In the UK the vast majority of property sales are made using estate agents. People looking to sell their home will use estate agents to advertise and attempt to find a buyer for their property. At the same time individuals searching for a new home will commonly visit their local estate agent. What is the purpose of estate agents and what are the benefits of using them?
The first stage in the sale of any property is to set a valuation. This is a crucial step in being able to find a buyer for the home. Most estate agents are able to carry out property valuations or at least able to find a professional to perform the valuation on their behalf. Valuation professionals can obtain qualifications from the Royal Institute of Chartered Surveyors or from the National Association of Estate Agents. When valuing the property the price needs to be set at an amount low enough to attract a buyer but also sufficiently high the home seller isn’t losing out.
Once the property has been valued the next role of the estate agent is to advertise the property. The agent will begin by creating promotional material for the home. This will involve compiling a description of the property that will include photos, measurements and floor plans.
Attracting buyers for the property through advertising is the most important role of the estate agent. To receive high levels of interest in the home the advertising must be of a good quality and should be targeted to reach the appropriate potential buyers. The type of advertising that is appropriate will vary according to factors including price and location. Typically the home will be advertised using traditional methods such as newspapers as well as more recent methods including the internet.
If the estate agent has been successful with the advertising of the home then the next stage will be to arrange viewings. Most estate agents will prefer to conduct the viewings themselves although some will leave this to the home owner. Different agents will have their own style of conducting viewings but whatever the approach the aim will be to achieve a sale.
As can be seen estate agents play an important role in property sales. As well as the services already listed some estate agents will offer other services including providing the recently introduced Home Information Pack (HIP).