The term real estate agent is a generic term and refers to any person or company that is dedicated to the sale, purchase, rental and management of properties. In the UK, individuals and companies that deal with the rental and management of rental properties are known as ‘leasing agents’.
Originally, the term real estate agent referred to a person who managed real estate. Those who bought and sold houses were called real estate agents and those who bought and sold land were known as real estate agents. In the United States, the term real estate broker is used for real estate agents.
There is a lot of competition between real estate agents and people do not trust them. In the UK, an estate agent must be registered with the Office of Fair Trading and their activities are also defined by this office. Individuals and property developers turn to real estate agents to help them sell their properties.
The real estate agent evaluates a property and sets a price. He or she will inform the owner of the price that he or she can expect to obtain for the property. They also inform the seller of the terms on which they will be ready to handle the sale of a property.
Registered real estate agents are required to use the services of a registered land surveyor to appraise the property. A number of regulations in the UK protect clients against fraud by estate agents. Then there are also a number of unregistered real estate agents. When a property is sold, the real estate agent must arrange the necessary documents and the transfer of the property.
Estate agents have further divided their roles in the UK. Some only deal with commercial properties, others with houses and apartments. Some real estate agents only work with property developers and help them sell their upcoming projects. In addition, real estate companies have divided the areas in which they operate. Just like an estate agent in one London suburb you will be unaware of property prices in another area. You need to be careful when selecting and dealing with real estate agents as their livelihood depends on commissions and they try to maximize that. So if you need the services of a real estate agent, be sure to run a background check. A real estate agent’s business depends on his treatment and if his treatment is unfair, he gains a bad reputation very quickly.
People don’t have time to inspect your property and try to price it. You will know how much you bought it for, but you won’t know its current market value. Market prices are a factor determined by real estate agents. They look at trends in property prices, the age of the property, and its build qualities. It is the value of the land that is an important factor in determining the price of the property and not the house built on it. It is the area that determines the price of properties and various financial conditions. It is common knowledge nowadays that due to the financial crisis, property prices have plummeted.
Estate agents have been severely affected by the financial crisis as there are very few buyers on the market today.