Fifty-three thousand UK estate agents were in active business in November 2020. Although the pandemic affected the housing industry, estate agents continued their jobs throughout the period. Moreover, as experts project a pick-up by the end of the year, more people will likely become agents. That said, here is how to become an estate agent in the UK.
Get a good educational foundation
Being an estate agent doesn’t require a formal educational qualification. However, you will have a competitive advantage with a formal degree. Additionally, a degree indicates that you have acquired other transferable skills relevant to the complexities of property sales. Therefore, an undergraduate or master’s degree in business, sales or marketing can propel you further into becoming an accomplished estate agent.
Furthermore, other degrees in business administration, law, or finance are great at pushing you further to the goal. Remember that estate agents earn commissions on every property sale or rental apart from their basic salaries. On average, estate agents earn £41,392 annually, which is slightly higher than the national average for all other professionals.
Have prior experience in sales and business
A background in sales or business can be highly beneficial to an estate agent. This is because the property sales, lettings, and management businesses combine many disciplines, making it a complex field. Sales and business backgrounds are intricately linked to the industry, and the terrain can be friendlier to you once you acquire both.
For example, having experience in the sales industry will help you be more prepared to sell properties, but it can prove your credibility. If you desire to learn more, you can enrol in a sales management training programme. In other instances, experience in general retail equips you with the requisite knowledge to handle sales and customers.
Learning to negotiate is critical
Negotiation is a principal skill every estate agent should have. As an agent, you will regularly deal with buyers and sellers and negotiate to arrive at the best possible deals with your clients. It is a strategy to leverage if you wish to close a sale. While at it, it is recommended not to make negotiations on an emotional or personal level. After all, it is a business transaction that requires professionalism.
Know the regulations that apply to property sales, lettings and management
As expected of every job, there are rules and regulations to adhere to. In the UK, estate agents are bound by the EEA 1979 Act and consumer protection laws. This is what mandates estate agents to ensure fair deals in the clients’ interests. Furthermore, the Act provides an overall behavioural guideline that estate agents plying their trade in the country must obey. Additionally, they are regulated by the National Trading Standards Estate Agency Team.
The estate agent profession can be rewarding only when you remain resolute in attaining great heights. Indeed, the role comes with some inherent challenges, but you have a responsibility to overcome them as an estate agent.