Taking a career as an estate agent means you usually will specialize in either sales or letting of residential and commercial properties, legit businesses or land on behalf of your clients. Mastery of how to value and market properties, with the aim of negotiating the best prices for clients.
This involves consistent liaison with banks, mortgage brokers, building societies, surveyors, architects, solicitors, and other estate agencies during transactions.
Types Of Estate Agent
Generally, you are to specialize in one area of estate agency, such as:
- residential sales
- residential lettings
- commercial sales
- commercial lettings
- rural estate.
Responsibilities Of An Estate Agent
A career as an estate agent will require to:
- Obtain information about a property and arrange for photographs to be taken;
- visit and chat with sellers about their property and its special amenities;
- calculate the value of a property;
- market and advertise properties for sale;
- represent the sellers in negotiation with willing buyers;
- co-ordinate sales and liaise with all interested parties such as mortgage brokers, solicitors, surveyors, and other estate agents;
- advise clients and assist buyers in choosing what they want to buy;
- ensure that both the buyer and seller reach an agreeable price;
- keep an update of trends in the relevant property market.
Working in the lettings area of estate agency requires to: select prospective tenants by obtaining references and doing credit checks; make sure properties reach legal, health and safety standard, for example: gas safety certificates; draw up tenancy agreement contracts; receive or organise rent payments; act as a property manager and solve any problem that arise with properties. However, in many countries, property sales are usually handled by a solicitor.
Salaries For Estate Agents
Salaries are basically made up of a basic salary plus commission, that based on a percentage of your sales. Determining factors are location, your qualifications, the strength of the firm and the economic situation.
You may be employed on an assured commission at the start for a short period to give you a boost to gain some experience and securing deals. The higher your fixed salary is, the lower the commission rate will be. However, some agencies offer a choice. a company car or a car allowance added to your salary.
Working Hours For Estate Agents
Career as an estate agent generally requires you to work a basic 35 to 40 hour weekly, though sometimes longer, especially when achieving deals for clients. Working hours basically include unsocial hours, with seldom evening work and Saturdays.
There is a possibility of self-employment and freelance work. With experience, you could establish your own business, because success depends on the economic state of the property market.