What Does an Estate Agent Actually Do?

When most people think of an estate agent, they probably picture someone taking a few photographs, putting a property on Rightmove, conducting some viewings and waiting for an offer.

In reality, that's only a small part of the job.

A good estate agent's role is to manage a property sale from the initial valuation all the way through to completion, while protecting their client's interests, solving problems and trying to achieve the best possible outcome.

So, what does an estate agent actually do?

It Starts Before the Property Goes on the Market

The first stage is understanding the property and advising the seller on its likely market value.

This isn't simply looking at what similar properties are advertised for online.

An estate agent should consider recent comparable sales, current competition, buyer demand, the condition and presentation of the property, location and what is actually happening in the local market.

In somewhere like Bromley, two seemingly similar properties can achieve very different prices depending on the road, school catchment, transport links, condition, outside space and even the type of buyer currently looking.

Getting the asking price right from the beginning is one of the most important parts of a successful sale.

Preparing Your Property for the Market

Once instructed, the agent needs to prepare the property for launch.

This can include arranging photography, producing floorplans, writing the property description, checking the information supplied about the property and ensuring the marketing presents the home properly.

Presentation matters.

Buyers make decisions incredibly quickly when scrolling through property websites, so photographs and the opening description need to give them a reason to stop and look.

Finding Buyers – Not Just Waiting for Them

Uploading a property to the major portals is important, but it shouldn't be the entire marketing strategy.

A proactive estate agent should already know buyers looking within the area and price range.

When we launch a property, we don't simply wait for enquiries to arrive.

We contact suitable buyers, speak to people who have previously viewed similar properties and use our existing database alongside online marketing to generate as much interest as possible.

The objective isn't simply to find a buyer.

It's to create enough interest and competition to find the best buyer at the best achievable price.

Conducting Viewings

A viewing isn't just opening the front door and allowing someone to walk around.

It's an opportunity to understand what the buyer is looking for, answer questions about the property and area, highlight features they may have overlooked and identify any concerns.

Just as importantly, the conversation after the viewing can provide valuable feedback.

Are buyers consistently mentioning the price? Is there something about the presentation holding them back? Are they comparing the property with another home nearby?

That information helps us advise the seller on what to do next.

Negotiating the Offer

This is one of the areas where a good estate agent can really earn their fee.

The highest initial offer isn't necessarily always the best offer.

An agent should establish the buyer's position:

Are they in a chain?

Do they have a mortgage agreed?

Have they sold their existing property?

Are they a cash buyer?

How quickly can they proceed?

Are there other parties involved in their chain?

We then negotiate on behalf of our seller, with the aim of achieving the best combination of price, security and ability to proceed.

Agreeing the Sale Is Only Half the Job

One of the biggest misconceptions about estate agency is that the job is finished when the board changes to SOLD STC.

In many ways, that's when another part of the job begins.

Property transactions can take months to complete and involve buyers, sellers, solicitors, mortgage lenders, surveyors, managing agents and other estate agents throughout the chain.

Problems can arise at virtually any stage.

Surveys raise questions.

Mortgage valuations come back lower than expected.

Solicitors request additional information.

Leasehold enquiries take longer than anticipated.

Someone further down the chain suddenly changes their plans.

A good estate agent stays involved.

Managing the Chain

When you're selling your property, you might only speak directly with your buyer.

Your estate agent may be speaking to everyone else.

We regularly communicate with solicitors, other agents and buyers throughout the chain to establish exactly what is outstanding and where a transaction is being delayed.

Sometimes the biggest obstacle to your sale isn't your property at all – it could be a problem three transactions further down the chain.

Identifying those problems early and keeping everyone communicating can make the difference between a transaction completing and a chain collapsing.

Dealing With Problems

Very few property transactions are completely straightforward.

The role of an experienced estate agent is often to find solutions when something unexpected happens.

That might mean renegotiating following a survey, helping obtain information required by solicitors, keeping a nervous buyer committed to the purchase or managing expectations when part of the chain is moving more slowly than expected.

Experience becomes particularly valuable when things don't go according to plan.

Communication Matters

Selling your home can be stressful, particularly when you're also buying another property.

You shouldn't have to constantly chase your estate agent to find out what's happening.

Regular communication with sellers, buyers and everyone involved in the transaction is a fundamental part of good estate agency.

Even when there isn't a major update, knowing what is happening and what we're waiting for makes the process considerably easier.

So, What Are You Actually Paying an Estate Agent For?

You're not simply paying someone to upload your home to a property website.

You're paying for their:

• Local market knowledge
• Pricing advice
• Marketing
• Existing database of buyers
• Viewings
• Negotiation skills
• Sales progression
• Chain management
• Problem solving
• Communication
• Experience

Ultimately, an estate agent's job is to protect their seller's interests and get the transaction from valuation to completion while achieving the best possible result.

Thinking of Selling in Bromley?

At Mark Hart Real Estate, we believe estate agency should be about more than simply listing properties.

We're an independent estate agent based in Bromley, combining local market knowledge with a proactive approach to selling homes.

From your initial valuation through to handing over the keys on completion day, our team remains involved throughout the process.

If you're considering selling a property in Bromley, Bickley, Chislehurst, Petts Wood or the surrounding areas, we'd be happy to have a conversation about your property and the local market.

Contact Mark Hart Real Estate to arrange a property valuation.