Estate Agent
Estate agents specialise in valuing, marketing and selling or letting property on behalf of their clients. They earn their living by taking a percentage of the sales price of a property, after finding a buyer for the client. Often known as sales negotiators, agents might be involved with residential sales, lettings and property management, commercial and business work, business transfer, and property auctioning. The work can involve visiting properties both to value them and to show them to prospective purchasers, writing up sales brochures, negotiating an acceptable purchase price, and liaising with other people, such as solicitors, banks and building societies. The agency may also have a website, which has to be constantly updated with details of properties available.
Entry level
There are no formal entry requirements for trainee estate agents, although GCSEs/S grades (A-C/1-3) or higher-level qualifications would be useful. There are relevant degree courses in subjects such as property studies management and real estate management, but it is equally possible to start as a receptionist or clerical assistant and move on to become a trainee estate agent.
The Apprenticeship framework in Property Services covers the Sale of Residential Property and Surveying Support. Details are available from Asset Skills and TTC Training.
The National Association of Estate Agents (NAEA) offers the NAEA Technical Awards in Sale of Residential Property and Letting and Property Management, which are aimed at those working in, or aiming to work in, estate agencies.
Making the grade
For those with experience in agency work, NAEA offers the NAEA Diploma in Residential Estate Agency, the Diploma in Letting and Property Management and the Diploma in Commercial Property Agency, which are at HNC/HND/pass degree level.
Some estate agents are also qualified chartered surveyors. In order to qualify, you would need to complete a degree or diploma accredited by the Royal Institute of Chartered Surveyors.
The NAEA offers fellowship status through certificates in the practice of estate agency, residential lettings and management, and commercial and business transfers.
With experience, it is possible to become a senior negotiator or to manage a department within a firm. Larger agencies could provide more opportunities for promotion, particularly for staff prepared to change location. You could become a partner in a firm, or set up your own agency.
Personal qualities
As an estate agent, you would have to like meeting all sorts of people and be good at negotiating and communicating. Buying or selling a house is often the single most important financial transaction that people make, and many find it very stressful. The housing market is complicated, often involving 'chains' of buyers and sellers, deals often fall through and as a consequence feelings can run high. You would need to be tactful and sympathetic to cope with this, but you would also need to be an effective salesperson, capable of surviving in a very competitive business environment.
Looking ahead
The property market has been very strong in recent years, leading to soaring prices and excellent prospects for estate agents. However, this is a field that fluctuates and your career aspirations could suffer if/when we enter a cycle of falling prices and a stagnant market.
An interesting development – and one that could open up more career options in the future – is the increase in property purchases in other member states of the European Union.
Alternative suggestions
Other possibilities might include auctioneer, building surveyor, general practice surveyor, housing manager, land agent or rural practice surveyor.
Take-home pay
Typical starting salaries range from around £13,000 to £20,000. With experience, your income could rise to £30,000 to £50,000 plus. Performance-related pay is the norm.
Salaries vary greatly, depending on location, qualifications, specialism, size of firm and the economic climate in the property market and the building industry.
Effects
Estate agents usually work from about 9 to 5, Monday to Saturday. However, some agencies in larger towns may open in the evening and on Sundays, and agents may need to meet clients and buyers outside normal working hours.
Agents are based in an office, but are likely to spend a lot of time visiting properties, showing prospective buyers around, or checking the progress of a sale.
Sources of information
National Association of Estate Agents: www.naea.co.uk
Royal Institution of Chartered Surveyors: www.rics.org.uk
Asset Skills: www.assetskills.org
TTC Training: www.ttctraining.co.uk/naeaind.htm
CRCI: BC
DP Group: 3
