What do Estate Agents do?
Real estate agents are the main drivers behind a successful deal, so they make deals happen 😊. Real estate agents work with clients and thus need to possess strong negotiation skills, social skills and a lot of patience. As estate agents, we review the property value, consider the comparable with similar property sales in the area and determine a market related price for the property.
Easy said than done, they say…having said all that, Estate agents have to comply with the relevant acts, consider the prevailing economic status, condition of the property, the location, amenities and ensure that the seller understands and agrees with the suggested asking price. This can result into lengthy negotiations before the mandate to sell is granted by the seller.
Once the seller is happy and understands the contents of the mandate agreement, only then the estate agents will commence to market and source willing and able purchasers for the property. Sometimes, this process can also take a long time, depending on the demand and pricing of the property. Having secured a successful purchaser, then deal is then deemed to be successful and moves over to the conveyancing department to effect the change in ownership.
A conveyancer in summary is an attorney that specializes in property transfers and holds a valid license to transfer the property at the relevant deeds’ office. This process is often referred to as the transfer process, which can take anything from four (4) weeks to twelve (12) months -if the seller is a deceased estate or insolvent estate. During the transfer process, Estate agents will naturally still keep in contact with all parties and update on the process whilst also attending to other new clients.
The estate agents earn a commission-based income and will only get paid on a successful transfer of the property. Upon transfer of the property, the estate agent will do a “key hand-over” process. This process involves final inspection and exchange of keys and the necessary.
The key is to love what you do, then the burden of juggling sales, meeting targets and still maintain lasting relationships with the client comes naturally.
Author:
Ms. Lerato Mokgosi | Principal Property Practitioner.