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Starting Your Own Estate Agents Business

May 12, 2008
The estate agent business is basically all about helping others buy and sell their properties. But even in a field such as this you get a lot of specialisation. Some estate agents out there focus entirely on commercial properties; others may focus on the lower end of the residential market while a select few focus purely on the expensive luxury end.

Basically speaking what an estate agent may decide to specialise in is purely dictated by what or who they know and the location they have chosen for their business.

This business is primarily about communication. How you're able to interact with the seller and buyer can make or break a deal. You will also need the ability to be able to tackle mental calculations and think fast on your feet.

The seller's requirements are usually that the property is marketed as quickly as possible and the best price is achieved with minimum hassle. For this service, clients will usually pay the estate agent a commission around 1% - 2% of the sale price that is achieved. This percentage is often determined by the competitive forces within the properties area.

You will be required to have extensive knowledge of the local market place to enable you to give the client a ball park figure that is likely to be achieved for the property. Depending on the market situation, you can then advice the client on whether he or she should market their property at 'offers over' or at a 'fixed price'.

The buyer on the other hand wants an estate agent to help them find the best property for their requirements at the lowest possible price. In most cases they will not have the time to search the market place and this is where a really skilled estate agent can score very well, by sourcing the best property quickly, setting up viewing times and helping in the negotiations once the optimal property has been found.

There are also numerous other services that can be offered like insurance, conveyance and finance. Some of the best estate agents offer a complete one-stop service and can handle every need from putting the property on the market place, to finding the best buyer, setting up a survey report and helping the buyer secure the funding to acquire the property.

If you're easily frustrated then this certainly isn't the business for you. All sorts of issues can occur that can make life difficult for an estate agent. The seller could decide to take the property of the market at the last minute despite you having met all their requirements. The buyer may not be able to raise enough money even after all the paperwork has been completed. Sometimes the buyer and seller can only complete a sale after their respective properties have been purchased.

Work hours can prove to be long and arduous as in many cases viewing can only be done during the evenings or/and weekends. Most people who are in the market for buying or selling a property are usually either in full time employment or running their own business. They will often need to be met outside work hours in order to secure a deal.

There are loads of estate agent franchise models out there. When buying an estate agent franchise, it is very important that you opt for a well known brand that has already achieved public recognition. Check out their property portal and make sure it is easily accessible. Make sure you have outlined territory in which to operate your business and speak to other existing franchisees to see how profitable the business model is.

The property market can prove to be highly unpredictable. Within a short period of six months, conditions can change immensely, from a buyers market to a sellers market. Seasonal fluctuations also add complexity to the issue. The worst period to market any sort of property is before Christmas and in the beginning of the New Year.

People will always need a property to live in; this business can be extremely lucrative for the right person with excellent people skills and the correct work ethic. When the market conditions are ideal, an astute individual can make good money in this business.
About the Author
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs

For more information and resource links on estate agents visit: Online Estate Agents
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