Estate Agents

Estate Agents are generally responsible for coordinating what is for most people the largest and most expensive purchase they will ever make. As such, they have an important job to do and are therefore required to demonstrate a particular combination of skills and attributes.

The role of an Estate Agent

There are a variety of areas in which to specialise within the property industry and these include Residential Sales, Residential Lettings and Commercial Sales. Residential and Commercial Sales involve almost identical responsibilities while dealing with different types of properties. These duties include the initial instruction of a property, marketing and advertising, conducting viewings and coordinating the sales process through to exchange and completion. Residential Lettings Agents are responsible for finding suitable tenants, drawing up legal documentation, collecting rent and resolving financial and maintenance issues throughout the course of the tenancy agreement. Other Estate Agents can specialise in auctioneering where properties are initially marketed in the same way as with Residential Sales but are then put up for auction.

Entry requirements

Initial entry into the industry is commonly achieved in a training capacity or on an administrative level and, although no formal qualifications are required for an entry position, local knowledge and a driving licence are considered to be of significant importance. Most estate agencies offer their own in-house training courses to help enhance selling skills and develop an understanding of the legal requirements of the industry. Personality is even more important due to the high level of customer contact required, the competitive nature of the industry and the fact that most roles are commission based and, therefore, the salary you earn is dependent on your individual performance.

Available qualifications

The National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) offer professional qualifications and NVQs as well as technical awards covering aspects of property construction. Regular training is usually provided in-house although it is now possible to study for a degree in Property Management or Real Estate Management to facilitate career development.

Skills requirements

The basic skills required for this role include:

Excellent skills in communication and negotiation
The ability to manage client relationships
Good problem-solving skills, for example, when dealing with property transactions that fall through
The ability to remain calm under pressure and to handle dissatisfied customers

Future opportunities

Progression through the industry is usually based on experience and target achievement. Within a standard branch, there are Administrators, Negotiators, Senior Negotiators, Valuation Managers and Branch Managers while some of the larger chains have Area Managers and other senior level positions. The industry is challenging but potentially highly financially rewarding and new independent agencies are established on a regular basis in order to capitalise on this. The Internet is now a common marketing tool used by Estate Agents to reach a much wider market with, for example, properties for sale in London being accessible to potential purchasers throughout the country, thus making the industry even more fast-paced than ever before.

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