A successful Real Estate agent can earn up to $100,000 in a deal of selling a million dollar property. Not only that, mid-level real estate agents earn handsomely too – both via commission and via cost per hour working under a real estate firm. So, if you’re living in UK and considering to pursue a career in real estate, then you’ve made a great choice.
If you’re persistence, has learning attitude, friendly nature and slightly manipulative behavior then
Neither a graduate degree nor a postgraduate degree is mandatory to become an estate agent. There are no formal qualifications for starting this career. However, a degree can give you an edge in the competing world. There are a number of courses such as Estate Agent Diploma (for entry level candidates) and Estate Agent & Personal Development Training Course (for easy promotion). These courses don’t require any training. Here are the common ways to start your estate agent career.
- Complete a sales course such as real estate and property management, business studies, surveying, civil and structural engineering, urban and land studies to learn sales practices.
- Complete training under a professional body such as the National Association of Estate Agents and the Independent Network of Estate Agents. These courses cover negotiations, property valuations, inspecting buildings, legal requirements and financing.
- Learn as an apprentice to gain practical skills that you can apply in the field through practice.
- Work towards the role to become a professional estate agent.
An estate agent has to deal with people of two different mindsets. A buyer wants to buy the property at a minimum cost and the seller wants to sell his property at a maximum cost. An estate agent is the mediator who brings both the buyer and seller at a common point by using certain skills. These skills are
- Negotiation and persuasion skills to succeed with deals.
- Confidence skill to build up mutual trust and provide assurance to clients.
- Market awareness skill to keep up-to date with commercial activities, and marketing techniques to achieve the sales targets.
- Excellent written and communication skills.
- A friendly and approachable manner for liaising with professional persons and to keep clients happy.
- Excellent computer skills to send emails, record documents and sales and present data to your clients to promote properties.
- Hard work and dedication skills to work under pressure to meet targets and deadlines.
Salaries include fixed salary plus percentage commission on sale’s value. The fixed salary and commission rates are inversely proportional. Starting salaries are 14,000 pound to 20,000 pound per year for trainees. The total earnings depend on experience, company and location.
The United Kingdom estate agents make an average income of 41,392 GBP (Great Britain Pound) and the earnings will increase up to 50,000 pound to 100,000 pound with years of experience while the average salary in the UK is 29,600 GBP.
35 to 40 hours per week office based work including unsocial hours and some deal work with potential clients on weekends.
The main responsibilities of an estate agent in the UK are as follows:
- Viewing and inspecting properties. An estate agent takes measurements, pictures and video data of a property to get a 360 degree view.
- Assessing the value of property with the help of relevant authorities and property house valuation agents.
- Booking property site surveys to show where the property lines are, including features, structures and any bordering land.
- Marketing and advertising of properties by using signs and boards to increase sales.
- Negotiate with buyers on behalf of the sellers to finalize an agreement which is acceptable to both buyers and sellers.
- Present a brief idea to clients and buyers about what they want to buy and sell.
- Answering enquiries and showing clients around properties.
- Monitor sales and keep up to date with rental accommodation and trends in the property market.
- Draw up tenancy agreement contacts and collect rent payments.
There are approximately 54,100 people working as estate agents and auctioneers in the UK compared with 43,100 in 2010. Estate agents mainly work in private and independent agencies which can range in size from small single branch agencies to large companies with many offices.
However, job opportunities depend on the economy of the property market of the state but recruitment is much easier in larger firms because the larger estate companies have separate divisions for different types of properties such as rural, corporate, residential and commercial and for planning, investment and surveying in these properties.
Career Development of Real Estate Agent
Trainee-> assistant sales negotiator -> senior sales negotiator -> branch manager of small office -> area manager -> open your own firm.
Mobility is very important for career prospects and professional development. It means an estate agent must have to skip branches or companies in order to achieve promotion to a senior level.
It is important to establish a relatively strong knowledge of the UK property industry before trying to become an estate agent or a letting agent.
There are several ways of becoming an estate agent without qualifying for a course but you can kick the process of becoming a real estate agent by developing skills and potential qualifications. The Estate Agents Act 1979 outlines several policies that must be followed by an estate agent. These policies include
- Offer fair deals to treat both buyer and seller honestly, promptly and fairly.
- Handle properties well and money with care. This includes details of money handling, provision of contractual paper and availing of contractual terms and business details.
- Provide clients with genuine information including interest rate and the methods to handle and record transactions.