What does an estate agent do?
Estate agents play a crucial role in the property market, helping clients buy, sell, or rent properties.
The question often arises:
What do Estate Agents do?
Estate agents offer expert advice on property values and market trends. They manage listings, conduct viewings, and negotiate deals for smooth transactions, while also providing essential services for successful property exchanges.
Understanding the role of estate agents can enhance your property experience.
Key Responsibilities of estate agents
Property Valuation
Estate agents assess property values, and their evaluations help clients set realistic asking prices for their homes.
Estate agents make use of their market knowledge to guide these decisions. This expertise helps to ensure competitive pricing of properties.
Marketing Properties
Estate agents create comprehensive marketing strategies for real estate properties.
Agents make use of online platforms such as Rightmove and Zoopla and traditional methods to market properties.
Effective marketing attracts prospective buyers or tenants to the properties, increasing the possibility of a successful transaction.
Conducting Viewings
Estate agents organise and carry out viewings of the properties.
Agents present the property by highlighting its unique features, often starting and ending viewings in the best rooms.
Viewings help buyers decide if the property suits them, an important part of their decision-making.
Skills Required to be a great estate agent
The Process of Buying and Selling
Initial Consultation
Understanding Client Needs
Estate agents kick things off by understanding their clients needs.
Agents will question clients about the kind of property they would like and the location/s they’d like to live.
This way, an agent can find out which properties are suitable for them. Estate agents take this information to tailor their services.
Setting Expectations
Establishing clear expectations with clients is essential.
The estate agents will explain the process of buying or selling a house to the client, including challenges and timelines.
Clear expectations mean smoother transactions.
Managing Listings
Creating Property Listings
Creating property listings requires attention to detail.
Estate agents collect details about properties to write descriptions that showcase unique features.
High-quality photos make listings more attractive to prospective home buyers.
Online and Offline Marketing
Estate agents use both online and offline methods in marketing.
Estate agents post their listings on property websites and their company’s website to ensure the property gets as much exposure as possible to increase the chances of it selling.
Print media and local advertising help to further increase reach.
Effective marketing exposes properties to more views and interest.
Sales and Negotiations
Handling Offers
Offer handling is an art.
Estate agents present the offers they get from prospective buyers to their clients.
The agents will advise the clients whether to accept or negotiate the offer.
This advice helps the client in making an informed decision.
Closing Deals
The final step (and most exciting) involves closing the deal.
Estate agents liaise with the solicitors and other professionals.
The agent ensures all the paperwork is complete.
A successful closing results in happy clients!
Additional Services Provided
Estate agents offer a range of ancillary services, which complement and enhance your property experience.
These services go above and beyond the basic buying and selling process.
Knowing what an estate agent does in these areas can be highly beneficial.
Rental Management
Rental management involves numerous activities that aim to ensure a smooth operation between the landlord and tenant.
Estate agents play a vital role in this process.
Tenant Screening
From the landlord’s perspective, screening a tenant is crucial.
An estate agent must carry out an in-depth background check about the potential tenant. It comprises employment history, credit history, and reference checks.
Proper screening allows landlords to find good, reliable tenants.
A suitable tenant reduces the risks of rental issues.
Lease Agreements
The lease agreement is one of the most critical documents in letting.
Estate agents prepare clear and detailed lease contracts.
These contracts include the rights and duties of both parties. A properly written lease safeguards the interests of landlords and tenants.
Estate agents ensure that lease agreements are drawn up in accordance with local laws.
Property Management
Property management involves regular upkeep and maintenance of the properties.
Estate agents offer valuable support to the owners in this area.
Maintenance Coordination
In property management, coordination of maintenance is a key aspect.
The estate agent arranges for all the required repairs and maintenance dealing with different contractors and service providers.
This is done so that all properties can be kept in good condition through timely maintenance.
Well-maintained premises attract and maintain tenants.
Financial Management
Financial management encompasses handling the financial aspects that come with property ownership.
It involves services such as the collection of rent and budgeting, and this may be facilitated through estate agents.
Agents prepare detailed financial reports for the landlords. Effective financial management enables landlords to maximise their investment returns.
These are some of the value-added services provided by estate agents to complement your experience either as a property owner or as a renter.
Knowing what estate agents do in letting and managing your property could make all the difference.
Your choice of estate agent will make all the difference. Consider experience and local market knowledge when hiring an agent.
How Rello Empowers Estate Agents
Rello is changing the way property transactions work with faster sales, real-time updates and higher customer satisfaction:
- Time-saving through sales progression: Rello significantly reduces the time estate agents spend managing sales progression tasks, such as tracking chain updates and managing client queries, so that agents can focus on growing their business and enhancing client relationships​.
- Enhanced visibility and transparency: Rello provides a 24/7 live view of the entire property chain. This transparency allows agents to track the progress of every sale, identify potential bottlenecks, and keep all parties informed, helping to expedite transactions​.
- Improved client satisfaction: By offering real-time updates and proactive communication throughout the sales process, Rello enables estate agents to better manage client expectations, reducing stress for buyers and sellers. This leads to higher client satisfaction and better reviews​.
- Flexible support for in-house sales progressors: Rello can integrate seamlessly with estate agents who already have employed sales progressors. Rather than replacing in-house staff, Rello’s services complement their efforts, providing additional tools and expertise to streamline processes. This partnership ensures that both in-house teams and Rello work together to accelerate sales progression and enhance overall efficiency.
- Access to advanced technology and expertise: Rello combines cutting-edge technology with experienced professionals to ensure that estate agents have the tools and support needed to handle complex transactions efficiently.
Reach out for a personalised consultation today! AND don’t forget to connect with us on Facebook and LinkedIn for more sales progression tips and tricks.
