Estate agents sell or let residential or commercial properties, businesses or land on behalf of their clients. They look at the property's condition and compare it with others in the area to value it and get the best price for the client. They also market the property and negotiate on deals.
Residential estate agents deal with the sale and purchase of houses, flats and land. Many also manage rental properties. Commercial estate agents deal with a wide range of business properties including offices, shops, leisure facilities, hotels and restaurants. Rural estate agents specialise in land and rural businesses.
An increasing number of homes and commercial/industrial lots are sold by auction, so involvement in property auctioning is becoming more widespread, particularly in England and Wales. Increased interest in overseas relocation or second-home purchase abroad is also a growth area during times of economic buoyancy.
Estate agents often have to liaise with banks, building societies, mortgage brokers, surveyors, solicitors and other estate agencies during transactions.
Property sales are dealt with in different ways in the UK depending on the nation. Property legislation in England and Wales is different to that in Scotland and Northern Ireland. For example, in Scotland, sales are usually handled by solicitors.
The work carried out also varies depending on the specialism of the agency, but there are some common tasks which include:
Those who work in the lettings area of estate agency also:
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