Do you have a keen eye for property? Do you have an interest in the real estate industry? A career as an estate agent or lettings agent could be ideal for you!
There are numerous paths to becoming an estate agent, but there are a few things you can do to set yourself up for a long and lucrative career in real estate. Let us begin at the beginning by discussing what you will do as an estate agent in the UK and what abilities are desirable.
Who is a Real Estate Agent?
An estate agent will assist you in determining the market value of your house and will provide professional advise on how much a home is worth. The agent will hire a professional photographer to photograph the property. They will also create an accurate floor plan and produce a detailed, accurate, and enticing description of the property for inclusion on property websites.
What Is the Role of an Estate Agent?
An estate agent negotiates lettings and sales of commercial or residential properties with property buyers and sellers. Their daily responsibilities include the following:
#1. Property viewing and inspection
Estate agents are required to see and inspect homes to ensure that they fulfil the needs of their clients, as well as take measurements and photographs. They may also provide expert advise to home buyers and sellers, as well as arrange viewings.
#2. Determining the worth of property
Estate agents may collaborate with necessary authorities and property home valuation agents to evaluate the value of a property. They handle inquiries and respond appropriately in order to keep potential sellers and purchasers fully informed about the acquisition and property worth.
#3. Property price negotiations
To guarantee that their clients obtain the best offer, estate agents may negotiate pricing with sellers or purchasers after rigorous examination. They will communicate with both the seller and the purchasers to ensure that the offer is acceptable to both sides.
#4. Schedule property surveys
A property survey is a document that depicts the location of the property lines, as well as the features, structures, and any adjacent land. You can assist clients in organising property surveys and locating professionals to assist in drawing schematic diagrams and measurements.
#5. Providing advertisement materials
Estate agents may provide advertisement signs and boards to advertise houses for sale, as well as all contact information and property briefs. They frequently advertise properties on their website as well.
Why are Estate Agents Important?
Selling a home can be an emotional roller coaster, but having a skilled agent can be very helpful in lowering stress. According to studies, 95% of house sellers are stressed by at least one aspect of the selling process.
An estate agent will also be skilled at promoting, selling, and negotiating, ensuring that the property is seen by the appropriate individuals. The agent will have access to a network of contacts, including conveyancing solicitors, removal companies, and mortgage brokers.
The estate agent will also pursue the conveyancing chain. They do more than just find a buyer; they also stay involved in the formal conveyancing procedure to ensure that your sale goes smoothly. They can help with any problems, track down the rest of the chain, and know what questions to ask to get more information.
How to Become an Estate Agent with No Experience in the UK?
To become an estate agent, you don’t need any prior experience; you can learn on the job. Here are a few simple strategies to assist open doors if you want to become an agent.
#1. Enrol in a sales training course.
Completing a sales course will assist you in learning sales practices, which may impress future employers that you have made the effort to obtain adequate training. Estate and property management, business studies, surveying, civil and structural engineering, and urban and land studies are other pertinent disciplines.
#2. Enrol in professional training.
A professional regulating body could provide you with specific training in real estate management. Some of the courses may be completed in a few months. The Independent Network of Estate Agents, the National Association of Estate Agents, and the Guild of Property Professionals are among the key bodies. Make certain that any training you get meets industry standards.
#3. Learning as a trainee
Learning through an apprenticeship provides you with practical skills that you can use on the job. To be eligible for the apprenticeship, you may need to have GCSEs in Maths or English. Check with local estate agencies to see if they have any open apprenticeship positions or would be prepared to hire you as an apprentice.
#4. Find out what’s going on in the real estate market.
Property websites such as Rightmove and Zoopla publish articles that provide insight into what’s going on in the real estate sector.
If you become an online estate agency franchise owner with easyProperty, we will offer you with all of the training you need over the course of three weeks, using a combination of blended learning, some of which is classroom-based and part of which is online. You’ll also get support after you finish your course to help your business really take off.
Estate Agent Skills in the UK
Although there are no formal credentials required to become an estate agent, companies will want to know that you have the necessary abilities. Some top abilities they may consider include:
#1. Communication skills
Excellent communication skills can assist you in interacting with buyers, sellers, financiers, and other parties engaged in real estate transactions. You must be able to negotiate agreements that satisfy all parties involved. Make sure you talk clearly and carefully listen to your clients’ problems so you can respond and reassure them. In addition, good writing and presentation abilities may be required to compile reports, write emails, and show your annual sales.
#2. Interpersonal abilities
Interpersonal skills are required in nearly every career. They are especially crucial in real estate because you will be interacting with new people virtually every day, which necessitates proper behaviour. Excellent interpersonal skills can assist you in developing rapport with clients and closing deals.
#3. Self-motivation and passion
Passion and self-motivation are vital in sales because they enable you to push forward and achieve achievements. You may inspect the property alone or with a partner, bargain, and prepare your customers for the sale. Your company may also expect you to fulfil certain goals, so having a goal-oriented mindset might be beneficial.
#4. Outstanding sales abilities
As an estate agent, you must have good sales skills, as well as extensive property knowledge and the ability to estimate property worth and negotiate with clients. In real estate, you must understand the types of buildings, the people who frequently purchase them, and their principal use.
#5. Excellent computer skills
Most modern jobs, including real estate, require computer skills. To promote properties, you may need to send emails, record paperwork and transactions, and display data to your clients. Understanding property management systems, digital photography, and virtual tours are some of the top abilities that can help you thrive in your job.
What Qualifications Do You Need to be an Estate Agent?
What qualifications do you need to be a real estate agent? Becoming a real estate agent is a difficult task, just like entering any other profession, and you will need a variety of talents to be a professional estate agent. However, being an estate agent in the UK does not necessitate any formal qualifications or licencing. Some organisations may need their agents to have particular GCSEs (or equivalent), while others would hire agents with higher education credentials. It varies dramatically.
What degree is required to become a real estate agent? There are none, but if you really want to stand out, you may get a degree in estate and property administration. This is not needed, but it will only assist you in such a competitive industry.
There are additional certificate courses available for estate agents seeking specific training (basically estate agent ‘qualifications’). If you have no real estate experience and no related qualifications, this could help you improve your CV!
What are Estate Agent Regulations in the UK?
As an estate agent in the United Kingdom, you must adhere to several policies stated under the Estate Agents Act 1979 (EAA1979). These are some examples:
#1. Provide reasonable prices.
The Estate Agents Act of 1979 assures that real estate agents deliver fair offers and always do their best to acquire the best prices for their clients. According to the statute, the agent must handle both property sellers and buyers honestly, swiftly, and fairly.
#2. Effectively manage properties
The statute establishes behavioural rules and minimum requirements for estate agents to follow. This covers their responsibilities as well as those of third parties participating in real estate transactions, such as who should handle money, the production of contractual material, and the availability of contractual terms and business facts.
#3. Give clients accurate information.
The act specifies the estate agent’s obligations to give clients information, including a personal interest rate in any transaction, as well as the techniques they will use to conduct and record transactions.
#4. Take care with your money.
The statute specifies how the buyer’s money should be handled and the insurance payments that should cover the transaction’s liabilities. This includes the estate company’s restitution plans as well.
The Salary of a Real Estate Agent
According to Indeed Salaries, the average annual pay for an estate agent in the United Kingdom is £28,713. Total earnings vary according to experience, employer, and region. Some companies may provide you with a monthly retainer or allow you to earn sales incentives.
Commissions are often a percentage of the total money you receive when selling a property or a percentage of the amount your company earns after fees. You can also earn extra money in the form of bonuses if you meet or exceed your employer’s sales targets for the month, quarter, or year.
Does the Process of Becoming an Estate Agent Differ in England and Scotland?
The process of becoming an estate agent is the same in both England and Scotland. However, the procedure of selling a house is distinct. The majority of homes in Scotland are sold through a ‘blind bidding’ procedure. Survey reports must be provided upfront by Scottish merchants. Scotland also has its own stamp duty, known as the Land and Buildings Transaction Tax. A sale in Scotland is likewise legally binding much sooner than in England and Wales.
Career Progression as a Real Estate Agent
In the United Kingdom, the normal entry-level position for a real estate agent is that of a junior estate agent or sales negotiator. You can advance to the job of estate agent after obtaining significant industry experience. You might also work for yourself by establishing a real estate firm. This is recommended when you have a lot of industry knowledge and connections that will assist you in kick-starting and building your firm.
Is it Hard to Get into Real Estate UK?
There are numerous paths to becoming an estate agent, and it’s crucial to understand that it’s not legally required for agents to have any kind of degree or qualifications to become one – thus, anyone with the necessary skills may work their way up in a real estate business in the UK.
Is Estate Agent a Hard Job?
Working in a bustling workplace with a busy schedule can be physically and mentally draining, but the ‘buzz’ and excitement provided by this challenge is what draws many people to this field. Furthermore, many agents find it quite fulfilling to assist someone in moving into the home of their dreams.
Is Real Estate Worth it in the UK?
Overall, property investment in the United Kingdom remains an appealing option in 2023. It has the potential for long-term growth through capital gains and rental income, and the opportunity to leverage tax advantages can boost results.
Is it Fun Being an Estate Agent?
Real estate is a rewarding career because it allows you to compete. Real estate agents and brokers assist clients who are looking to sell or purchase a home. They compete with other agents who sell comparable properties. This means that real estate brokers will be able to attract more clients and close more sales.
How Do I Become an Estate Agent with No Experience UK?
You can earn an apprenticeship or training placement and gain work experience if you have the relevant qualifications, such as GCSEs. You can learn on the job as a junior estate agent or an assistant to a real estate agent.
Conclusion
Why not explore starting your own estate business now that you know how to become a real estate agent in the UK? Setting up an estate agency is a significant commitment, but if you’re up for the challenge, there’s no reason not to. Best wishes!
Related Articles
- Life Insurance Agent Salary | How Much Do Life Insurance Agents Make?
- How To Become An Insurance Broker: Guide to Becoming An Insurance Broker
- How to Become A Mortgage Advisor: step by step Guide and Salary (updated!)
- ESTATE AGENT BUSINESS PLAN: How to Write an Estate Agent Business Plan
- REAL ESTATE BUSINESS PLAN: 2023 Template & Best Practices
References
