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While a career in buyer’s advocacy seems like it’s cut from the same cloth as being a selling agent, a seasoned professional from the advocacy side of the fence explains why it’s not necessarily easy to make the job switch.
Property Mavens chief executive Miriam Sandkuhler noted that the slowdown in property markets had been a driving force for more sales agents to consider a career in buyer’s advocacy, with the sector being flooded with new entrants over the past few years who have no experience and even less professional training.
Oftentimes, she noted that newcomers to the field come from the sales side of real estate and have a misconception that shifting from being a selling agent to a buyer’s advocacy would be a smooth transition.
“Unfortunately, there are a few ‘tick and flick’ supposed buyer’s agent training programs out there that are churning out naïve people who don’t learn a thing about how to professionally advocate for buyers, let alone research and recommend appropriate properties that are tailored to their client’s unique circumstances,” Ms Sandkuhler commented.
She said that former sales agents often find that the buyer’s advocacy sector is “much more complex than they were expecting” and carries significant legal consequences, such as when a buyer’s advocate makes financial promises about a property’s potential future performance.
But Ms Sandkuhler noted that selling agents who are serious about making the transition to buyer’s advocacy need to be prepared to undertake additional training, education, and mentoring long before they ever start interacting directly with clients.
“If you have emotional intelligence, the capacity to understand that maybe you don’t know what you don’t know, and you’re willing to learn, then therein lies the opportunity to become really good at what you do,” she added.
Ms Sandkuhler’s comments come off the back of seeing many ex-selling agents fail at advocacy or making a return to selling because they’re not making any money as advocates.
“Everybody knows that most people need a selling agent to sell a property, but most buyers will only ever do it themselves — although that is slowly changing.
“You do have to work very hard to provide a superior and independent service to buyers; otherwise, they are not going to be open to paying you a fee for your professional service and advice,” Ms Sandkuhler remarked.
Ying Goh — who made the switch from a selling career herself to being a buyer’s advocate in Melbourne — shared her firsthand account of her transition.
Currently undergoing her additional training, Ms Goh revealed she has come to realise how different the buying sector is to the selling side of real estate, including understanding the investment metrics of a variety of property types and different geographical locations.
“A selling agent sells properties on their books in their defined location, but a buyer’s agent can find properties anywhere, and your skill set, analysis, and research need to be superior throughout many different areas. It doesn’t matter where the property is located,” she commented.
Despite facing challenges in her career-switch journey, Ms Goh is intent on successfully making the switch after determining that a career in buyer’s advocacy is her passion.
After spending the past four and a half years working across the real estate sector — from property management to settlements and sales — she shared she was never overly happy with any of the options until she came across buyer’s advocacy.
“I completed a buyer’s agent course, and I knew I had found my passion, but going it alone and building a business from scratch was too risky for me, so I joined an established and experienced team.
“I knew this is what I’ve been wanting to do ever since I was born. I had no passion in life; I was just trying everything. And then when I did the course, I felt like, ‘OK, this really resonates with me,” she stated.
Before working in real estate, Ms Goh spent a decade working in hospitality, which is where her desire to help people started to take shape as her ultimate career goal.
She shared that a career in buyer’s advocacy is the “perfect vehicle” to combine her longstanding passion for real estate with her goal of helping people.
Adding to her life goals, she stated that her personal experience when she was purchasing a property also gave her the push towards buyer’s advocacy.
“When I was looking for a property as my home and for investment, it was a little difficult for me,” she said.
She noted that buyers pay money to get their contract reviewed, and they get professionals to do a building and pest inspection, but they usually do not engage professional buyer’s advocacy.
“But my mindset is, if you are looking to buy and you don’t have the actual information and experience to do it, then you can make a major mistake, and it might be the biggest of your life because buying a property is not a small transaction. It’s a very valuable asset,” she concluded.
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