What do estate agents really do, and how can they help buyers in their search for a property?
Here’s a rundown on what an estate agent’s role entails and what you should expect from them.
An agent’s duties
Estate agents play a central role in the homebuying process, acting as intermediaries between buyers and sellers.
It’s the agent’s job to market a property, arrange and manage viewings and inform the seller of any offers.
Agents also lead negotiations when offers roll in and support the sale through to completion.
Ultimately, the agent works for the seller (as they are the one who appoints them and pays for their services).
But property transactions aren’t one-sided affairs. It takes two to tango, which is why agents work closely with buyers and also have legal obligations to them.
Under the law, estate agents must:
- Provide accurate information about the property upfront. (They can’t omit material information that would influence a buyer’s decision. Floor plans and images need to reflect the property as it is and can’t mislead buyers.)
- Pass on all offers to the seller. This must be done promptly and in writing.
- Be transparent with sellers about the strength of an offer.
- Carry out proof-of-funds and ID checks in line with anti-money laundering regulations.
Estate agents can’t:
- Use aggressive tactics with buyers.
- Discriminate against buyers or favour those who use their financial services.
Building up a good rapport with agents
Unless you’re lucky enough to fall in love with the first property you see – and have an offer accepted on it – it could take time to find your next home.
And that’s where a good agent could play a crucial role.
Estate agents have a depth of local knowledge and the inside track on new properties coming onto the market.
Once they understand your needs, they can notify you the moment a suitable property is ready to view.
An agent may also be able to show you properties that, with a few changes or compromises, could tick all your boxes.
Many agents (including us) love the property-matching aspect of the job. Helping someone find the home that is just right for them is incredibly rewarding, especially if they’ve beensearching for a long time.
Questions to expect
Agents will want to know about your budget, financial situation (for example, whether you’re a cash buyer or have a mortgage in principle) and timeframe for moving.
If you’re selling a property to fund your move, they’ll seek details on the progress of that sale.
When you make an offer, an agent will ask to see your MIP and proof of deposit to check you have the financial firepower to go through with the purchase.
If you’re relying on a gift, inheritance or gambling winnings, you’ll need documentation to back this up. And of course, you’ll need to show ID.
Don’t be offended by these requests; by law, agents need to ensure the money is coming from a legitimate source and that you are who you say you are.
If you’re looking for help in your homebuying journey, register with us today.