The increase in the number of properties has always been in equal proportions to the rising population in the UK. There might be a slight imbalance at times, which has never impacted the property transactions over the years. However, the 2019 pandemic took a toll on the country’s economy and altered the entire cycle of buying and selling. Not many properties were getting sold as people and businesses hit rock-bottom during this period. It took a while for things to get back to normal and for property businesses to gear up. Usually, people deal with property buying and selling on their own when they are aware of the property market and other nuances of the entire process.
Newbies and overseas investors are usually assisted by real estate brokers and estate agents to deal with this entire property transaction. Brokers work individually or with a group of estate agents under their belt who hold higher-level licences. There are estate agents in Walderslade, Cannon Hill, Avalon Point etc., who helped the buyers and sellers with their property businesses in the last two years. Brokers are entitled to specific commitments be it for commercial sales and lettings or when they work on residential property deals.
Buying a property
HUNT FOR THE BEST HOMES
After being hired by a potential buyer in the UK, the primary step followed by a broker is to find the best place for a home. Learning more about the buyer’s budget, preferred location, and other requirements brokers start off with property hunting. It is essential to run background checks on previous property owners and know more about the neighbourhood before settling on the options. This process takes a long while, followed by other steps in buying.
KNOW THE IDEAL BUYING RATES
The property market in the UK or anywhere in the world is not a stable one. The prices keep changing from time to time. The active and central regions like London, Battersea etc., are more in demand compared to the properties in the countryside. Based on many reasons, the property prices differ in every neighbourhood. After knowing the specifications from the client, brokers can compare the market value and set the best prices beneficial to both buyers and sellers.
NEGOTIATE WITH THE SELLER
It is an obvious fact that property sellers set the rates higher than the market price. Not often do buyers themselves go forward to negotiate with the property owner. Many of them would not do it properly and might require the assistance of a professional. Brokers and estate agents are good at bringing down the prices based on the neighbourhood properties and other market insights. This is followed by drafting a purchase agreement.
After making a complete list of the correct type of properties based on the buyer’s preferences, viewing them is the next step. Estate agents usually fix the schedules for the buyers to view the property. Besides these, brokers also help the buyers find the right mortgage lender at the lowest interest rates and other exclusive offers. Being a real estate broker, they need to keep track of every step of the process so they don’t get lost midway.
HELP WITH THE ENTIRE TRANSACTION
Not many buyers are aware of what is the next step in their property buying journey. The broker needs to become a consultant in this process and guide the buyer thoroughly. It becomes more manageable for the buyer to speed up the property transaction. From checking and verifying the documents for mortgage loans, drafting purchase agreements to close the deal, the involvement of a real estate broker is vital for the buyer.
Selling a property
FIND THE IDEAL BUYERS
Real estate brokers are in high demand for both sellers and buyers. When working with a property seller, several new methods are adopted as it is entirely different from the process with buyers. When clients approach a property, it is significant to check whether the buyer is qualified to purchase. Running background checks, their previous mortgage loans, credit scores and more is necessary. These questions should be asked to the buyers before finalising the deal.
SET REALISTIC SELLING PRICES
No one knows the local property better than the local estate agents and brokers. Despite the constant changes that have taken place in the UK property market, it is easy to determine the best prices for the homes in these neighbourhoods. Setting the ideal price for the property will bring in the right audience to buy the house. Creating a valuation will help in fixing a price tag on a property.
PROPERTY VIEWINGS FOR BUYERS
Whether the real estate broker is working for the buyer or for the property seller, they are responsible for conducting property viewings. When the buyers are ready to take the next step, brokers must show the property till someone is ready to purchase it. Scheduling property viewings regularly is one of the significant tasks of estate agents in the UK. New methods like virtual tours are also available which has brought a whole different angle of viewing a property.
ADVERTISE THE PROPERTY
Marketing the property will attract more buyers than the usual method. Estate agents generally adopt several marketing techniques to bring in more eyes to the property within a stipulated time. Options like newspapers, property listing websites, flyers, social media and other forms are available to advertise the property in the UK. It is crucial to have these marketing strategies discussed before hiring the brokers so that it is affordable and a possible option for both parties.
GUIDE THE SELLER THROUGH THE PROCESS
Working as a real estate broker requires complete focus and should assist the seller from the beginning, till the closing is done. These agents must work on behalf of the sellers during the documentation phase of the property. Throughout the selling process, a lot of paperwork is involved that can be easily dealt with by the brokers. Frequent updates must be given to the sellers till the property is sold.