How to become an Estate Agent
3-Aug-2009
To become a licensed real estate agent in Victoria you must fulfil certain requirements outlined by the State Government. The system of licensing was established by the Government with an understanding that most consumers are not experienced in buying and selling property. Accordingly the licensing requirements ensure that all people engaged in selling or buying property have a sound understanding of the legislation and regulatory requirements underpinning real estate transactions.
There are two categories of licensing for real estate professionals in Victoria, a licensed estate agent and an agent's representative. A licensed estate agent has the capacity to own or manage an estate agency and may conduct themselves as an auctioneer. An agent’s representative is a person employed by a licensed estate agent and may work in sales or property management.
The estate agents license requirement is much more extensive and requires the completion of 24 units of study encompassing trust accounting, business finance, leasing, sales, marketing and auctions. In addition, people applying for this category of licence need to also demonstrate 12 months experience as an agent’s representative.
The REIV recognizes the importance of licensing education as well as on-going professional development for all real estate professionals and has an annual Continuing Professional Development program that members need to undertake to retain their membership. This contributes to improved business practices and higher level ethics and professionalism.
Before you engage or deal with an Estate Agent check that the agent you are dealing with is properly licensed and an REIV member.
You can do this easily by contacting the Business Licensing Authority on 1300 13 54 52 or accessing the Estate Agents Register at
www.bla.vic.gov.au
