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What is an Estate Agent

An estate agent is a person or business that arranges the selling, renting or management of properties, and other buildings, in the United Kingdom and Ireland or other countries around the world. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged in the marketing of property available for sale and a solicitor or licensed conveyancer is used to preparing the legal documents. In Scotland, however, many solicitors also act as estate agents, a practice that is rare in England and Wales. It is customary in the United Kingdom and in Ireland to refer to real estate or real property simply as property.

The estate agent remains the current title for the person responsible for the management of one group of privately owned, all or mostly tenanted, properties under one ownership. Alternative titles are Factor, Steward or Bailiff depending on the era, the region and the extent of the property concerned. Real Estate Agency is an essential function of the property industry and involves the buying/renting and selling/leasing of property. Estate agents can specialise within a particular property market, such as commercial or residential real estate. The job of an estate agent contains elements of marketing, sales, and administration. Responsibilities of an estate agent include:

  • Liaising with clients to market properties in the most appropriate manner to maximise the selling value
  • Handling enquiries about properties from potential buyers
  • Valuing properties
  • Producing reports, brochures, promotional information and other written material
  • Travelling to properties and conducting viewings
  • Negotiating the sale and letting of properties
  • Administering and securing the disposal and acquisition of property and ensuring that it is completed legally

Estate agents can also be chartered surveyors and, as such, will have to follow the Surveyors ethics and professional standards requirements, but they will also be qualified to perform full surveys and valuations of properties. A commercial/residential/rural surveyor can specialise in an agency and their role will incorporate many of the responsibilities of an estate agent. Not all surveyors are estate agents, however, as there are many other areas in which property surveyors can work. Key skills for estate agents:

  • Negotiation and selling skills
  • Ambition, drive, and charisma
  • Good communication skills and the ability to maintain a positive relationship with clients and colleagues
  • Strong organisation skills, as you may be dealing with more than one property at a time
  • Willingness to take on responsibility, as estate agents will likely be afforded a great deal of responsibility early on
  • Willingness to travel and spend time out of the office; a full driving license is typically required
  • Understanding of, and interest in, the local property market and the process of buying and selling property

Types of estate agent

You will usually specialise in one area of estate agency, such as:

  • residential sales agent;
  • residential lettings agent;
  • commercial sales agent;
  • commercial lettings agent;
  • rural estate agent.

The rise of low-cost online estate agents, which are becoming mainstream, threatens to undermine the traditional high street agents, which have much higher fees. However, the level of work required with the DIY options means they won’t be suitable for many people and so are unlikely to supersede their more traditional counterparts.

Responsibilities

In England, Wales and Northern Ireland property sales are handled by estate agents; in Scotland, they’re usually handled by solicitors. As an estate agent you’ll need to:

  • collect information about a property and arrange for photographs to be taken;
  • visit and talk to the sellers about their property and its special features;
  • estimate the value of the property;
  • market and promote properties for sale;
  • represent the sellers in negotiation with prospective buyers;
  • monitor sales as they proceed and liaise with all interested parties including mortgage brokers, solicitors, surveyors and other estate agents;
  • advise clients and help buyers decide what they want to buy;
  • make sure that the price agreed is acceptable to both buyer and seller;
  • keep up to date with trends in the relevant property market.

If you work in the settings area of estate agency you’ll also need to:

  • vet prospective tenants by collecting references and carrying out credit checks;
  • ensure properties meet legal and health and safety requirements, e.g. gas safety certificates;
  • draw up tenancy agreement contracts;
  • collect or organise rent payments;
  • act as a property manager and resolve any issues that arise with properties.

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