The Two Ways of Looking at a Property

There are two ways to look at a property, the first is as a seller of the property and the second is as the potential buyer of the property. Obviously the seller will look to the good features that a house may have, hoping to get the highest price possible whilst a potential buyer, will often look for any poorer features so as to justify offering a lower price.

For this reason an estate agent must try to be impartial and mediate the two so as to hopefully reach an agreed price and the sale can be completed to everybody’s reasonable satisfaction.

This of course is not always an easy task but the ability of an estate agent to mediate in this way is essential if they are to be successful in their job. This is just one example of how an estate agent’s job may be far more difficult than many people think.

Often people think that an estate agent just shows people around a property and then receives a commission if it is sold but there is far more to the job than just being a guide. When a property is shown to an agent as being available to buy, the agent must either evaluate the property themselves or have some qualified do it for them.

They must have the property photographed and write up a brief description of its main features, perhaps overall size, number of bathrooms and any special features like a garage, swimming pool or extensive gardens.

They must place the photos and write up on any residential property listings and ensure a ‘For Sale’ sign is prominently displayed in front of the property. Before any potential buyers wish to look over the property, they should have learned everything about the immediate area, such as distance to the nearest schools, shops or other amenities, in case they are asked.

The estate agent must have also prepared any and all paper work regarding the selling and buying of the house, ensuring that all national and local laws are adhered to, making the transaction fully legal.

As the estate agent will be expected to accompany potential buyers when looking at a house, this means that they will often have to be prepared to work on weekends and even holidays as those are the most popular times potential buyers like to look at different properties.

With all the things an estate agent has to do and all the knowledge that they must possess, it is perhaps surprising to hear that to become an estate agent, no actual qualifications are required, instead most agencies prefer to hire people and then train them whilst on the job.

Of course anyone that an agency hires will have to display good people skills, perhaps experience in customer service, be honest and have a good knowledge of math. Once a new estate agent is taken on, experience and courses offered by the National Federation of Property Professionals (NFoPP) will help them become proficient.

Tips for Building a Successful Career as a Real Estate Agent

Looking from the outside in, the job of a real estate agent can strike you as easy and uncomplicated. However, those who have walked that road will be the first to point out this gross misconception as they fully appreciate the enormity of the task. Typical real estate agents have to grapple with a full range of responsibilities with proceeds tied to how effectively they are able to serve their clients. If you intend to build a successful career as a real estate agent, it might be worthwhile to consider the following tips.

  1. Establish Networks

Networks are foundational in the real estate industry. In fact, your fortune as a real estate agent will largely be hinged on your ability to establish networks. Networks will multiply your chances of getting referrals. In case you do not have a network, you can easily adopt a business model referred to as a sphere of influence (SOI). The SOI model is basically about getting clients through referrals from your relatives, friends and acquaintances. For it to be efficacious, it will be wise to nurture your current social network and seek to make new acquaintances wherever and whenever possible. Keep a database of your network and constantly remind them of your business via emails or texts.

Another strategy can be networking with other agents. Agents and clients do not always reach an agreement. You can develop a rapport with your competitors such that you refer to each other such clients.

  1. Build a Professional Image

With a referral network in place, the next stride should be to forge a professional image. A good professional image is crucial if you are to carve a niche for yourself. Your professional image dictates how you project yourself and your business to your clientele. Work on your appearance and conduct to strike a memorable impression. How you communicate whether in oral or written format should be top-notch.

Another area to work at is your online presence. The image you project on social media should be synonymous to the one on your website. Conflicting images can jeopardize your career.

  1. Embrace Technology

We live in an information age that has radically altered how we do business for the better. For example, you can build networks and grow your image at the same time on the internet. There are also several real estate software that you can use to simplify your work. Invest in database software to manage your network contacts and files such as contracts. Create a website and social media pages for your business and use them to advertise and build an image. It is now possible to sponsor business pages on social media at a small fee. Link your website to your social media pages and sponsor it to get clients.

The competition in the real estate industry is cutthroat. You cannot afford to rest on your laurels. A robust referral network, a good professional image and technology are some of the tools you can utilize to stand out and make a mark in this very demanding industry.

Knowing the Value of Property

Being able to assess the value of any property, is one key part of an estate agent’s job, however, if they are not yet experienced enough to evaluate a property themselves, they will know someone reliable that is. Just like any other job, someone new to the real estate business cannot be expected to know everything immediately.

Be wary when searching through search engines for an agent. Just because they appear at the top of the results does not always mean they are the best person for the job. They may have embarked on real estate seo. So be sure to check out recommendations and reviews also to enable you make the right choice for you.

This is especially the case with real estate agents though, as there is no set academic qualification that is needed to become an agent, just the ability to work with figures and to know how to converse with all types of people.

An agent will also of course be expected to be honest and be able to work differing hours, including weekends and holidays. An agent’s working week will usually be between 35 and 40 hours but some of those hours may be on weekends and holidays as those are the only times that many people are available to look at different properties they may be interested in buying.

An estate agent is usually the person that will show a potential buyer around a property and should be able to answer any questions that they may have. It is for this reason that an agent should make it their business to know the surrounding area around a property for sale; location of the nearest schools, bus stops, shopping center and other places of interest a buyer may be concerned with.

The better agents may even carry out an evaluation as to how energy efficient a house may be as this could be a plus in clinching a sale. If there are any differences in the price a buyer wants to pay and the price the seller is asking, an agent may arrange for a meeting or otherwise negotiate an agreement between the two. It is possible that a seller may accept a lower price if it ensures a quick sale.

It is always important that the real estate agent is aware of any details that may make a sale easier or quicker, such as the house having recently renovated or the garden having recently been landscaped.

The laws regulating the sale of properties are somewhat intricate especially when you also have to take into consideration any local laws and by-laws that may apply. It is therefore the real estate agent’s job to ensure that any transaction involving the real estate, is carried out in accordance with any and all regulations, ensuring that the sale is totally legal and above board. It may also be necessary for an agent to know the law regarding rental properties as many estate agencies are hired as property managers.

In cases where someone has bought a house in order to rent it out, they may not want to deal with the property on a regular basis and so hire the agency as their managers. In these instances an estate agent may be required to collect rent and ensure any maintenance work needed to the property are carried out quickly and efficiently.

All about Real Estate

Real estate is something that most of us have very little dealings with until it comes to us having to buy or sell a house but the real estate business is always flourishing with sales and purchases going on at all times resulting in an expectation that the number of estate agents in the country will have increased by 11% by 2020, over the 2010 figures.

There are real estate offices located in every town and city throughout the country, with many also being located in smaller towns. Each of these offices will maintain two real estate listings, one a residential real estate listing and the other a commercial real estate listing.

When a property comes up for sale, the owner will usually contact one of these agents who will then have the property photographed and valued. Once the evaluation is complete, the agent will advise the seller as to what price they should ask. Although the seller could insist that a higher price be asked, doing so may delay any sale.

The real estate agent will know what price people were willing to pay for similar houses in the same area and so knows a price that can be realistically asked for a relatively quick sale. The estate agent will then place that house on the residential real estate listing and arrange to accompany any potential buyers that wish to view the property.
Sometimes an agent may offer a viewing to a potential buyer that does not want to pay as much as is being asked.

If this is the case it is the agent that will mediate an agreement on price between the buyer and the seller. It is also the real estate agent’s job to ensure that all transactions carried out during the selling of the house are legal and correct in order to ensure the legitimate change of ownership.

In a real estate office there may be a mix of experienced and unexperienced staff as no academic qualifications are need to become an estate agent, only acceptance from the agency who will usually require someone to be honest, good with numbers and people, possibly with an ability to sell.

Once taken on by an agency, someone new will learn the career through on the job training and a series of distance learning courses provided by the National Federation of Property Professionals (NFoPP).
Although a starting salary for an inexperienced estate agent may only be in the range of £12,000 to £15,000, as they gain experience and take the courses, the salary can increase to between £20,000 and £35,000, plus they may also receive commissions on some of their sales.

In areas where the prices of properties are high, like central London, an experienced estate agent may even earn as much as £50,000 but it must be remembered that in areas where the property prices are high, so is the cost of living. One of the advantages of being an estate agent is that according to the current figures, they will be needed well into the future.

Real Estate Agents

Real estate agents will usually work for a real estate agency and that agency can be responsible for the buying or selling of property as well as property management.

If an agent assists a property seller, they will give the seller advice on the value of the house and so how much they may be able to place as the asking price.

Although property values in many cases will increase and so a buyer may hope to get more for it than what they paid for it, the property market is sometimes in a slump or properties in certain areas devalue, perhaps due to the closure of a major industry which was located nearby. It is these factors which the agent will be able to assist the seller with.

The agent will also advertise the property as being available to buy and in this age of the internet, means publishing its availability on the web as well as just placing a placard on the property and adding it to any local property listings.

It will usually be the agent that accompanies any potential buyers as they view the property and advising them as to all the good points. An agent will usually familiarize themselves with the local area where the property is situated so that they can advise the buyers as to the location of the nearest schools, shops or other places of interest.

If an estate agent is approached to assist someone in buying a house, they will start by asking what the buyer is looking for in terms of location, price and size. Armed with that information the agent will search all listings for properties that match those requirements.

The agent will coordinate times that the buyers may view the different properties and will usually accompany them on visits to properties. If there are any discussions as to price, the agent will help with the negotiations between the seller and the buyer in order for them to arrive at a mutually agreed price.

As a property manager, an agent will represent a property owner in the receiving of any rents and the maintenance of the property. As a property manager, an agent will usually receive a set fee from the property owner.

As seen from the above, an estate agent’s work can be diverse but interesting however, they will often be required to work at weekends and holidays as those are the only times many potential buyers are available to look at properties.

Although an agent does not necessarily need specific academic qualifications to start in the estate agency business, courses are available for them to take in order to advance themselves in the business.

Many agents take these courses as, the starting salary for an estate agent may be as low as £12,000 but with experience and qualifications, that salary can rise as high as £35,000. In addition to their salary, some agencies may offer their agents a commission on any property sales they make.