Last week, I talked about how people can qualify as a letting agent. Today, I’ll be putting the spotlight on a group of people who are usually your ‘best’ buddy when looking for a place to buy. They can also be a reliable partner when trying to sell your house. By now, I’m pretty sure you already know that I’m referring to estate agents.
With the recent property boom in the UK, I’ve been noticing more and more people are becoming interested on how to become a real estate agent. Hence, I’m dedicating the second instalment of this series to everyone who’s been curious about what it takes to be an estate agent in the UK.
In the UK, there are 3 basic specialisations for every estate agent: residential, commercial, and rural properties. Residential estate agents deal with buying and selling houses, flats, and lands. Commercial estate agents, specialise on properties used for business like office space, shops, and other facilities. Rural agents focus on lands and other rural properties.
There are different rules for estate agents for different places in the UK, but there are also common tasks which all estate agents perform regardless of their location in the country such as:
- Collecting all the important information on a property
- Making an estimate price for the property
- Advertising and marketing properties under their portfolio
- Acting as the seller’s representative when talking to prospective buyers
- Guaranteeing a fair price for both parties
Minimum requirement to get in
Back in the day, you didn’t have to be a degree holder to get started as an estate agent. But as competition in the job market have increased, so too did the qualifications.
High end agencies may require their applicants to have a degree related to surveying, property development/management, estate management, and even civil and structural engineering.
A few real estate agencies I’ve worked with in the past also looked for the following qualities with their prospective agents: excellent speaking and negotiation skills, awareness in current industry practices and drive to achieve sales goals, and, surprisingly, patience too!
Show me the money
A definite monthly salary is a myth for real estate agents, since their salaries are made up of basic salary plus commission. Aside from that, salary rates also vary depending on the size of property market or building industry in your locality. Hence, if you are based on London and specialise on high end properties, there’s a bigger chance for high profits, but don’t expect the same rate per transaction if you are dealing with cottages in the countryside.
However, trainee agents are commonly offered £12,000 to £20,000 as basic pay, while more experienced agents could earn a rough estimate of £25,000 to £60,000 plus commissions.
I hope this post helped gained a little insight on the responsibility of real estate agents and even encouraged you to become one soon! Don’t forget to return next week for more ways on how you can profit from property!