Ever wondered about the role of an estate agent in the UK? Unsure what their responsibilities are?
Both online estate agents and high street agents play a key role in the sale, purchase or rental of a property. They can help you to market your home, secure a sale or rental and complete a property transaction, alongside their other broad and varied roles.
Here at Cobb Farr, our approach is primarily based on your needs and requirements. That’s why we invest a great deal of energy into getting to know you as an individual and helping you discover your perfect property in Bath, Bradford on Avon, Wiltshire or Somerset.
Selling a property: What should your estate agent do?
There are several roles and responsibilities of an estate agent when selling your home. They include the following:
Define the value of your home
One of the first roles of an estate agent is to provide an accurate sales price based on local knowledge, the housing market and the condition of your property. They should do this by visiting your property, defining the value and explaining what local buyers are looking for.
Market your property
Your estate agent should also take total control over be proactive in the marketing of your property, tailoring it to meet the needs and requirements of your ideal buyer.
Their services should include professional photographs of the property, an accurate floor plan and an attractive and accurate description of your home for their shop window, website and any printed materials such as brochures or informational leaflets.
Deal with enquiries
Your estate agent should also take full control of handling customer queries. They should take details of interested parties, book and conduct property viewings and liaise with potential buyers to ensure a positive outcome for everyone. As the point of communication between buyer and seller, they should understand what each party is looking for and work to achieve it.
Conduct viewings
Your estate agents can also take care of your property viewings if needed. They can arrange appointments, meet with potential buyers and show them around your property with plenty of time.
Here at Cobb Farr, we ensure we provide a detailed and informative walk-through of your property, highlighting its most compelling features and answering any questions the prospective buyer may have, then secure your home after leaving. We can also arrange open house viewing events, if required to further facilitate the sale.
Manage property negotiations
When a potential buyer makes an offer, your estate agent can handle all communication and paperwork required, making it easier and reducing hassle for you, the property seller. Acting as a go-between for the buyer and the seller, they can pass on communication between all parties, help negotiate the price and oversee the sale of your property.
Check that the buyer is serious
According to the Property Ombudsman Code of Practice, estate agents must take ‘reasonable steps’ to find out whether prospective buyers do indeed have the funds available to purchase the property they have made an offer on. They should then inform the seller of the situation.
Using this information, you can decide whether to accept their offer and understand the buyer’s progress when it comes to obtaining the funds necessary for the purchase of your property. This can include a Mortgage in Principle.
Keep the property transaction moving forward
Once you’ve accepted an offer or had it accepted, your estate agent should draft and circulate a Memorandum of Sale.
This document is needed for buyers, sellers and solicitors and provides that the agreement has taken place and details how much money will exchange hands.
Buying a home: What should your estate agent do?
When buying a property, your estate agent should ensure everything runs smoothly.
They should have detailed local knowledge including an in depth understanding of the local market trends, pricing and local amenities like schools, transportation and shops. This should allow you to make the right decision when it comes to buying a property.
Just as when selling a house, they will also take care of all the paperwork and negotiations when buying a house, offering professional advice throughout the process to help ensure both parties enjoy a stress-free property transaction.
Renting a home: What should your estate agent do?
Likewise, when renting a property, a good estate agent should provide exceptional customer service and be ready to answer any questions or queries, whatever they may be.
With great local knowledge, they can help connect the right tenant with the right property, conducting the right background checks to protect both parties. They will also work with both landlords and tenants to conduct property viewings, manage paperwork and ensure all legal requirements are met.
Do you need an estate agent to sell or rent a house?
Technically speaking, you don’t legally need an estate agent to sell your home. You can do everything yourself if you want to.
Having said that, selling or renting a house is a huge task and it can soon become complicated and overwhelming if you are not a professional estate agent.
It’s better to work with a trusted estate agent like Cobb Farr who can use their vast knowledge and experience to take care of the details.
Conclusion
Whether you’re buying, selling or renting a property, your estate agent can be there to provide a property valuation, keep communication open between parties, navigate the paperwork and ensure everything runs smoothly.
