”. It’s safe to say Veronica knows what she’s talking about when it comes to property.
In this episode, Veronica and Mike cover the emerging landscape of Buyer’s Agents. Once the domain of a select few, the value that a Buyer’s Agent can bring to the table is being increasingly recognised. As their popularity rises, so does the number of aspiring Buyer’s Agents joining the ranks, thanks largely to low barriers to entry and broad certification requirements. Veronica talks about why this can be a problem, and what to look out for when choosing a Buyer’s Agent to help you in your property search.
Covering everything from the structure of Buyer’s Agency, through to remuneration and benchmarking, Veronica and Mike bring a clear perspective to the buying side of property transactions.
If you’re considering your next purchase, or have thought about becoming a Buyer’s Agent yourself, this is a podcast you won’t want to miss.
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Mike is joined by Buyer’s Agent extraordinaire Veronica Morgan to shed some light on being a Buyer’s Agent, why there are so many Buyer’s Agents in the market right now and why it can pay to be wary.
What we cover in this episode
Why low barriers to entry for Buyer’s Agents are causing problems
The qualifications needed to become a Buyer’s Agent
The limitations of Real Estate certifications across Australia
Financial remuneration for Buyer’s Agents
The structure of a typical Buyer’s Agency
Is there consumer protection if property advice doesn’t pay off?
Selecting a good Buyer’s Agent
“Now I would argue that being a buyer’s agent you need to actually know more than you do to be a sales agent because how do you assess whether properties are good investment, what are the criteria, where do you research” Veronica 4:33
“So that all the licencing requirements and the work experience requirements, they still don’t ensure that a ‘buyers agent has access to any of those skills, there’s no recognition that is required and so therefore it’s up to the individual buyer’s agent to decide whether or not they want to rise to the challenge” Veronica 7:56
“From a sales agent’s point of view, you can scale a lot easier than a buyers agency” Veronica 14:48
“I have spoken to a lot of people over the years that have been stuck with these data sets posted by buyers agents to help them and then the buyers agent is no longer anywhere to be found” Veronica 18:52
“if buyers agents coming into the industry had a bit more of a healthy regard for the challenges and the skills that they need in order to succeed and the consumers were more aware of the risks then you’ve got those two things, that would actually help raise the barrier” Veronica 24:14
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The Geared for Growth property investing podcast was created by Mike out of a desire to provide value to his property investor clients. The idea is to source Australia's leading property investment experts and find how they and their clients are achieving exceptional results. The podcast is open to anybody interested in learning how to invest and the strategies you can apply to achieve exceptional results. You'll hear from buyers agents, mortgage brokers, strata managers, accountants and other professionals all sharing their insider knowledge.