Becoming an estate agent is one of the most sought-after jobs in the UK. Additionally, you will read about the difference in salaries from major cities in the UK as an estate agent. If you want to know all about what qualifications you need, the skills employers look for or the salary you could be making; read on to start your career as an estate agent. We tell you exactly what you will be doing, the fun and the dull sides of the job.
What do Estate Agents do?
Your day-to-day tasks as an estate agent include valuing properties for sellers and buyers. If you have excellent communication skills, they will come in handy when contacting people looking to buy or rent properties and arranging viewings. Some tasks which you are involved in are:
- Putting up ‘for sale’ signs
- Handle all relevant paperwork
- Liaising with solicitors
- Recommending tradespeople
Juggling calls, emails and meetings with advisors and solicitors to ensure the legality of transactions and purchases, can take up a lot of your time. After viewings, you may also receive feedback from clients on how the viewing went and your performance on presenting the house.
Valuing properties and managing auction sales can be a busy day in the life of a real estate agent. You will use your knowledge of house prices and market research to accurately value homes, and find characteristics which make a house more attractive on the market.
Referring to your performance, you need to use skills such as negotiation between buyers and sellers. And generate leads for sales in mortgages. Your main priority is meeting targets set by the company for success with the completion of sales.
Qualifications for an Estate Agent
Do you need a degree to be a real estate agent? The simple answer is no, you don't need a degree. However, having a national diploma or degree in surveying, estate management or property development can provide an advantage compared to other candidates. The entry requirements you will have to meet are 1 or 2 A-levels for a higher national diploma or 2 to 3 A-levels for a degree. Most estate agents' qualifications are diplomas, as these are more accessible and give you a similar advantage with less time.
Work experience in real estate is a great way to develop your skills and learn crucial knowledge about real estate and the market. Estate agent apprenticeships offer various roles in commercial, infrastructure and rural property, aiding your preferred career path. Apprenticeships in real estate usually last 5 years, however, all are dependent on previous experience. You learn vital aspects such as:
- Surveying & Valuation
- Real Estate Economics
Having excellent negotiation tactics is important as an estate agent, as you must properly and effectively represent the needs and wants of your client. Proving your skill by successfully closing deals, whilst getting the best price for your clients, is a must. The ability to negotiate good terms, conditions and prices for various clients in commercial or residential property will help the sales for the company and reward you with a commission.
Translating body language and approachability towards clients can help you understand what someone wants. Having no people skills may deter potential clients from working with you, as clients want an agent who knows what they want in a home or property. You need to basically read their minds.
Mathematics and Economics
Skills real estate agents must have advanced knowledge in various mathematical practices. These include statistics, algebra and ROI (Return on Investment; these will give you a more significant advantage compared to other candidates and agents. Your competency with economics can help with reports, analysing financial statements and banking regulations.
Average Real Estate Agent Salary in the UK
Entry-level real estate agent salaries are from £19,000 per year, this is not including trainee or apprentice salaries which start at £14,000 per year. Any career experience and knowledge will always increase your salary, these range from £30,000 to £71,000 for those in the game longer than others.
Estate agent salaries are not based on just yearly, in most cases, bonuses or commissions are added depending on your success when closing deals. Depending on the company you work for, the bonus percentage differs.
For example, if you sell a property for £180,000, the company takes a 4% commission, which equals to £7200. Of that 4%, you could get a 10% commission, meaning you would take £720 on just one property.
FAQs about Estate Agents
Do you need a degree to be an estate agent?
What subjects are needed to become a real estate agent?
- Real Estate Terminology
- Housing Laws
- Real Estate Ethics
In short, no, having a degree can always come in handy. Showing you have knowledge and experience is a great attribute to have. Companies look for experience more than degrees.
Some subjects which are crucial are: