The sale and rental of homes is most commonly managed by an Estate Agent. The Estate Agent operates by selling homes on behalf of individuals within a certain area of the country.
An Estate Agent will act as the intermediary between the homeowner and the person wishing to purchase their property. The property will be valued to assess its potential market value and a price will be decided between the agent and the seller often known as the vendor.
The property will be advertised by the agent at the agreed price and viewings of the property will be arranged through the Estate Agent. When a buyer has been found the agent will normally negotiate the price with the potential buyer and oversea the sale process until the house is sold dealing with solicitors and vendors alike.
Estate Agents also manage rented accommodation on behalf of landlords. Collection of the monthly rent is handled by the agent with the landlord paying a commission to the agent for doing so.
The latest addition to the Estate Agents service has been due to the introduction of the Home Information Pack. These packs contain important information that is now essential to the purchase of any house on the UK market.
The Estate Agent provides this service and the marketing of a property for a percentage of the sale price agreed at the end of the sale process. Houses can be sold privately but it is often a more difficult process as the seller is unable to advertise the property as extensively as an Estate Agent due to financial constraints.