ESTATE AGENCY AND WHY YOU NEED AN ESTATE AGENT
Before I tell you why you need to have not just one, but a couple of estate agents in your phonebook, let’s talk about what Estate Agency is.
Estate Agency is the division of the Real Estate profession that deals with sourcing, marketing and disposal of any type of property to either a lessee or a buyer. Estate Agency closes the gap between a person who owns property and one who is looking to own or lease a property.
On the other hand, an Estate Agent is a person who is qualified by training and certification, and who either works independently or is employed by a registered Real Estate Agency company to provide such services. An Estate Agent’s main duty is to connect the two parties and facilitate a seamless transaction within legal provisions.
Estate agency is relevant because the housing/ built environment industry is one of the core industries in any nation given that its main product, shelter, is a basic need of a human being.
Demand for property has been on an upward trend as a result of urbanization, a phenomenon that has resulted into a never ending demand and supply of vacant land and developed housing units for rental and purchase. In this cycle of an average human being moving from one town to another, one house to another, one work place to another among others, the services of a Real Estate Agent come in handy.
The following are the functions of a Real Estate agent;
- Marketing properties for rent and for sale.
- Property hunting for clients according to specifications given and facilitating relevant transactions.
- Connecting property buyers to property sellers and facilitating all legal transactions.
- Connecting property lessors to lessees and facilitating necessary transactions for each case.
- Researching market trends and advising property investors, buyers and lessees on the market performance.
From the above range of functions, you notice that unlike Property Management and Valuation, Estate Agency is not cut out only for property owners but anyone who is in need of land or housing, basically everyone.
Estate Agents can be general or specialized in a particular type of property such as vacant land agents, residential property agents and commercial property agents. Some could also be concentrating on a particular location while others could by dynamic.
Hiring an estate agent who knows and understands your needs will save you a lot of time and get you a variety of properties that fit your needs.
In dealing with Estate Agents, it is important to verify their registration with the Estate Agents Registration Board.
Make sure you visit www.avenuevaluers.co.ke or contact us through email@example.com or firstname.lastname@example.org for your Estate Agency needs. Our team is ready to serve you. Professional fees applicable for Estate Agency services are spelt out by the ESTATES AGENTS (REMUNERATION) (AMENDMENT) RULES, 2002
Written by: Elizabeth Mokamba (B. Real Estate (Hons) UoN, 2018)