What is an estate agent?

An estate agent handles the renting, buying and selling of properties, land and various buildings and they can work either independently or through an agency. When an agreement for a house sale reaches the legal stage, it is an estate agents job to pass the information onto a solicitor or licensed conveyancer to create the legal paperwork. Estate agents are regulated by a monitoring body known as the Office of Fair Trading (OFT) and with property and land prices throughout the UK notorious for their fluctuations, valuating a property to its real worth takes an expert eye. The Royal Institution of Chartered Surveyors (RICS) is the chief body for property professionals in the UK and their members manage property strategies that are commercial, residential and agricultural. There is no legal stipulation for an estate agent to be part of a property organisation but membership acts as a positive indication that the agent is honest and reliable.

What services do they offer?

Selling a house is a specialist skill and estate agents who also handle lettings and land sales should be knowledgeable in their professional fields. A typical estate agents fee for the letting of commercial properties will be between 6-10% and agents selling commercial properties will charge between 1-3% of the sale price. The services offered by an estate agent who handles lettings varies greatly, as do their fees, and they largely depend on whether the property is managed by the agent or if they simply arrange new tenants. It is vital to trust your estate agent for property lettings as currently there are few regulations on charges for lettings meaning that application, processing and administration fees are at the discretion of you agent. Estate agents who specialise in sales will also charge VAT on top of the commission rate dependent on the time scale of the sale. An estate agent will deal with the communications between yourself and any potential buyers/sellers and advise you on different aspects of your sale strategy along the way. A good agent will work alongside you and understand your requirements as well as being able to assist you from the start of the sale through to the legal paperwork up until the point of legal exchange. An estate agent will often be the person who will complete the tour of a property and it is often best for you to stay clear and let them work their magic.

How to choose an estate agent

Finding a reliable and trustworthy estate agent is a complex process and the simplest way to ensure you will benefit from the services of a good estate agent is to use a company that is well established in the property sector. Agents should be helpful, personable and able to handle multiple tasks from organisng legal documents to keeping their clientele up to date with any significant developments with their property sale/rental. Speak to family and friends about previously used estate agents and find out more about local and national agencies by searching on the Internet for further details. Estate agency is a profession that requires personality matches between an agent and a client, so ensure you are able to create a bond with your agent and if that fails then request a new agent from the agency. Buying and selling property can be one of the most stressful activities you can go through so choose an estate agent whom you trust to make the process as stress-free as possible by explaining what you want from them at the start of the procedure and above all else, make sure they are trustworthy.