How to Confirm Your Buyers Agent is Licensed in Victoria

In Victoria, buyers agents must operate under one of two legitimate licence types: the full Estate Agent licence or the Real Estate Agent's Representative authority. Both are governed by the Estate Agents Act 1980 (Vic), but only holders of the full Estate Agent licence can operate independently and hold trust accounts. Representatives must work under the supervision of a licensed estate agent, and cannot operate as a principal. This regulatory framework has been in place since 1980, protecting home buyers for over 40 years.

At PremiumRea, our team operates under fully licensed estate agents, with licence numbers included on every engagement letter. This means you’re always covered by the legal requirements of the Estate Agents Act 1980 (Vic), whether you’re paying our flat $15,800 + GST fee, the $12,500 first-home rate, or a specialised SMSF fee of $18,500.

Understanding which licence your agent holds can impact your recourse in the event of disputes. In 2024, over 1,300 estate agents are listed on the Consumer Affairs Victoria (CAV) public register, and every legitimate buyers agent in the state must be on this list.

Verifying a buyers agent’s licence in Victoria takes less than 30 seconds. Simply visit the Consumer Affairs Victoria public register at https://www.consumer.vic.gov.au/licensing-and-registration/estate-agents/public-register and enter the agent’s name or licence number. If your agent doesn’t appear, they are not legally allowed to act on your behalf.

PremiumRea’s estate agent licence numbers are always provided upfront. We encourage every client to check these credentials before signing an engagement letter, especially when engaging us for our $2,500 auction-only service or the standard $15,800 + GST package.

In 2023, CAV issued over 90 infringement notices to unlicensed operators. This highlights the importance of conducting your own due diligence before paying any buyers agent fees.

Under Victorian law, all licensed estate agents must hold professional indemnity insurance. This protects clients if the agent makes a professional error that leads to financial loss. At PremiumRea, we maintain $5 million in professional indemnity cover through Berkley Insurance Australia, well above the minimum legal requirement.

This insurance is non-negotiable, and agents operating without it are in breach of the Estate Agents Act 1980 (Vic). In 2024, the minimum policy for Victorian agents is $1 million, but many reputable firms—including PremiumRea—hold higher limits to cover complex transactions and portfolios.

If you’re working with an agency that cannot provide proof of their current policy, your liability exposure increases dramatically. In the event of a claim, the difference between $1 million and $5 million in cover could determine whether your losses are recouped in full.

The Real Estate Institute of Victoria (REIV) is the state’s peak industry body, but membership is not compulsory for buyers agents. As of 2024, fewer than 65% of licensed estate agencies in Melbourne are REIV members, though membership signals a commitment to ongoing training and ethical standards.

PremiumRea’s team includes REIV members, and we adhere to the Institute’s code of conduct even where not legally required. This adds an extra layer of accountability for clients using our $12,500 first-home or $18,500 SMSF buyers agent services.

While REIV membership can be a useful quality signal, the only legal requirements are a valid estate agent licence and professional indemnity insurance. Always check these first, regardless of industry affiliations.

If you engage an unlicensed buyers agent in Victoria, any contract you sign with them is void and unenforceable. This means you lose all legal recourse if something goes wrong, including the ability to recover your deposit or pursue the agent for negligence.

Consumer Affairs Victoria reported in 2023 that dozens of buyers lost a combined ~$3 million from unlicensed operators. In these cases, buyers had no insurance protection or regulatory support.

PremiumRea’s licensing and insurance details are always transparent, giving you the confidence that your $15,800 + GST investment—or any other fee structure—remains fully protected under the law.