What is an Estate Agent UK and What Do They Do?
What is An Estate Agent?
An estate agent in the UK is similar to a real estate broker in the US. They market and sell properties for a client, and negotiate deals with both sellers and buyers. A large part of the job involves selling residential properties but duties can also include lettings, property management, and joining auctions for their clients.
Here’s what Wiki says about estate agents en.wikipedia.org/wiki/Estate_agent
Estate agents Blackpool arrange the selling, renting, or the management of properties in the UK and Ireland, which includes residential and commercial land or buildings.
The Different Tasks of Estate Agents
>Marketing and Selling Properties
Agents deal with a large range of tasks when marketing and selling both residential and commercial properties. Residential properties include homes, apartments, condo units, or residential lands. Commercial properties can include offices, shop spaces, manufacturing facilities, hotels, and restaurants.
Among the tasks involve in selling a client’s property includes:
– Viewing the property;- Estimating the value of the property;- Taking measurements, pictures and highlighting the special features of a house, building, or land;- Market and promote the property to potential buyers;- Representing the seller in negotiations;- Liasing with interested parties such as surveyors, mortgage brokers, as well as other agents;- Making sure the price agreed upon is acceptable to buy client and buyer. Essentially, an estate agent evaluates the seller’s real estate, and using his or her knowledge of the local market, markets the property and eventually sells it at the best price possible.
>Letting or Renting Real Estate
Agents also manage residential and commercial properties for rent or lease. Among the tasks involved are:
– Viewing and taking pictures of the property for marketing purposes;- Finds prospective tenants and showing the house or building, highlighting special features;- Ensure properties meet the legal and security requirements;- Create tenancy agreement contracts;- Act as property manager and resolve issues that might arise;- Collect or plan out rental payments.
Requirements of the Job
Employers value skill and experience over formal qualifications. Excellent people and sales skills are highly required for the job. An aspiring estate agent can start off as a trainee sales negotiator for an agency, and eventually acquiring the national certifications required to be considered as an official estate agent.
These requirements include industry-recognised qualifications such as the NFOPP Level 3 and Level 4. NFOPP stands for National Federation of Property Professionals, where the Level 3 Technical Awards allow an agent to carry out the following duties:
>Sale of residential property
>Letting of residential estates
>Real property auctions
>Commercial property agency
The NFOPP Level 4 Certificate allows an agent to carry out the Level 3 duties, but includes all the legal side of estate sales, letting, valuations, and market appraisals.
Estate agents must also be highly knowledgeable about the local area of the estate they represent. Factors that could increase or decrease a house, building, or land must be carefully studied by the agent to be able to achieve the best price possible for his/her client.