Estate Agent Career Description
Estate agents provide an essential service in finding and bringing together the sellers and buyers of all types of immovable property including houses, townhouses, flats, farms, factories, shops and offices.
What am I going to do in this occupation?
The work of estate agents begins with a mandate from a seller or a buyer. A mandate is usually a written instruction to find a buyer or a seller for a specified property within an expected price and within a defined time and date.
The agents' first priority would be to establish a fair market value for the seller's property. Reputable estate agents will also be required to discuss and put together the most effective marketing plan for the seller's property. To do this the agents will require the full and honest co-operation of the seller.
Estate agents, in offering or advertising a property for sale, will point out the merits and strong selling features of such a property including, in particular, its location, the current state of repair of the property and, most importantly, the likely market value of the property. The estate agents, in their negotiations with prospective buyers, must always adopt an objective approach and find out precisely what the particular buyer requires and if they will be able to meet their financial obligations for the property of their choice.
In finding a buyer the agents must, especially where houses are concerned, find out the buyer's requirements in regard to such important -aspects as schools, universities, churches, shops, public transport and recreation. The agents must also know about the zoning of undeveloped land in close proximity to the property being marketed. With all this information gathered the agents would then be in a position to match the physical features of the seller's property with the clearly defined needs and financial capability of the buyer.
In most instances the estate agents act as negotiators between seller and buyer and will bring about agreement as to price, date of occupation and many other factors that must be agreed upon. All such items of agreement are defined in a written "Offer to Purchase" or a "Contract of Sale". This contract will be submitted to an attorney (who is usually the seller's attorney) who will attend to the legal aspects of the sale and arrange for transfer of the property sold from the seller into the name of the purchaser. It is usual for the purchaser to arrange a bond with a financial institution (bank or building society) in order to pay at least part of the purchase price and an attorney will also attend to the registration of
such a bond.
In addition to the above duties estate agents will also perform many other administrative functions including the completion of application forms for building society bonds, liaising with attorneys and other similar duties. Estate agents are one of the few professions where their earnings by way of fees or commissions are only paid on finalization of the transaction or registration process. If the transaction fails the estate agents do not receive their commission.
Requirements
What kind of personality do I need?
Estate agents must be people of high integrity since they are obligated to protect the
interests of their clients, usually the seller, at all times to the best of their ability having due regard, however, to the interests of all other parties concerned with the transaction. It is also essential that estate agents be self motivators because the market is highly competitive and they only earn a fee when
they sell.
Where can I work?
The nature of prospects in the estate agency industry fluctuates according to the particular economic and political climate prevailing from time to time. In a time of economic downturn it can be anticipated that the industry will experience a quiet period, but as the economy improves the industry becomes both active and prosperous.
Can I work for myself in this occupation?
Estate agents with the necessary experience can start their own estate agencies.
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