There are estate agents who specialise in selling or letting commercial, industrial or agricultural properties, however, in Property Power, we only focus on estate agents who specialise in residential property sales and letting. What role does the estate agent play? The estate agent is the link between a seller and buyer, who will negotiate an agreement of sale acceptable to both parties. An Offer to Purchase is drafted by the estate agent, which must be signed by the buyer, seller and estate agent. For his service, the estate agent charges a fee or commission, which is paid by the seller. The commission payable is negotiable and must be discussed with the estate agent at the commencement of the transaction. The commission is usually calculated as a percentage of the selling price. What are the Benefits of Using an Estate Agent? An estate agent will know how to deal with the legal, financial and marketing issues in the appropriate manner. He will also have knowledge of different sales techniques, financing alternatives, valuation methods, construction practices and relevant property laws and regulations. He will be familiar with the local property market, understand consumer behaviour and be able to communicate with people at different levels. The estate agent will protect the interest of his client to the best of his ability with due regard to the interest of all other parties concerned. Buying property is probably the biggest investment you will ever make. The estate agent plays a vital role in ensuring the security of your big investment. Estate agents registered with the Estate Agency Affairs Board are governed by a code of conduct, Common Law, as well as certain provisions of the Estate Agency Affairs Act, which are enforceable by means of disciplinary action by the Estate Agency Affairs Board.
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