To put it simply, they buy or sell a home-that’s it! Of course, the answer to what do estate agents actually do is more complex than that! But we can make it easier on ourselves by giving you the most important details about the job itself: how do estate agents become an agent, and just what it takes to become a successful one.
If you’ve ever seen a picture of an estate agent negotiating with a private seller, then you know what happens during these negotiations. They are able to help you with setting the price of your house sale as well as finding properties within your price range for purchase in your chosen area. They are also knowledgeable when it comes to the conveyancing process and they are often able to suggest some reputable mortgage brokers as well as solicitors and removal firms. A good Stroud Estate Agents like TGRES will support you through the entire process.
To become a good estate agent you need to not only be aware of the UK housing market but you also have to have great customer services skills. Much of your work will be working closely with people who are looking to sell or buy a home which can be an incredibly stressful time and some people may need to be guided through this process, especially if they are first time buyers.
Buying at auction instead of through an agent
An estate agent is not the only route to a new home. Property auctions can be a good way to pick up a bargain or find a house to renovate, but the process is very different, so it is important to understand how it works before you take part.
If a property coming up for auction interests you, request the sale pack. This contains information about the property, the deeds and the searches that have been carried out. It is the right moment to involve a conveyancing solicitor, who can review the details and explain anything you are unsure of.
Make sure your funding is in place before you bid. Once you win, you are legally bound to complete the purchase and will be expected to pay quickly, unlike a sale through an estate agent. A regular mortgage is not an option here, so the money needs to be ready in the bank.
Choosing the right agent to sell your home
With so many estate agents to choose from, finding the right one can feel like a minefield. Start with marketing, since it is what generates interest and helps a home sell faster. Look at how an agent writes up its properties and the quality of the photographs it uses.
Check which agents sell homes similar to yours by browsing current listings and recent sales on your street and in your area. A local agent with this experience is usually the best choice.
Fees matter, though they should not be the deciding factor. Find out what agents normally charge, then read the contract and fee carefully before agreeing to anything so that you pay a fair price. The value of your home also plays a part. Online agents can work well for lower priced properties, but higher value homes tend to do better with an established traditional agent that has experience at that end of the market.
Agent fees and other costs of moving
Alongside stamp duty, estate agent fees are usually one of the largest costs of a move. They are normally charged as a percentage of the agreed sale price and vary between agents, so it is always worth negotiating.
They are far from the only cost. Book a removal company as soon as you have a date. Prices depend on the size of the property, the value of what is being moved, whether storage is needed and how far the van must travel. Get your own quote for conveyancing rather than simply using the solicitor an agent recommends, and check exactly what is included.
A building survey is essential, as it can reveal problems that let you renegotiate the price or walk away. Structural surveys are useful if you plan structural changes and can also look at subsidence, drainage and damp. Stamp duty needs a place in your budget too, and buyers must confirm their deposit, usually at least five per cent of the value, before securing a mortgage.
