You must have a million questions, including- How does a real estate agent operate??
A real estate agent enters into a liaise with clients and solicitors. They negotiate sales and rentals on commercial and residential properties.
Working as a real estate agent, you usually specialize in commercial and residential undertakings. A real estate agent shares a grand network that includes–
- Mortgage brokers
- Surveyors
- Solicitors
- Estate agencies
The blog states the responsibilities and roles of a real estate agent.
What is Real Estate?
Real estate can comprise land, property, or a building. Title insurance guarantees the real estate investor against loss from undiscovered defects. It is in line with the title of the property purchase. It stands distinguished from personal property. real estate investments are of the following types:
- Physical real estate properties like – buildings, roads, and commercial properties
- Intangible assets- REITs and crowdfunding platforms
Who is a Real Estate Agent?
Commercial and residential properties are rented and sold by real estate agents. He represents sellers and buyers of properties. A real estate broker may work independently. In most cases, an agent works under the guidance of an expert license broker.
Primary Duties and Responsibilities of a Real Estate Agent
A real estate agent provides needed guidance to clients looking forward to a property purchase. Residential and commercial property sales are different. The responsibility may vary precisely. There are some universal duties and responsibilities for these agents.
These act as a base for approaching any client and completing the sale.
Check out these important responsibilities of a UK real estate agent. These roles may help you if you are eying career opportunities or seeking an ideal agent for your needs.
Evaluate the home’s worth
A real estate agent utilizes the expertise to evaluate the home’s value. He undertakes multiple parameters like- wear and tear, age, substance, and location and determines the value.
He considers the buyer’s view and dispenses the right value in line with it. He addresses the homeowner on making tangible upliftment to improve the house’s resale value. Uplifting the home’s value help in fetching a higher amount in mortgage loans in Ireland. The agents conduct competitive market analysis and analyze the property value in a particular area.
Launch marketing strategy for property sale
A professional marketer and seller reveal the property in the best form. An estate agent focuses on professionally marketing the property by clicking crisp and engaging images, drawing an accurate floor plan, and write-up an accurate description. Once done, the agent reveals the home sale plan to the homeowner.
The homeowner can rectify or modify something as per his belief. Before marketing a home, a homeowner must seek permission and have EPC (Energy Performance Certificate). The certification indicates the total energy consumption in the house. A real estate agent can do this for the homeowner. He may charge the fee for the same. He may include the fee in an overall service charge.
Even after producing a vast selling plan, if an agent cannot sell the property. The homeowner shares the right to question it. Homeowners must avoid communication gaps. They should frequently question the strategies he undertakes and the timeline to sell the home.
Guide the potential buyers
Professional house or property viewing is critical for maximizing the presence of interested buyers. A professional real estate agent undertakes this responsibility by prioritizing on house’s selling aspects. Whether it is a commercial or residential property, every property has some uniqueness about it. The agents share expertise in stopping clients on track by verifying and informing the client of the property’s future value.
Once a property makes it to the list of real estate agent books, he could expose them to a list of interested buyers. As mentioned above in the article, they have a good network of clients. They can market the house to a vast audience base.
One of the advantages of having a real estate agent to sell a property is- unbiased opinion. They are considered a neutral party. Potential buyers may feel much more comfortable buying through an agent than the homeowner directly.
On the other hand, real estate agents ensure flexibility for homeowners. They help them eliminate every need for conducting home exhibition sessions. If a homeowner wishes to conduct multiple viewing, then they have to pay more to the real estate agents.
To avoid any confusion in the journey, it is always best to ask in advance about the viewings. A homeowner must clear the total number of viewings he is paying the agent for. If required, identify the home viewing process to ensure comfort and avoid surprises down the lane.
Convince potential buyers of the property
One of the key responsibilities of a real estate agent is – highlighting the selling points to the interested buyer. Under a code of practice, a real estate agent must ensure the buyer knows the actual property price. However, the agents should be well aware of the buyer’s financial potential before revealing the property. They must ensure- :
- The audience they are selling to
- The financial well-being of potential buyers
- The condition of the property
- there should not be any Property legal issues
- Check for the mortgage agreement if any
- Is the potential buyer paying cash upfront?
These are some critical points to note before selling a property. Also, they must be knowledgeable enough on the legal aspects of the property. They must know whom to sell or pass. Having the right agent beside takes all the hassle out and ensures a profitable property sale.
Gauge out the seriousness of the buyer
Under the Property Ombudsman Code of Practice, the agent must take responsible steps toward the buyer’s eagerness to buy the property. Analyze the total amount he is willing to put forward. Does he need some more time to decide? What is making him delay the offer?
The agent must demand an agreement from the buyer stating affordability. The agent must dispense the offers homeowners wish to provide to potential buyers. Benefits and additional comfort always captivate buyers’ attention. It may positively impact the buying decision.
While searching for a real estate agent, always look for online reviews. Ask for recommendations from others. When you find a potential match, meet in person.
If you are someone eying job prospects as a real estate agent, I hope this article clears all your doubts.