So you want to sell homes or buildings, this is an admiral goal and being an estate agent is a constructive and positive career choice. Plus, you are able to make a lot of money if you apply yourself and work hard.
Along with learning those lessons that will help make you a better estate agent. The good thing about becoming an estate agent is that you get training from the broker who hires you.
To find out how you become an estate agent in the UK just continue reading. Our article is full of vital information that helps you reach your goal.
The first thing about this process you already know. You get on-the-job training after you are hired. That is good news because you do not have to get your experience alone. You will have help and guidance every step of the way.
The second thing you should know is that there are no mandatory requirements you need to have to become an estate agent. You do not need prior experience nor do you need a college degree.
You just apply and interview, until you are hired by a brokerage house. The third step will be to decide which type of estate agent you want to be. There are about 7 types that you can choose from to find your niche in this career:
This is a normal agent who brings buyers together with sellers and hopefully makes a deal. You can list properties as well as take photos, show the property, and so on.
This is where you focus on listing homes and selling those homes. You do some research to value the property and negotiate terms when you find a buyer.
This type of agent only represents the buyer. Their duties are to the buyer only and they make searches for suitable properties that fit the buyer’s criteria.
You are doing regular estate agent work and you work with both buyers and sellers.
This is someone who works with both the buyer and seller to make sure the deal is closed.
The next thing you need to consider is how much each brokerage house will pay you. Generally, you will get a set salary for the first 6 months with the first 3 at a higher rate of pay over the last 3 months.
During that time, if you make a sale or two, you get your share of the commission fee. If you are good, this can add up and make you a rising star in the office.
As you apply, you can ask the question what is the starting salary and how much of a split do you get from the commission when you make a sale. To make sales though, you need to work on your communication & interpersonal skills, as well as learn about the area you are working in, and how to value a home.
Or you can take an apprenticeship role and work your way up. This can be helpful as it provides you with the knowledge and the training you need to be a successful agent.
You can also take courses to improve your abilities and other skills you will need to work as an estate agent.
Right now, the commission for selling a home ranges between 0.75% to roughly 3.5% for most contracts. Sometimes the commission fee will be higher but everything is negotiated at the time when you are listing an owner’s property.
The thing to remember when it comes time to state your fee, do not lower your fee too fast. That is a sure way of exposing your desperation and lack of experience.
Stay firm on your stated fee unless your broker instructs how low you can go. People do not want to work with agents that lower their fees too quickly. It is a red flag to owners and you cannot let nervousness or fear ruin your chances of getting a listing.
This is a subject you need to talk over with your broker so you know what they want you to do. Also, do not expect to get the full commission once the house sells. That commission is split between you and the brokerage firm.
You may get 50% of 2% or whatever depending on the fee you charge.
In terms of making a good salary, the commercial part of the estate business is much more lucrative. Commission fees are generally higher, with the average fee between 6 to 8% of the total selling price. Sometimes it can go higher but those higher fees need to be negotiated.
While the process is basically the same, there are some differences. With house selling, you need to know about schools, hospitals, public transportation, and so on.
But with commercial property, you need to know about foot traffic, how similar retail sales are doing in the area, and so on. This is a more business-like process than a family-type transaction.
Plus, you get better hours being a commercial estate agent rather than a residential agent. That makes for a better home life if you are married. This is not a get-rich-quick opportunity as sometimes closing a commercial transaction can take up to a year over a month to two months for homes.
It is great to aspire to be an estate agent. If you want more details and guidance give us a call. We have more than 10 years of hiring and training some of the best agents in the country.
We can help you become a good estate agent but it takes hard work and a lot of learning. If you are interested call us today and schedule an appointment. Your success depends on you and the training you receive. To be the best you go with the best.
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