If you\u2019re wondering how to become an estate agent or set up your own estate agency, look no further than this comprehensive guide. We cover everything you need to know, from how to find a premises \u2013 and what insurance you might need.<\/p>\n\n
Estate agents sell or let properties on behalf of clients, with many providing both services. They can focus on either residential or commercial properties.<\/p>\n\n
Estate agents make money through fees and commission. But this isn\u2019t in return for doing minimal work, as many people think, so you should be prepared to put in maximum effort.<\/p>\n\n
Working hard will be worth it \u2013 the way the market works means there\u2019s a big opportunity for passionate people. What\u2019s more, you get to be your own boss and become completely self-sufficient.<\/p>\n\n
You need to have charm and savvy, with the confidence to engage with people on a regular basis. Whether it\u2019s negotiating<\/a> prices, dealing with tricky clients or searching for tenants, great communication is vital.<\/p>\n\n You\u2019ve got to have patience and perseverance too. Sometimes leads don\u2019t work out, properties don\u2019t sell, and deals fall through. As with any business, you should have the drive and determination to succeed and overcome any setbacks.<\/p>\n\n Other than that, estate agents need strong commercial awareness, with a grasp of marketing and sales. Remember, clients depend on you to sell or let their properties, so you need to know how to market them.<\/p>\n\n You should be aware of the different marketing channels \u2013 and which ones get the best results.<\/p>\n\n If you\u2019re setting up your own business, ideally you’ll have experience in the industry, as you need the know-how to compete with the major players.<\/p>\n\n That being said, you don\u2019t need training or formal qualifications like a degree to become an estate agent. But if you\u2019ve studied anything like business, surveying or civil and structural engineering, you\u2019ll also have an advantage.<\/p>\n\n You can take specific courses like Propertymark Qualifications<\/a>, which offer training in areas including valuation and property management.<\/p>\n\n Taking specialist qualifications will help you gain a client\u2019s trust and show authority. You\u2019ll always need to stay on top of laws and regulations, and you\u2019ll have to be thorough and organised when preparing contracts and inventories.<\/p>\n\n Estate agents usually need to have a driving licence in order to get from property to property \u2013 and sometimes take your clients, too.<\/p>\n\n In residential sales, you\u2019ll list properties, accompany clients to viewings, and ultimately help get the best outcome for both seller and buyer.<\/p>\n\n\n\n In residential lettings, you\u2019ll usually be expected to undertake property management. You need to list properties, find tenants, and arrange viewings. You\u2019ll then likely need to handle ongoing communication with tenants and deal with any problems that arise with the property.<\/p>\n\n\n\n Residential estate agents should be good at building relationships with people, as you\u2019ll be dealing with everyone from landlords to tenants and solicitors to plumbers.<\/p>\n\n\n\n With people still using estate agencies to buy and sell property, and tenants still looking for help to find a place to live, the opportunity for residential estate agents is huge.<\/p>\n\n\n\n Commercial estate agents usually sell and let empty properties used by businesses for a range of purposes.<\/p>\n\n\n\n Commercial property includes shops, offices, and warehouses \u2013 and can even extend to land and specialised areas like forests and quarries.<\/p>\n\n\n\n You\u2019ll have to develop detailed and intricate knowledge to specialise in commercial property, because there\u2019s more freehold and leasehold acquisition work for clients. The letting process is complex, and you need to thoroughly understand planning law and landlord and tenant law.<\/p>\n\n\n\n This knowledge extends to advising clients on property. They might have lots of questions on price, size and location, so you need to know your stuff.<\/p>\n\n\n\n While it\u2019s more specialised, there\u2019s a breadth of opportunity for commercial estate agents. They can act for both the owners of the property and for the buyer or tenant. Agents are also asked to agree adjustments for the rental, or the terms of a new lease for the existing tenant.<\/p>\n<\/div>\n\n Every new business should have a business plan. It\u2019s the document that establishes what your business is trying to do, and how it will grow and succeed. Whenever you hit a hurdle or need to make a strategic decision, you\u2019ll be able to refer back to your business plan for guidance.<\/p>\n\n Writing a business plan makes you think about your competitors and what niche you\u2019re trying to fill.<\/p>\n\n We have some top tips for writing a business plan<\/a>. But a good place to start is to decide on the legal structure for your business<\/a> \u2013 do you want to become an estate agent on a self-employed basis? Or do you want to set up your estate agency as a limited liability company?<\/p>\n\n When it comes to your business premises, you\u2019ll certainly want a prime location with lots of footfall, which means your rent may be expensive.<\/p>\n\n Make sure you research potential locations and work out the average rent for different properties in the area. Then, calculate what premises you can afford, keeping your running costs in mind.<\/p>\n\n Read our guide to office relocation<\/a> to learn what to look for when choosing a business premises.<\/p>\n\n You should have a strong presence in the local community to buy, sell and let properties for your clients.<\/p>\n\n Building trust with your clients is crucial, and having the right protection in place will help your case.<\/p>\n\n The insurance estate agents should think about includes:<\/p>\n\n You can also add other covers like buildings insurance<\/a>, business interruption insurance<\/a>, and personal accident insurance<\/a>.<\/p>\n\nEstate agent qualifications<\/strong><\/h2>\n\n
Becoming a residential estate agent vs a commercial estate agent<\/h2>\n\n\n\n
Residential estate agents<\/h3>\n\n\n\n
Commercial estate agents<\/h3>\n\n\n\n
Setting up an estate agency \u2013 4 steps to follow<\/strong><\/h2>\n\n
1. Write a business plan<\/h3>\n\n
2. Find your business premises<\/h3>\n\n
3. Market your estate agency<\/h3>\n\n
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4. Consider insurance<\/h3>\n\n
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