Estate agents are those that specialize in selling or letting agricultural, industrial, or commercial properties. However, at Property Power, we only concentrate on estate agents that specialize in residential selling and letting of properties.
What is the role of the estate agent?
The estate agent acts as the bridge between buyer and seller and will negotiate an agreement that is which is agreeable for both parties. A Purchase Offer is prepared by an estate agent that must be executed by the buyer, estate agent, and seller.
To provide his services the Tunbridge Wells estate agent charges the buyer a commission or fee that will be paid out by the buyer. The amount of commission due is negotiable and should be discussed by the estate agents prior to the beginning of the deal. The commission is typically calculated by dividing the price of sale.
What are the benefits of using the services of an estate agent?
An estate agent knows how to address marketing, legal and financial concerns in a proper manner.
He should also be aware of different sales methods and financing options as well as valuation methods, construction methods and pertinent property laws and regulations.
He should be well-versed in the local market for property as well as the consumer behavior and be capable of communicating with customers at various levels.
Estate agents will safeguard the interests that his customer to the greatest extent of abilities while taking into consideration the interests of all other parties involved.
The purchase of a property is likely to be the most significant investment you ever make. Estate agents play an essential role in ensuring security of your investment.
The Estate Agent’s obligations
In the context of a prospective Buyer (or Lessee) )…
Fair and honest behavior.
The buyer must be qualified, i.e. gathering details about the buyer order to show him the perfect house.
Presenting properties selected to the potential buyer.
Maintaining contact with potential buyer.
Helping the buyer make an offer.
Helping the buyer obtain financing.
After-sales service.
Always adhering to the ethical and legal obligations owed to prospective buyer, which is governed through the Estate Agency Affairs Board, i.e. the obligation not to commit fraud or conceal relevant facts, the obligation not to prejudice the interest that of the purchaser, the responsibility to conduct business with a sense of responsibility and skill, the obligation to not discriminate buyers as well as the obligation to act ethically when it comes to the transfer of trust funds, the obligation to not abuse or illegally divulge private information.
In the Terms of a Seller (or Lessor) )…
The typical estate agent’s client can be described as a buyer or lessor of a home. The job of the estate agent is to bring an interested and capable buyer or lessor to the property of his client, but he also assists sellers in the process of selling:
Informing him of the worth of his home;
Selling his property efficiently;
Examining potential buyers to determine whether they can afford to buy the property, and what their requirements for housing are.
Informing prospective buyers about the potential property’s suitability to his needs as well as its general terms and conditions, and whether there are limitations regarding the usage of the property.
The negotiation process, taking into account the interests of all parties involved
Filling out an Offer for Purchase document, ensuring you are sure that it’s legal and accurately reflects the needs and intents of all parties involved;
Helping the buyer to finance the purchase and aiding him in arranging the financing;
Assisting the conveyancing lawyers in involved in the transfer of property, and helping them speed up the process of registration.
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