What Is An Estate Agent
As a property owner, you may have been considering hiring an estate agent to sell your home, but what exactly is an estate agent?
Estate agents are professional individuals who represent the seller of a property and organise all aspects of their sale, from marketing campaigns to negotiations with buyers. To learn more about how they work and whether they’re suitable for you as a homeowner, we have compiled all the information you need!
Estate Agents
Many different types of estate agents operate in the property market today. For example, residential estate agents specialise in residential property sales, whilst others work solely in the commercial sector. If you are considering selling your home and what to hire an estate agent for this purpose, they must have experience in dealing with such properties.
Full-service Estate agents will offer a range of services when helping homeowners sell their property; they usually have different estate agent fees and pricing structures. These vary from one company to another, depending on what packages they provide.
You will want to check they are a member of the national association of estate agents and the property ombudsman. Unfortunately, some poor estate agents operate in the market today, and you do not want to get mixed up with them. Therefore, it’s always best to do your homework.
It’s their job to sell your property for the best price possible and the shortest amount of time. It’s down to them to walk you through the steps from choosing a package, marketing your property, finding potential buyers, conducting viewings, agreeing on an offer, liaising with all parties involved and pushing your sale through to completion.
A good estate agent will do all this and more. After all, you pay your estate agent a handsome fee and want to get the best advice and service for your money.
Let’s look deeper into what an agent will do for you.
Different Types Of Estate Agents
Online Estate Agents – Online estate agents, differ from traditional brick-and-mortar branches because they don’t have a physical location. Instead, online agents rely on their websites to sell and manage their online listings. This means that you can’t just walk into any area branch for help selling your home or buying another one; you’ll need an internet connection instead!
Hybrid Estate Agent – A hybrid agent is the best of both – an online and traditional high-street dealer all in one. With the rise of online shopping, finding a way for your customers and potential clients is more important than ever.
A hybrid agent will do just that! They combine aspects from an online seller and traditional high-street stores to ensure you’re taken care of by someone who lives nearby when needed most – until completion!
High Street Estate Agents – High street agents are the oldest model of an estate agent. They have been around for many years, and you will find them in pretty much all high streets and town centres.
They are the traditional brick and motor estate agents, and you can walk into their office and see what they offer.
Local Estate Agents And The Property Market
Local Agents will understand your local property market best. They usually live or have lived in the local area. They will often have children who have attended the local schools and know all the amenities and transport links. These are the agents that are based placed to pass on their local area knowledge.
What Professional Qualifications Does An Need?
You do not need professional qualifications to become an estate agent in the UK. However, some companies will have their criteria, and others require higher education for agents before joining them on the team!
There are plenty with certificates in GCSEs (or equivalent) that give an edge, though – You do also need a degree, but it would give you an advantage over someone with less experience.
How Much Does An Estate Agent Earn?
Data taken from the CV Libary says the average estate agent salary is £24,200 within the UK. Trainee estate agents can expect to earn at least £14,000 (Higher with a London-based agency).
An estate agent’s salary usually comprises a basic salary plus commission. An estate agent’s pay rises with progression into a senior sales or lettings negotiator role or a higher management position, such as branch manager. An estate agent with this experience could earn up to £100,000.
Value Your Property
One role of an estate agent is to give you a valuation of your property. This valuation must be realistic and should actively reflect what your home is truly worth. Estate agents will use their knowledge of the local property market and estate agency software and sell comparable properties to the detriment of a true reflection of a possible asking price for your property sale.
You can check land registry data of sold house prices in your area to get an idea of what you think is the price. We always recommend getting at least three different valuations.
Using a good agent with local knowledge is your best bet when it comes to a property valuation. Beware of Agents who will inflate your property price to win your business.
Click here if you would like to know more about how to add value to your home!
Different Types Of Property Valuations
- Property valuation
- Online valuation
- Matrimonial valuations
- Probate valuations
- Mortgage valuation
- Retrospective valuations
- Tax valuations
- Expert witness valuation
- Insurance valuation
- Building reinstatement valuations
- Residential and Commercial
- Rental
- Remortgage
- Building Survey
- Insurance valuation
- Matrimonial valuations
- Tax valuations
- Retrospective valuations
- Expert witness valuation
- Building reinstatement valuations
- Residential properties
- commercial properties
Property Marketing
An Estate agent will market your residential or commercial properties to potential buyers and investors. Your estate agent can positively impact how you sell your home.
It would be best to arrange for professional photography or videography, get an accurate floor plan drawn up and write detailed descriptions of the property. These will be your property particulars and will be shown to interested parties.
Real estate agents will prepare property particulars and compile them into colourful marketing brochures and property details to be used to show off your property in the best possible light.
Your property listings will usually feature in the storefront on the agent’s website and all the leading property portals. It’s also important to remember social media; after all, you want your property to be shown to as broad an audience as possible.
Prospective Buyers
Your estate agent will need to find potential buyers interested in buying a house like yours. Usually, agents have buyers actively seeking property and are already prequalified. This means They are in good financial shape and can afford your home.
Conduct Property Viewings And Manage Negotiations
Agents should conduct 100% of your viewings, and this is where they leverage their negotiation and customer service skills. In addition, they have spent time building a rapport with potential buyers, and it helps keep things professional and above board.
It’s OK to meet with and answer potential buyers’ questions, provided your agent is present. However, you do not want to find yourself in negotiations directly, and it’s best to leave it to the professionals.
Check The Buyer Is Serious
We like to ensure buyers are prequalified and are in an excellent position to purchase. So we recommend buying applicants visit mortgage brokers and advisors from the local area and get a mortgage in principle.
It is essential when selling a property because you do not want tyre kickers or noisy labours. You want only severe buyers across your doorstep to give you the best chance of marketing at the best price possible.
Legal Documents
An Estate Agent will help you promptly fill out all legal documents during the sales process. There are lots of things to consider. First, you will need to instruct chartered surveyors for any required surveys, and your agent will help.
Keep Things Moving
Most of all, your estate agents will keep things moving, especially important if you are in a large chain. But, as we all know, it can be a nightmare, and many property sales fall through because things haven’t progressed as quickly as possible.
Matthew James has sales progressors who liaise between all parties and ensure that everything is completed on time.
An estate agent is a person who specialises in selling property. They often work with buyers, sellers and landlords to help them find the best properties for their needs. If you are considering buying or renting somewhere new, it may be worth contacting an estate agent to see if they can offer advice about what’s on the market. I’ve found that talking to someone who knows all of your options first-hand can save time when looking at houses! Whether you need help finding tenants or a first-time buyer or would like more information about how agents work, give us a call today for exclusive access to our team of experts!
