The estate agent is a person or business that regulates the sale, rental or management of other property and buildings in the UK, Ireland, or other countries around the world. An agent specializing in renting is often called letting agents or management. Property agents are primarily involved in marketing available-for-sale properties, and a licensed or licensed lawyer is used to prepare legal documents. But in Scotland, many lawyers also act as property agents, a rare practice in England and Wales.
It has become a habit in the UK and in Ireland to refer to real estate or real properties as just a property .
The property agent remains the current title for the person responsible for the management of a privately owned group of groups, all or mostly under one ownership. Alternative headings are Factor, Steward, or Bailiff, depending on the era, region, and extent of the property in question.
Video Estate agent
Origin
The term originally refers to someone who is responsible for managing cultivated land, while those involved in buying and selling homes are "Home Agents ", and those who sell the land are "Land Agents". However, in the 20th century, " Real Estate Agents " began to be used as a generic term. Property agents are roughly identical to real estate brokers the terms United States.
Housing agents need to know their local area, including factors that can increase or decrease property prices. for example if a new road or airport will be built, it could destroy nearby homes. In other words, mine closure or an increase in a region can increase prices. In advising clients of the requested price, the agent must know the latest selling price (or rental value) for a comparable property.
Maps Estate agent
Rule
The legal terms and full definitions of property agents in the United Kingdom can be found on the Office of Fair Trading (OFT) website. Enforcement of this rule is also the responsibility of the OFT.
In the United Kingdom, housing estate agents are governed by the 1979 Estate Agent Act and the 1991 Property Binding Act to be issued in October 2013, as well as, the more recent Consumer, Housing Agent, and Compensation Act enacted in 2007.
In September 2012, CPR (consumer protection regulation) was introduced which now regulates the process of residential sales.
For residential properties, there are also several trade associations for residential agents, INEA Independent Network of Housing Agents and National Land Agency Association (NAEA). NAEA members may be disciplined for violations of their code of ethics. Their disciplinary process covers everything from warnings and warnings to more severe penalties of up to £ 5,000 for every rule violation.
Some property agents are members of the Royal Institution of Chartered Surveyors (RICS), the main body for UK property professionals, who deal with residential, commercial and agricultural properties. Members, known as "Chartered Surveyors", are selected on an inspection basis and are required to comply with the code of ethics, which includes rules on safeguarding client money and professional compensation insurance in case of errors or omissions.
The Ombudsman for Estate Agents Scheme, which obtained the OFT approval for the Practice Code for Residential Sales in and, since November 2006 claims to have 2,532 member agents.
There is a legal requirement for any organization to trade as a property agent. Agents can be fined if they are not members of the compensation scheme. The compensation scheme is brought together and to organize agents referring to HIP (Home Information Pack).
Industry structure in UK
A number of national residential housing agents chain exist, with the majority being local or regional specialized companies.
Several multi-national commercial agents exist, usually Anglo-American, pan-European or global. These companies are all trying to provide property consulting services, not just agents.
Only a handful of large companies are trading on commercial and residential properties.
Cost
The cost of a property agent is charged to the property seller. The seller's agent usually charges the seller, on a 'no sales, no charge' basis, so that if the property is not sold, the customer will not pay anything to the property agent and the agent will work for the customer, free of charge. If the seller sells the property and completes the sale of its property to a buyer introduced by the property agent, the property agent will charge a fee ranging from 1% to 2%, with an average reported at 1.3% and this is calculated based on the property sale price.
Real estate agency models, most online property agents, generally offer a cost option, most of which are prepaid. Costs range from about £ 300 to £ 800, which is payable in advance. Some online property agents offer this as a deferred payment, which means no prepayment, but fees will be paid after a certain period of time.
Lettings
A property agent dealing with commercial property management typically charges a fee of 7 to 15% of the first year's rent, plus the entire first month's rent. If two agents charge 10%, they will split the cost between them. A property agent selling commercial property (known as an investment agent) usually charges 1% of the sale price.
Fees imposed by the resident permit agency vary, depending on whether the agency manages the property or just gets a new tenant. Costs for potential renters may vary from zero to Ã, £ 300 at a non-refundable fee usually described as " Applications ", " Administration " or " Medium Processing "cost (or third). There are no guidelines to permit agents on charges, except that they are prohibited by law to impose fees for listing property. All fees for renters are illegal in Scotland. Otherwise, they are free to charge as they please in England and Wales.
The first month's rent in advance plus a refundable bond (usually equal to one month's rent) is also generally required. Most residential lettings in the UK are governed by the "Assured Shorthold Tenancy contract." Lease term guarantees (generally referred to simply as "Shorthold") provide less legal protection than before, mostly obsolete, types of housing lettings. Short-term lease agreements are standard contracts; these words are generally available from legal stationery and on the internet for around Ã, Â £ 1.00, although most lettings agents will charge £ 30 to provide them.
It is important that the tenant reference reference already exists before the tenant moves to a property. Credit checks can be run using credit history data from Equifax, Experian or Call Credit (three major UK providers) using internal website systems or managed reference services. A reputable agent will also ask for a reference to the work and reference of the previous owner to try to verify that the tenant can pay the rental property and that there are no serious problems with the previous agent. It is also important that proof of identity and evidence of residence are also collected and submitted.
Sell
Property agents selling residential properties generally charge between 0.5% (single agent) and 3% (some agents) of the sale price plus VAT (Value Added Tax). Some agencies may charge for additional marketing such as newspapers and websites, but generally advertisements are included in the fee. All fees must be clearly agreed upon and recorded in the agent agreement before the market so there is no additional cost confusion.
In July 2016, Which one? found the average national estate agency fee to be 1.3%, although the cost varies greatly.
In addition to the cheapest properties, property agent fees are generally the second most expensive component of the cost of moving home in the UK after the stamp duty.
High Street agents rarely charge an initial fee for a sale or a fee to cancel the sale and withdraw the house from the market. So while other options are available to sell the property with an Online Agent, they often charge upfront costs with no sales guarantees or possibly the motivations offered by a Sales Agent Not for Sale.
Another approach
Since about 2005, online real estate agents have provided traditional cost structure alternatives, claiming a cheaper fixed-cost sales package. This online property agency claims to provide sellers of personal property the ability to market their properties through major property portals (preferred media used by traditional high street agents) for a fraction of the cost of traditional estate agents. Online property agencies claim that they can advertise properties as effectively as traditional estate agents using digital marketing techniques and centralize their back office operations to a single location, rather than having a physical office in the city they are in. Online property agents typically cover the rest of the UK, thus claiming to reduce costs by removing the geographic boundaries of traditional property agents. Lastly, online property agents often charge upfront fees, not traditional agents, which will usually charge anything if the property is not sold
In February 2010, the Office of Fair Trading (OFT) announced that changes in legislation for property agents had caused shocks in the way houses were sold, allowing cheaper online agents to become more established than they could ever be.
The UK property brokerage agency and/or property portal has begun to encourage UK and worldwide real estate agencies to collaborate by demonstrating all of their properties, enabling site visitors to view a large number of UK and overseas properties all on one website.
Research conducted in 2007 says that the most effective way to sell property is through the 'For Sale' sign, 28% of customers have seen signs of Sale> realtors before looking deeper into the property. Searching for homes via the internet came in the near future (21%), with the third newspaper (17%). The fourth most effective way, and most traditional, is the customer who visits the office of the real estate agent (15%). In 2010, 80% to 90% of properties were found over the internet and agents saw fewer people entering their offices. Boards are still very effective, but many agents are now cutting paper ads and are just moving to digital like eMag and just web.
Other methods include auction (11%), word of mouth (3%) and leaflets (2%).
Technology
Property agents use real estate agent software to manage their purchasing applicants, property display, marketing and property sales. The property agent may use the software to prepare the property details used to advertise properties either online or in print. They can also record the requirements of the purchasing applicant and automatically match it to their property data base. Once the sale is approved, they can manage the related property sales chain using the software.
Property agent software will also assist property marketing by automatically distributing property details to the property portal.
The latest technology has affected the growth of Online Agents, and the property sector is becoming more dependent on the use of technology to attract consumer markets. An example of a company that does this now is Matterport, which has created a camera that creates 3D digital models and VR floorpans and ultra HD photography. This causes digital marketers to be able to influence online behavior in the property market through the use of Web Portals. By using secure websites, marketers then have the ability to monitor the level of user activity and obtain invaluable information to help sellers and property agents utilize their marketing and more appealing to their customers' needs.
In recent years agents have begun to work together again through a system similar to the US called MLS (multi-listing service). This is where the primary agent will take the property and send the details through the most to the other local (sub) agent. Subagen will market and introduce applicants to major agents. MLS can achieve more offers, sell properties faster and offered by agents as a premium service.
In the US property data is passed from the agent software by the RETS data feed schema. In the UK, INEA IDx data feeds (data exchange information) are being adopted by many software to receive sub listing properties (ml) back.
In both cases, technology through MLS and idx means that collaborating sub-agents can fill more properties into their websites by working together.
Working as a property agent
No formal qualifications are required to become a property agent, but local property knowledge and customer service skills are considered useful.
'Property agent speaks'
Property agents are known for their unique way of putting a positive spin on their description of the property. For example, 'in need of modernization' actually means much of the repair work required for a home; this is necessary to avoid offending clients who may like the way their homes are currently completed. Similarly, the same buyer can provide feedback that "too much work is required" in a home, but the next person finds the property okay, so there is a level of opinion when explaining the opinion of a property.
See also
- Purchase agent
- Real estate broker
References
External links
- Royal Institution of Chartered Surveyors
- National Association of Estate Agents (NAEA)
- Independent Property Agent Network (INEA) MLS idx
- Association of Residential Lettings Agents (ARLA)
- National Property Buyers Association (NAPB)
Source of the article : Wikipedia
0 Comments