REAL ESTATE BUSINESS

Estate agents work both with clients who want to sell land or property and with those who want to buy it. Many are also involved in auctioneering, leasing and managing properties on behalf of clients. The focus of the role involves two main tasks valuation, which involves looking at the property's condition, comparing this with others in the area and applying local market knowledge. Negotiation, which takes place between prospective buyers and sellers, with the aim of achieving the best sale price. Estate agents also liaise with banks, building societies, mortgage brokers, surveyors, solicitors and other estate agencies during transactions.

Residential estate agents deal with the sale and purchase of houses, flats and land. Many also manage rented property on behalf of clients. Commercial estate agents deal with a wide range of business properties, including offices, shops, leisure facilities and hotels and even businesses. Rural estate agents specialise in land and rural businesses. A substantial and steadily increasing number of homes and commercial/industrial lots are routinely sold by auction, so property auctioneering is becoming more widespread, particularly in England and Wales. The growth of buy-to-let has increased demand for estate agencies that offer a residential letting service.

Increased interest in overseas relocation or second-home purchase overseas is also a growth area of activity. As property legislation in England and Wales is different from Scotland and Northern Ireland, property sales are dealt with in different ways. The role may be split, with one staff member specialising in valuation, and another in sales negotiation. In Scotland, the residential property market is structured differently with most property sales being handled by solicitors. There are also differences in the types of work carried out, depending on the specialism of the agency. Despite this, there are common tasks involved and typical work activities tend to include looking at and collecting information about a property, and arranging for photographs to be taken.

Visiting and talking to the sellers about their property and its special features. Estimating the value of the property marketing and promoting properties for sale. Compiling home information packs, contacting qualified home inspectors to complete relevant sections. Representing the sellers in negotiation with prospective buyers. Monitoring sales as they proceed. Advising clients and helping buyers to decide what they want to buy. Making sure that a price is agreed that is acceptable to both buyer and seller. Arranging convincing managing properties and collecting or organising rent payments if required. Keeping up to date with trends in the local residential property market, as well as the commercial market.