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Estate agent: Job description and activities

Job description

Estate agents sell or let residential or commercial properties, businesses or land for their clients. Many are also involved in auctioning or managing properties on behalf of their clients.

The role generally involves valuing properties for the sales or rental markets, looking at the property's condition and comparing it with others in the area, Estate agents use their local knowledge when marketing the property to potential buyers or tenants and then negotiating with them on behalf of their client.

Estate agents also liaise with banks, building societies, mortgage brokers, surveyors, solicitors and other estate agencies during transactions.

Typical work activities

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 auctioning 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 and property management service.

Increased interest in overseas relocation or second-home purchase overseas is also a growth area during times of economic buoyancy.

As property legislation in England and Wales is different from Scotland and Northern Ireland, property sales are dealt with in different ways. 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 and liaising with all interested parties including mortgage brokers, solicitors, surveyors and other estate agents;
• 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;
• keeping up to date with trends in the local residential property market, as well as the commercial market.

Those that work in the lettings area of estate agency also:

• vet prospective tenants by collecting references and credit checks;
• ensure properties meet legal and health and safety requirements, i.e. gas safety certificates;
• draw up tenancy agreement contracts;
• collect or organise rent payments;
• act as a property manager and resolve any issues that arise with properties.

AGCAS

Written by Jo Wolff, Middlesex University

Last updated:

December 2009

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