The Roles and Responsibilities of an Estate Agent

This article by James L Harrison explains in detail what will be required of you once you become an estate agent. The Roles and Responsibilities of an Estate Agent By James L Harrison

In British terminology estate agent is a term used for a person or business, which deals with the selling, buying, renting, and management of houses and buildings.

The Roles and Responsibilities of an Estate Agent

 

The estate agents act on the behalf of a seller and take the whole responsibility to sell the property or house according to the requirements of the buyer. The main role of an estate agent is to bargain the property between the buyer and the seller on some specific terms and conditions. It’s the duty of the estate agents to provide you accurate detail and advice related to the buying and selling of the property.

The agent’s main concern should be to make such a deal, which is beneficial for both buyer and the seller. Agents are in the position to get a benefit from the property, but personal interest should not conflict the principles of dealing. It also provides you an idea that what a property is like and what is its value currently in the market. It is against the principles of an agent to provide misleading and false statements about the property.

If you want to sell your property, making the right choice of a rightful property dealer is very important and difficult. Wrong selection of an estate agent can costs you heavily and results in the wastage of your time and money.

Suppose you have hired an agent to sale your property, it is the responsibility of an agent to prefer the interest of the seller to personal interest and benefits. Moreover, if you are the buyer and you want to buy a property, the agent cannot charge an amount for just viewing and showing you the property.

The pay structure of estate agents should be just. The client should not be bound to pay a single penny until the successful sale of the property is apparent. The responsibilities of the estate agents vary from region to region.

In the rural system the proprietors and property owners mostly the sale and purchase of the property is done by. Their duty is to make the best deal with the buyer and provides them the full information about the qualities and demerits of the property.

Similar should be the principles in big cities as well.

Estate agents should communicate with their sellers effectively and should provide them with the proper feedback about the sale of their properties. They should not only provide the sellers proper information, but also the response of the buyers who may be interested. An efficient agent views the data of the buyers who are interested in buying the property and then he contacts the possible buyers. Furthermore, your agent should be well informed about the rate and value of your property and the area in which your land is located.

Normally the agents charge maximum 3% of the sales price while making a deal to sell a property. However, the amount you are supposed to pay to the agent depends on the time it takes to sell the property. After six months, the percentage goes up to maximum 20% to 30%. Agents should charge according to the decided limit of amount not more than that. They also are paid from the seller so they should keep in mind the interest and benefits of the retailer while making a deal. These are some responsibilities and duties, which the estate agents is expected to perform.

As you can see the role of an estate agent is wide and varying. Once you have found an estate agent job you will have a rewarding career both in terms of job satisfaction and remuneration.