What is a real estate agency and how does it work?
What is a real estate agency and how does it work?
Real estate is part of a highly active market that, although it usually suffers from its ups and downs, is always ready for growth and the opening of negotiations. The main objective of a real estate agency is to serve as an intermediary for the sale, construction and rental of real estate.
The central axis of a company in this field is managing property, but you have to consider what is meant by property. These are constructions or assets that have been built on land or plot.
Real estate agencies mostly have an office or premises where you can go and consult the different options they can offer you, although these days it is easy to contact a real estate agent by visiting the company’s website and you can make your inquiries through social networks or by email
Most companies have an online catalog where you can check the available properties and thus you will have a price reference, location and you will even be able to see photographs.
The real estate agency plays the role of intermediary and will be in charge of taking the necessary steps to bring the parties involved in the negotiation closer. The company knows how the market works and as a client they offer you the data you need to carry out a reliable operation, at a fair price and in less time.
It should be clear to you that the real estate agent’s job contains a series of administrative procedures that you will not have to carry out personally, once you entrust your property to the company, she will take care of everything necessary to find the right client. From the valuation and promotion of your property, to finding the buyer.
How is the real estate operation?
Each real estate company has its own way of working and they apply various strategies to position themselves among the companies that provide the service, however, there are certain processes that all carry out as part of their business model. We are going to take a brief walk through the steps you can go through when requesting the management of a real estate agency.
There are several ways to get to a real estate agency, it never hurts to look for some references and recommendations among friends. In many cases if you do not have this possibility, it is convenient to carry out an internet search and inquire between the different companies, read user testimonials and their comments.
All real estate agencies have published their contact phone numbers, email addresses, you can even contact them via chat on their website or communicate through social networks.
If you are looking to sell or rent your property, have your property details at hand: dimensions, location and age. The common thing is that once you give this information then you are contacted by an agent and they establish a day to visit the property.
When the real estate agent contacts you, it is normal for them to arrange a visit to the property to make an assessment. This is an evaluation made by the real estate staff to tell you as a seller what the estimated price of your property is.
Some of the characteristics that matter most in the valuation can be: the view, the orientation, the state of the property and the interior space it offers. Many real estate agencies offer online valuation service so you can have an estimate on the sale price.
The decision on the final price of the property is always the seller, if you wish you can indicate to the real estate agent that you want to sell above the amount that the valuation shows. But you must consider that this can limit the number of offers and extend the process, the more expensive flats and houses will take longer to sell.
At this stage the representative of the real estate agency will expose you the conditions of sale, and will define the amount that you must pay for commissions, service, taxes and fees.
If as the owner you decide to have the realtor to carry out the entire sale or rental process, you must sign a custom note. It is a document where the agreements and the amount agreed by both parties during the valuation are specified, it meets the characteristics of a contract and its compliance is mandatory once the sale is completed.
Some real estate agents demand exclusivity for sale, that is, the property is not offered by other companies at the same time, however, it is your decision as a seller to hire one or more real estate agents. But we assure you that the agents will concentrate their efforts on the properties that are exclusively in their charge.
After signing the order note, the company can publish the property on its portal, social networks and other means. Some companies have potential buyers located and know what type of property they are looking for. Companies will not stop publishing the flats until the negotiation is closed.
Those interested in buying the home must comply with all the steps that the real estate requires, the purpose is to filter among those interested and stay with those who truly have the possibility of negotiating.
Visits to the property will be made among the candidates who meet all the requirements, these can be coordinated by the owner or by staff from the real estate agency.
Types of real estate:
There are two types of real estate agencies, boutique agencies that have a limited portfolio of clients and manage high turnover properties. Its objective is to maintain a close relationship with owners of various properties, aiming to capture areas of high demand.
Contrary to these, we have warehouse-type real estate agencies, they accept almost any property, they bet on capturing negotiations for the variety of properties they offer. They do not handle exclusivities or limit their clients, they sell flats and houses of all kinds and varied locations.
As a client when you want to buy or rent, you should tell the real estate agency the type of apartment you are looking for, where you would like it to be located and the budget you have. With this information they will send you some proposals that fit your needs.
If something should be clear is that the work of real estate is not limited to the sale and rental of flats and houses, these companies constantly negotiate and have specialists who can advise you if you want to negotiate your property or purchase the home of your dreams.