With the shift in the housing market in the UK and abroad, more and more people are signing on to take advantage of the sellers or buyers markets by deciding to start their own estate agencies. This is one of the most lucrative small businesses in London, and anyone with the right skills and qualifications can become part of a winning business specialty by starting their own estate agency business and becoming a local estate agent.
What is an Estate Agency Business?
If you’ve ever purchased or let a property, you’re likely to have met and done business with a local estate agents. A trusted property agent have taken the time to learn the trade, gain experience in their chosen markets, and craft relationships with business owners, property owners, and potential buyers.
Estate agency businesses are designed to help buyers and sellers interact with the ultimate goal of a profitable conclusion. There are estate agencies who specialize in letting flats and estates, there are agencies that specialize in selling properties and estates, and there are those that buy and sell commercial properties. You can choose to specialize in one or take on all areas of estate agency markets.
The estate agency isn’t actually buying and selling using their own money; they are representing their clients with their client’s wants and needs in mind. They provide the contacts and experience, and the client’s provide the capital and sign on the dotted line when the deal is done.
To become an estate agent and begin your journey to owning an estate agency business in the UK, there are a few qualifications that must be met. While it is important to be university educated (this is ideal for all areas of business and life), it isn’t necessary. Basic reading, writing, and mathematics are highly important. Also, knowledge of current real estate law is extremely important when representing the interests of buyers and sellers in the real estate market. Knowing how to write and negotiate contracts is another must, especially when dealing with commercial properties and letting properties for landlords.
Gaining the right licenses and knowledge to become a estate agent or local letting agency can take some time, but once you have all of your ducks in a row, you’ll need to consider where you will set up your office. Busy streets can be ideal because of the amount of foot traffic and potential clients that pass by, but be sure to only get what you can afford. Marketing is also important – you should run ads in the local newspaper, purchase print ads for benches and transit stations, and make sure to create an online presence that directs local people back to your business website.
Starting and investing in your own Property Agency and Real Estate business can be a challenge, but if you’re dedicated and ready to work hard, you’ll find success.