An estate agent is a professional who assists people in buying, selling, or letting out properties. Their job is to act as an intermediary between the buyer and the seller or between the landlord and the tenant. They are involved in all stages of the process, from valuing the property to finalising the sale or rental agreement.
With the sale of a house, the estate agents will advise the owner on the suitable asking price in keeping with the local market. They organise the marketing of the property, including putting it online, arranging photographs, writing a description, and placing it in their office window or on property websites. They will also arrange viewings and discuss with possible buyers on behalf of the seller.
They help buyers find homes that match what a person is looking for and explain the process from start to finish. In rentals, they help landlords find suitable tenants and often manage the property once it’s let.
Why People Use Estate Agents
The usage of estate agents in the selling of property can be attributed to their knowledge, time, and support. As most homeowners do not know much about selling a property, an agent guides them through it. They know the local area and can give advice on price, how long it may take to sell, and what buyers in the area are looking for.
They also handle the jobs that would take most people time or be generally stressful: answering enquiries, booking viewings, responding to and sorting out offers, and chasing up paperwork. When problems arise, a good estate agent will sort them out quickly.
Estate agents are helpful for landlords as they handle the legal side of renting, deal with repairs, and collect rent for them. This saves time and reduces stress, especially for people who own more than one property.
Types of Estate Agents
There are various types of estate agents, and each offers slightly different services. The best known are high street estate agents. They have local offices and staff who know the neighbourhood. Many people like them because they can speak face-to-face and get local advice.
Online estate agents fall into this category too. The fees might be lower, but much of the service is done through the phone or a website. For some sellers, this might be an option since it comes out cheaper, although usually, this will mean taking on more of the work yourself.
There are also agents who only deal with letting and property management, not sales. These are often utilised by landlords or people who desire help in renting out their property long-term.
What to Look for in a Good Estate Agent
Equally important is finding out how much experience the estate agent has and how well they know the local area. A good agent will be honest, contactable, and able to explain the process in understandable terms.
You will also want to know how they will advertise your property, how often they will keep you updated about developments, and what their charges cover. Some offer commissions on the sale price, while others use fixed fees. Lettings might come with fees for finding a tenant or for managing the property, as well as handling any repairs.
Estate Agents and Their Role in the Property Market
Estate Agents across the North East play an important role in the flow of property on the market. They bring together buyers and sellers, landlords and tenants, to assist in ensuring that a deal goes through successfully. Without estate agents, it would be more difficult for many people to locate the right home or obtain the right price for their property. Some people do sell or let privately, but most still use an estate agent due to the experience and support given.