Becoming an estate agent is a dream for many, and at Belvoir Franchise Group we can help turn that dream into reality. But what if you have no experience in being an estate agent? Usually having no experience for a job hinders your chances, but not at Belvoir.
Here at Belvoir Franchise Group, all of our estate agent franchisees have different levels of experience and also different financial situations. Luckily, we’re experts at matching opportunities with the right person, ensuring that your journey is as smooth sailing as possible.
What does an estate agent do?
Estate agents help with the buying, selling & letting of property. Normally, the term ‘estate agent’ refers to those working with residential property & those working with commercial, industrial & agricultural property are called commercial estate agents.
The agent is the point of communication between buyers & sellers, landlords & tenants, helping both sides to find what they need using their skills of marketing, valuing properties, screening buyers & tenants & managing properties. They provide guidance to buyers & sellers throughout the homebuying process
Do you need any qualifications to be an estate agent?
Before wandering into the world of franchising at Belvoir, it’s important to know whether you need any qualifications to get started with us.
In short, no. There are no official qualifications that make you an estate agent, instead Belvoir looks for certain personality traits that mean you’re the right fit for working with us.
We want our new estate agents to be people focused. We look out for personality traits such as confidence, communication skills, enthusiasm and also the ability to take hold of a situation and make it your own. We expect some negotiation skills as well as the ability to stay calm under pressure, as this industry has its moments.
The traits we look for are similar to those needed for running your own business, as that’s essentially what being an estate agent is, so if that’s you, keep reading!
What knowledge do estate agents need?
Although no qualifications are technically needed to become an estate agent, we expect you to know a few things just to get started.
A bit of knowledge about the real estate industry wouldn’t hurt, this includes knowledge on the local area you’ll be operating in as well as an idea about the rules and regulations surrounding property buying and selling. We suggest doing a bit of research before you come to us just so you get a bit of a head start. General Maths and English skills will go a long way, just like in most industries, so time to brush up on those!
We’re always on the lookout for hardworking, people focused, like minded individuals, as this can take you much further than having experience or knowledge. Hard work can be the difference between being a good estate agent and a great one. We will support you every step of the way and make sure that you have all the resources to create a successful property franchise at your fingertips.
What regulations must an estate agent follow in the UK?
There is a fair amount of regulation around the property industry in the UK that estate agents must follow. Regulation increases in the lettings industry where fairness for tenants & handling their monies & deposits is concerned. The main regulations are as follows:
- Estate Agents Act 1979 – this applies to anyone involved in ‘estate agency work’. This provides the rules for transparency, money handling, communication & provision of information & it states what estate agents can’t do (ie misrepresentation or pressuring)
- Unfair Trading Regulations 2008 – which outline the protections for consumers & how they must be dealt with
- Estate Agents & Redress Act 2007 – which mandates that estate agents must be registered with an approved redress scheme
- Terrorist Financing & Transfer of Funds Regulations 2017 – which sounds exciting but relates to the due diligence & record-keeping relating to the funding of property purchases
- Misleading Marketing Regulations 2008 – providing guidance on marketing properties
- Town & Country Planning Regulations – which provides regulations for the boards that agents an use
- Energy Performance of Buildings Regulations – covering the requirements for energy performance certificates (EPCs)
There are over 150 pieces of regulation that affect the industry and these are subject to constant changes. Property is an important part of the economy & is often a key focus of government. Belvoir Franchise Group’s model makes this easy for estate agents inasmuch as those who choose to become franchisees are given access to our compliance team & are provided with ongoing training & regular audits in order to ensure that they remain on the right side of the law.
Do UK estate agents need a licence?
In the estate agency industry, regulations & practices differ by country. Generally speaking, estate agents don’t currently require a licence to operate although there are some circumstances in Wales & Scotland where they do. In Scotland, estate agency work is often handled by solicitors who are regulated. Letting agents must register with the Scottish Letting Register. In Wales, letting agents must be licenses through Rent Smart Wales which includes training & a fit & proper person test.
Agents across the UK need to follow property regulation & governments have proposed licencing in the past & so the situation may change.
Is it hard to be an estate agent?
Just like running any business, being an estate agent has its ups and downs.
With a bit of hard work and persistence, however, it can be an incredibly rewarding and lucrative business venture.
There can be barriers surrounding listings, insurance, taxes and general property management but with time and experience these all become easier to deal with and resolve, just like any career issue.
To ensure that each of our franchisees has all the support they need, we match each of them with a Business Development Mentor (BDM). They will be there from the start to provide whatever support is needed and to work closely with you to fulfil your estate agent dreams. Alongside your BDM, we have a network of support teams that can help you with whatever you’re faced with and make sure you always have someone there to lend a helping hand.
What is the salary of an estate agent?
One of the most common questions we receive is the one about how much estate agents earn in the UK. It is a popular profession as it offers a varied career path & significant earning opportunities without requiring a long, formal education.
Our article goes into detail about this as there are a number of facts to what an estate agent earns but a trainee can earn from £20k per annum, an average agent earns around £41k per annum & a franchisee or owner of their own business can earn hundreds of thousands of pounds per annum. Many employed agents who are focused on sales will earn a commission on each sale that can increase their earning potential.
Financing your estate agent journey
To begin your career as an estate agent through Belvoir, though little to no experience is required, a solid business plan must be created and an initial investment must be provided. Of course, we’ll support you wherever we can.
Whatever the size of your franchising aspirations, we have options and opportunities for all situations, and can help with every step of the way.
When it comes to financing your new sales and lettings business, some are able to provide the full capital required to purchase their franchise outright, while others may prefer more flexibility for financing their new venture. So we’ll start with a conversation – once we understand your financial position, we will tailor an ownership plan for you.
Whether you’re acquiring a pre-established Belvoir, Newton Fallowell, Northwood, Lovelle or Nicholas Humphrey’s branded business, taking over a competitor brand or opening a new branch altogether, we can put you in contact with lenders and financial partners that we have had long term partnerships with, ensuring that the situation is trustworthy and as smooth as possible.
Read more about our financing options here.
The journey to being your own boss
Every franchise journey starts with a discovery day (currently online), which is an opportunity for you to have your business plans looked at, discuss your ambitions and finances and work out the best opportunity for you.
You will then have the opportunity to talk to existing franchisees and be matched with a BDM to work closely with you throughout your journey.
Research, financing and properties will be discussed further on down the line with branding and training becoming an integral part of your journey here.
To find out more about the journey to becoming your own estate agent, read our Belvoir Group Sales and Lettings Franchise Journey , How Much do Estate Agents Earn in the UK and What Do Estate Agents Do? A Typical Day in the Life of an Estate Agent in the UK articles.
Ready to get started? Click here to see our approach to becoming an estate agent.
