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  • WHAT IS NEEDED TO BECOME A SELF-EMPLOYED REAL ESTATE AGENT IN THE UK

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Bedrooms
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Price Range
Minimum:
GBP
  • 400 K
  • 500 K
  • 600 K
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  • 1 M
  • 1.5 M
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  • 400
  • 500
  • 600
  • 700
  • 800
  • 900
  • 1 K
  • 1.2 K
  • 1.4 K
  • 1.6 K
  • 1.8 K
Maximum:
GBP
  • 400 K
  • 500 K
  • 600 K
  • 700 K
  • 800 K
  • 900 K
  • 1 M
  • 1.5 M
  • 2 M
  • 2.5 M
  • 3 M
  • 3.5 M
  • 4 M
  • 4.5 M
  • 5 M
  • 5.5 M
  • 6 M
  • 6.5 M
  • 7 M
  • 7.5 M
  • 8 M
  • 8.5 M
  • 400
  • 500
  • 600
  • 700
  • 800
  • 900
  • 1 K
  • 1.2 K
  • 1.4 K
  • 1.6 K
  • 1.8 K
GBP
  • 400 K
  • 500 K
  • 600 K
  • 700 K
  • 800 K
  • 900 K
  • 1 M
  • 1.5 M
  • 2 M
  • 2.5 M
  • 3 M
  • 3.5 M
  • 4 M
  • 4.5 M
  • 5 M
  • 5.5 M
  • 6 M
  • 6.5 M
  • 7 M
  • 7.5 M
  • 8 M
  • 8.5 M
  • 400
  • 500
  • 600
  • 700
  • 800
  • 900
  • 1 K
  • 1.2 K
  • 1.4 K
  • 1.6 K
  • 1.8 K
To
GBP
  • 400 K
  • 500 K
  • 600 K
  • 700 K
  • 800 K
  • 900 K
  • 1 M
  • 1.5 M
  • 2 M
  • 2.5 M
  • 3 M
  • 3.5 M
  • 4 M
  • 4.5 M
  • 5 M
  • 5.5 M
  • 6 M
  • 6.5 M
  • 7 M
  • 7.5 M
  • 8 M
  • 8.5 M
  • 400
  • 500
  • 600
  • 700
  • 800
  • 900
  • 1 K
  • 1.2 K
  • 1.4 K
  • 1.6 K
  • 1.8 K
Dated:
Nov 01, 2022
Read Time:
Topic:
Estate Agent

WHAT IS NEEDED TO BECOME A SELF-EMPLOYED REAL ESTATE AGENT IN THE UK

Being a real estate agent is lucrative in the United Kingdom. The financial freedom, massive growth opportunities, and work-life balance make the job highly sought-after. However, what is even better is if you can become a self-employed estate agent and not work under any agency. It is common and expectable to remain under the apprenticeship of a real estate agent when your career is in an embryonic stage. However, after considerable exposure and experience, deciding to go independent is an excellent idea.

Are you interested in kick-starting your career as a self-employed real agent in the UK? If yes, then there are certain aspects that you need to take care of. What are they? Let us find out!

WHO IS A SELF-EMPLOYED REAL ESTATE AGENT?

A real estate agent represents buyers and sellers of real estate or property. As per the Estate Agents Act of 1979, by law, you are an estate agent in the UK if you qualify the following criteria:

● You engage with people who want to buy or sell property, including commercial and agricultural property ● You are involved in the buying and selling of real estate or property as part of a business ● You act as per the instructions of your clients.

To become a self-employed real estate agent in the UK, you have to comply with the dictums of the Real Estate Agent Act of 1979, The Consumer Protection from Unfair Trading Regulations (CPRs) 2008, and the Consumers, Estate Agents and Redress Act of 2007.

WHAT WILL YOU DO AS A SELF-EMPLOYED REAL ESTATE AGENT IN THE UK?

As an independent real estate agent, you will handle many tasks, from the most mundane administrative responsibilities to active people-oriented duties. According to the Real Estate Agent Act of 1979, the primary activities of a real estate agent in the country include the following –

● Disseminating property flyers among potential buyers

● Arranging for property viewings

● Handling the queries of potential buyers and sellers and forwarding the details to the clients

● Providing clients with a 'For Sale' board with your contact details

● Giving out an energy performance certificate or arranging for one

LEGAL REQUIREMENTS TO BECOME A SELF-EMPLOYED REAL ESTATE AGENT IN THE UK

Some of the pointers you need to remember before becoming a self-employed estate agent in London are –

● The first thing you need to transform into a full-fledged independent real estate agent in the UK is to register your agency with Companies House. As a self-employed real estate agent, you will register your business entity as a 'sole trader' or a 'limited company.'

● You must register with HMRC if you carry out any work defined as estate agent business as per Section 1 of the Estate Agents Act of 1979.

● You must also register with the United Kingdom's tax authorities and make an annual tax return.

● Currently, the United Kingdom has no licence regulations for self-employed real estate agents. Therefore, you are not mandated to possess professional certification or qualification to become a real estate agent.

● You also need membership in an authorised redress scheme for complaints involving the sale and purchase of property, such as RICS, Propertymark, the Property Ombudsman Scheme, etc.

● Lastly, you can use the tools on the National Association of Estate Agents' website to start your career as a self-employed real estate agent in the UK. If you want some additional hand-holding in becoming a self-reliant real estate agent, the United Kingdom Incorporation Services might help start your business.

TWO MODELS OF BECOMING A SELF-EMPLOYED REAL ESTATE AGENT IN THE UK

Model 1 – Self-employed Estate Agent Using a Franchise

You can take the assistance of franchise models to become a self-employed real estate agent in the UK. The best aspect of choosing this model is that you have an instant network of support for advice, administrative help, training courses, branding assistance, and likewise. You also receive the fundamental tools to start as an independent estate agent in the country. However, you have to pay an initial joining fee or incur ongoing costs to opt for the franchise model, which can be a significant hurdle for many as some franchises charge high joining fees.

Another pertinent con of joining a franchise is the absence of autonomy. Even though you are a self-employed real estate agency, you will be representing a parent company or brand. Therefore, you might be subjected to an array of scrutiny if you choose to become a self-employed estate agent using a franchise.

Model 2 – Self-employed Estate Agent Without Using a Franchise

The second is to become your own 'one-man army.' The main advantage of becoming a self-employed real estate agent without opting for a franchise is the total autonomy and cost savings. You can direct your services exactly how you want and market your property portfolio wherever you prefer. However, by going solo, be prepared to partake in a plethora of challenging tasks, from taxes to legal liabilities and employee handling, if you hire anyone in the future.

Ultimately, you have to make the final call by weighing the pros and cons of both models and determining what suits your situation the best.

WRAPPING IT UP

So, there we have it, a brief overview of how to become a self-employed real estate agent in the UK. In case you are looking to draw inspiration from an agency, then look no further than TRPE- The Real Property Experts. With forty years of experience in the real estate of London, TRPE stands out as a pioneering estate agency with transparent policies and a people-oriented approach.

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