To become a buyer’s broker, obtain a real estate license and specialize in advocacy on the buy side of the sale. There are no additional requirements to focus on buyers rather than sellers. Joining a buyer’s trade association can improve expertise.
You can become a buyer’s broker, satisfying the same requirements as a traditional real estate broker and specializing in advocacy on the buy side of the sale. Real estate sellers must obtain a license to operate in each jurisdiction in which they wish to sell property, and the requirements for obtaining a license are different in each governing locality. Once you have a license, there are no additional requirements to fulfill to focus your expertise on buyers rather than sellers. Working with buyers is a specialty that can be either exclusive or non-exclusive, depending on how you want to market your practice.
A specific level of formal education is not required to sell real estate or become a buyer’s broker. Instead, you must obtain a license from a government jurisdiction. The entry-level license requires you to complete a minimum number of hours of real estate law and practice class, usually between 40 and 90. These classes can be taken through a community college or a sponsoring brokerage that conducts classes to cultivate new agents. After taking the required number of class hours, you must pass a licensing exam.
Many jurisdictions waive some of the licensing requirements if you have a law school or law degree. Some completely ignore the real estate licensing requirement if you are a licensed attorney. Once you have your entry level license, you are allowed to work under the auspices of a brokerage firm. A brokerage traditionally accepts property listings from sellers and involves buyers in sellers’ behaviors.
To become a buyer’s broker, you need to break out of the traditional real estate sales paradigm. An ordinary broker has a fiduciary responsibility to the seller, not the buyer. Some brokerages claim to represent the buyer and seller in the transaction in jurisdictions that allow the parties to waive conflict, but it is generally considered impossible to reach a sale price that is in the best interest of both parties without the need to defend. .
The title of Exclusive Buyer’s Agent (EBA) denotes brokers who represent buyers only. Advancing the practice as a specialty is the work of national trade associations such as the National Association of Exclusive Buyers Agents (NAEBA) in the US. If you want to become a buyer’s broker, it’s a good idea to join the buyer’s trade association in your jurisdiction. These organizations offer continuing education, certificates, and other types of accreditation that will allow you to improve your expertise.
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