What is an Estate Agent?
As an estate agent, you will be responsible for liaising with a network of clients, solicitors and other property professionals to sell and let residential or commercial properties.
You will also be responsible for visiting the properties to value and market them. You should always have your client’s best interests at heart to make sure you deliver the best possible price. As an estate agent, you may need to communicate with various professionals. Your job role may involve specialisation in a specific area of estate agency, such as residential sales, residential lettings, commercial sales or commercial lettings.
Responsibilities
As an estate agent, you’ll need to:
- Evaluate the client’s property and estimate its value
- Arrange for photographs and other marketing materials to be taken
- Promote and market the property to potential buyers
- Negotiate with prospective buyers on behalf of the seller
- Manage sales as they proceed, liaising with mortgage brokers, solicitors, and other agents as necessary
- Provide advice to clients and assist buyers in making purchase decisions
- Ensure that the final sale price is agreeable to both the buyer and seller
- Stay informed about current trends in the property market.
Salary
Starting salaries for estate agents can range from £14,000 to £20,000 on-target earnings (OTE).
After you have gained some experience, you can expect to earn between £25,000 to £60,000 plus commission. Once in a more senior role, you could be earning up to £100,000 – especially if you’re in a high-end London agency.
Your salary will usually involve a basic salary plus commission and bonuses, which are usually based on your percentage of sales. This will vary depending on location, qualifications, the size of the firm, and the stability of the market.
At first, you may be employed on a guaranteed initial commission however, this will be for a limited period to gain some experience, start securing deals and grow your network.
Working hours
You should expect to work 35 to 40 hours a week; however, you may be required to work additional hours, especially when completing deals for clients. You may also be expected to work unsocial hours, including evening work and weekends. It is possible to be self-employed or work on a freelance basis; with experience this will be easier as you will already be established. Success will depend on the state of the market.
What to expect
- Work is mainly office-based, but property visits are also a significant part of the job.
- Property visits may include valuations, marketing opportunities, and viewings with potential buyers.
- Frequent travel is expected during the working day, and a full driving license is helpful and may be a requirement.
- Dress code requires smart attire.
Qualifications
A degree is not necessary for this career, but having one can give you an advantage. Increasing competition for employment makes having a degree, foundation degree or HND beneficial. Subjects that may give you an advantage include business-related studies, civil and structural engineering, estate management, property development/management, surveying, and urban and land studies.
Skills
must have skills:
- Negotiation and persuasion skills to win clients and close deals
- Confident and outgoing personality to gain trust and provide reassurance to clients
- Excellent communication skills to liaise with professional contacts
- Customer service focus on ensuring client satisfaction
- Determination, perseverance, and patience to handle the challenges of the job
- Understanding of marketing techniques to effectively market the properties
- IT skills to manage property databases, use digital marketing platforms, and communicate with clients and colleagues.
Work experience
A degree or experience is not required to start a career in real estate.
Trainee negotiator positions are often available with full training provided. Similar experience in sales, administration, or IT is desirable and can offer transferable skills. Work experience opportunities are available to shadow someone in the estate agency industry. Work experience can help demonstrate interest in working in the property sector, build contacts, and even lead to job opportunities.
Employers
Employment opportunities for estate agents are mainly found in independent, private estate agency practices, which vary in size from small one-branch firms to larger companies with multiple offices. Larger agencies may have specialized divisions in areas such as commercial, rural, corporate or residential property, planning, surveying and property investment. While some larger firms may offer graduate recruitment schemes, opportunities are mainly available in smaller companies.
Professional development
You may enter the industry as a trainee or assistant sales or letting negotiator and progress up the ladder naturally. Through your work as an estate agent, you will have the opportunity to gain experience in selling and letting various types of properties and land, including those with higher values. You will usually receive on the job training and will have an induction course which usually will be between one or two weeks. This will run you through the business and the various processes involved.
Training can include areas such as:
- Conveyancing practice and procedure
- Dealing with difficult people
- Effective estate agency
- Effective leadership
- Essential law for residential estate agents
- First-class customer service.
Career prospects
A typical career path in an estate agency involves advancing from a sales negotiator to a senior sales negotiator and then further to a branch manager of a smaller office. In the role of branch manager, you would be responsible for managing staff, handling senior-level sales or lettings negotiations, and mentoring junior sales negotiators. There may be limited opportunities for further promotion beyond the branch manager level, but with significant experience, it is possible to progress to the position of area manager, overseeing multiple branches.
Related Courses
A degree is not necessary for a career as an estate agent. However, if you wish to go to university you may want to consider the following degrees:
BA (Hons) Business and Finance
Get your career in business off to a flying start with UWS’s BA Business & Finance program. Developed in partnership with industry experts, employers and professional associations, this program will help you develop the knowledge and skills needed to make a positive impact in business and financial professions.
Other related courses
- MSc Business Management
- MSc Marketing and Communications Management
- MSc Innovation Management and Entrepreneurship
FAQ Summary
As an estate agent, you will be responsible for liaising with a network of clients, solicitors and other property professionals to sell and let residential or commercial properties.
Starting salaries for estate agents can range from £14,000 to £20,000 on-target earnings (OTE). After you have gained some experience, you can expect to earn between £25,000 to £60,000 plus commission. Once in a more senior role, you could be earning up to £100,000 – especially if you’re in a high-end London agency.
A degree is not an essential entry requirement for this career but increasing competition for employment means that having a degree, foundation degree or HND in one of the following subjects may give you an advantage: Business-related studies, Civil and structural engineering, Estate management, Property development/management, Surveying & Urban and land studies.
