How to Become a Real Estate Agent in Australia with a Salary Guide
Are you keen on becoming a real estate agent in Australia? Do you have good social and persuasive skills? Are you willing to gain expertise in the industry to close multiple deals and earn endless commissions?
If you answered Yes to all the questions above, then a career in real estate would be the right fit for you.
Read on for detailed guide on how to become a real estate agent in Australia.
What does a real estate agent do?
Real estate agents are licensed professionals who help customers in buying, selling, or renting the properties.
The main role of the real estate agent is to act as an intermediary between buyers and sellers, helping them to negotiate transactions and ensure that all parties are satisfied with the outcome.
Size of the Industry
There are over 92,000 real estate agents in the Australian workforce currently.
Statistics show a projected strong growth of 9.5% by 2026, making this profession a reliable and stable career choice to explore.
Popular Locations
About 63% of real estate agents live in the capital cities of Australia.
New South Wales has the largest share of situated real estate agents amongst other regions.
Here below is the percentage of real estate agents in different areas of Australia by state and territory:
- New South Wales 32.6%
- Queensland 25.2%
- Victoria 22.8%
- Western Australia 10.5%
- South Australia 5.3%
- Australian Capital Territory 1.4%
- Tasmania 1.5%
- Northern Territory 0.7%
If you are unsure how to choose a city to study in Australia, then consider checking this article here.
Industries Where Real Estate Agents Work
Rental, Hiring and Real Estate Services industry employs up to 87.3% of the real estate agents workforce, which is the largest share of all their employers.
Other industries account for the remaining 12.7% of the real estate agent workforce in Australia. The industries include:
- Public administration and safety 2.9%
- Accommodation and food services 1.9%
- Construction 1.6%
- Other Industries 6.2%
Hours of work
In Australia, around 80% of all employed real estate agents work full-time hours.
Full-time workers work an average of 46 hours per week in their primary job. This is similar to the working hours average for all jobs in Australia (44 hours per week).
Age
The average age of real estate agents in the Australian workforce is 44 years, which is higher than the all-jobs average of 40 years.
A large share of workers (22.6%) is within the age bracket of (25 to 34) years.
Gender
With over 92,000 real estate agents in Australia, females account for 50% of the entire workforce, while males account for the other half 50%; this is 2% above the all-jobs average for both females and males.
What are some of the skills required to become a real estate agent in Australia?
Here are some important skills necessary for you to become a successful real estate agent in Australia:
- Financial literacy skills
- Great communication skills
- Negotiation skills
- Teamwork and Collaboration skills
- Marketing and sales skills
- Interpersonal skills
- Time management and organisational skills
- Knowledge of real estate law and regulations
- Strong work ethic and motivation
- Customer service skills
- Adaptability and flexibility
- Technology skills
- Research skills
What are the tasks and duties of a Real Estate Agent in Australia?
Here are some of the duties, tasks and roles of a real estate agent in Australia:
- Property listings: Real estate agents are in charge of creating and managing property listings for their clients. This involves help in taking photos, videos, writing descriptions and uploading adequate information onto various real estate platforms as regards their clients’ properties.
- Property valuations: Real estate agents must be able to determine the market value of properties accurately, using their knowledge of the local real estate market.
- Prospecting and lead generation: Real estate agents must continuously prospect and scan for new clients, generate leads, and follow up with potential buyers and sellers.
- Open house inspections: Real estate agents organise and conduct open house inspections for their prospective buyers and conduct private inspections for interested buyers.
- Negotiation: Real estate agents must be able to negotiate effectively on behalf of their clients to ensure they receive the best possible deal on interested properties.
- Sales and leasing: Agents must be able to facilitate the sale or lease of properties by coordinating with buyers, sellers, and other parties involved in the transaction.
- Contract preparation: Agents must be able to prepare and review contracts of sale or lease agreements, ensuring they meet all legal requirements.
- Property management: Some agents may also manage rental properties on behalf of landlords, including finding and screening tenants, collecting rent, and handling maintenance issues.
How much money does a Real Estate Agent earn in Australia?
Real estate agents’ salaries vary depending on their skill sets, the region where they work, and the level of experience they have in the industry.
However, average full-time earnings are $1,250 per week. The average hourly pay is $32, which is an average of $65,000 per year.
Keep in mind that many real estate agents earn significant commissions (usually between 1.5% to 4%) on the sale of each of their listed properties.
Essential steps to become a Real Estate Agent in Australia
Real estate agents specialise in helping people buy, sell, or rent properties.
In Australia, there are certain qualifications and skill sets you must have to be qualified as a licensed agent.
The good news is that you do not need a degree in order to become a real estate agent in Australia.
Here is the step-by-step guide to help you enter the real estate industry in Australia.
Step 1: Complete an Accredited Real Estate Course
To become a real estate agent in Australia, you must complete an accredited course.
These courses vary by state and territory, so make sure to take the course for your region. Here are the courses available for you to undertake:
- Certificate IV in Real Estate Practice
The Certificate IV in Real Estate Practice is a nationally recognised qualification in Australia and is typically delivered through via online and/or face-to-face learning.
This qualification is designed to provide a comprehensive understanding of the legal and ethical requirements of the real estate industry, as well as the practical skills required to carry out real estate transactions.
Upon completion of this course, you will become an eligible real estate agent who can work as a property manager, sales consultant and auctioneer.
This course is designed to be completed in a year and the average cost of getting a Certificate IV in Real Estate Practice ranges from $1,000 to $10,000.
The fees of the course vary depending on your residence status and the education providers.
- Diploma of Property Services (Agency Management)
If you are considering setting up your own real estate agency, you should definitely consider completing a Diploma of Property Services (Agency Management) course.
This diploma is a vocational qualification that provides you with the knowledge and skills required to work as a licensed real estate agent or agency manager in Australia.
This qualification builds on the foundational knowledge gained in Certificate IV in Real Estate Practice and goes deeper into the complexities of real estate agency management.
This course is designed to be completed in 12 months and the average cost of getting a Certificate IV in Real Estate Practice ranges from $3,000 to $12,000.
Step 2: Apply for a Real Estate Agent License
The process for applying for a Real Estate Agent License may vary slightly by state or territory in Australia and usually takes up to a month on average for processing time.
Here are the conditions and requirements needed to obtain a license:
- Meet eligibility requirements: To be eligible for a Real Estate Agent License, you must be at least 18 years of age. You would also need to meet any other requirements predetermined by your state or territory’s licensing authority.
- Complete required training: Before applying for a Real Estate Agent License, you must have completed the required training or education programs. These training programs include Certificate IV in Real Estate Practice and a Diploma of Property Services.
- Suitability: Before you can move forward with applying for a license, you must have passed the suitability tests. The suitability tests are:
- You must not be insolvent.
- You must not have been convicted of any serious offense within the past 5 years.
- You must be allowed to work in Australia.
- Complete background checks: As part of the licensing process, you may be required to undergo background checks, such as a National Police Check and Criminal history check.
- Obtain professional indemnity insurance: As a licensed real estate agent, you will need to obtain professional indemnity insurance to protect yourself against any claims made against you in the course of your work.
- Proof of Identification: You need to have certain means of identification available such as a driver’s license, birth certificate, passport and citizenship certificate.
- Complete necessary work experience: Most states and territories in Australia require real estate agents to work under licensed experts in the industry for a 12 to 24 months before you can apply for a license.
Once you have met the eligibility requirements and completed any required training and work experience, you can apply for a Real Estate Agent License with your state or territory’s licensing authority.
This may involve filling out an application form, submitting supporting documentation (such as a police clearance certificate), and paying any associated fees.
These are the registration sites for each regions in Australia:
- New South Wales
- Queensland
- Victoria
- Western Australia
- South Australia
- Australian Capital Territory
- Tasmania
- Northern Territory
Future growth of Real Estate Agents career in Australia
As mentioned in the earlier parts, careers in Real estate are projected to grow up to 9.5% by 2026 making it a very stable career choice.
Also, the earnings are virtually limitless as real estate agents can earn commission on every deal they close. It is totally up to your level of skill, experience and ability to get clients to increase your potential to earn higher income.
We hope you enjoyed this career guide. We have plenty of other career guides on the website, so feel free to filter down these careers via the Career Guide section of the website.
