Ever wondered what it’s like to be a real estate agent? Here, Heathgate estate agent Vivienne Harris answers the most pressing questions about the ins and outs of the industry.

Source: Sky News

If you’ve ever spent your morning commute daydreaming about starting afresh with your career, this feature is for you. Each Monday, we speak to someone from a different profession to discover what it’s really like. Today we speak to Heathgate estate agent Vivienne Harris…

Salaries vary depending on… the company a negotiator is working for. Some of the large corporates will pay a large basic, provide a car allowance/car, a mobile phone and either a small or no commission structure. Others pay less basic salary and commission structures that can range from 5% to 20% + bonuses etc, and then of course now there is the new estate agency brokerage model where each negotiator is self-employed. They don’t earn a salary but just have a desk – either in an office or remotely – and this typically works on either a 40%/60% split or 70%/30% (the higher percentage going to the negotiator).

Commission can vary considerably but… there have been times where commission can amount to £20,000+ on one transaction.

I think the days of serious house price growth are over for the moment… unless something dramatic happens to assist with economic growth, stabilise world events and push UK growth.

Much of the creative language disappeared… after the Misrepresentation Act came into force, but there are still some interesting descriptions such as “a compact home” usually meaning tiny or “ideal as a pied-a-terre” also meaning minute. “Ideal for DIYers” probably means requires complete modernisation or almost falling down. Original features can mean old-fashioned, and close to all amenities might mean that it is situated above a train/tube station, in a busy road with a bus stop outside.

If I could tell my estate agent colleagues across the industry to stop doing one thing, it would be… talk less and listen more. Stop bigging yourself up and just provide good and communicative service; it will pay off in the end.

I wish buyers would stop… knocking on the walls to see if they are solid (unless there is a good reason to do so). The sound of the wall will not tell you whether it is structural or stable; it just lets you know whether it is solid or plasterboard. A brick or breezeblock structure may not prove of structural integrity any more than the boarded variety.

Sellers, please stop… talking too much to prospective buyers. Whilst you may feel this is a friendly gesture, you can scare a buyer away by appearing too keen to sell and also say the wrong thing. Let the agent do their job; after all, you are paying for it.

The most frustrating people I have to deal with… are the ones who know everything, who won’t listen to the knowledge you have gained over the years and wish to impart and tell you that they know more about property than you do.

There are buyers that wait until the last minute to drop their offer… and it’s most frustrating when it happens due to the time, cost and effort everyone has put in to get the transaction over the line. It is not very often but it does happen.

These days there is little gazumping as…the market is in the buyer’s favour, but occasionally, if a property comes to the market at a very realistic price, we may see more than one buyer trying to outmanoeuvre the other, or we might take the property to best bids and see where the price goes.

As a seller, it is good to check where your property will be advertised… who from the estate agency office will be showing it (young juniors are not always the best option) and how it is presented by the agent. Does the agent provide floorplans/virtual tours etc, as these are always good tools. Make sure that the agent is doing everything possible and being proactive. If all that fails, the most likely offender is the price.

A simple improvement sellers can make to encourage people to buy their home is… keep it clean, tidy and looking cared for. Make sure that the light bulbs work and it is warm for viewings in the winter and aired in the summer.

The type of property I’m seeing more demand for is… well-insulated smaller homes where costs can be controlled. There is less demand for older blocks of flats which can be draughty and need considerable heating, as well as expensive repairs and high service charges.

Something I hate about my job is…never being in control, as a transaction can fall through even if you have done everything correctly.

Most agents work around 50 hours per week… but viewings are often later or earlier than working hours and of course weekends. Most negotiators take the view that they would rather show or value a property out of hours than let a deal go to the competition.

One thing I would change is… I would have set up my own business earlier and taken more chances.

If I could have a word with 16-year-old me I would say… don’t let anyone or anything get in the way of what you want to achieve. Have confidence in yourself and don’t let others less qualified than you or those who have not earned your respect change your mind.

Yes, I do have clients that I want to help a bit more… and sometimes it’s just about rapport; mostly it’s about being polite and friendly to the agent. I once had a buyer who could only view a property on a Sunday. I opened the house for him and his family and instead of saying thank you so much for putting yourself out, he said, “please stay outside, as I don’t want you talking to me whilst I am viewing with my family”. His mother actually came out to apologise for his behaviour. I suggested I should only deal with his wife who was lovely and yes, they did buy the house.

If I was prime minister, I would… reduce or remove stamp duty to reactivate the market. I would stop the new Renters’ Rights Act coming into force as this will create havoc in the rental market and eventually remove all small landlords from the lettings market, thereby reducing housing stock levels and costing tenants so much more in rent. I would ensure that all estate agents have to be registered with a formal association, so that they all have to operate under the same guidelines and can be disbarred.

The post I’m an estate agent – here’s what our creative terms really mean and why your home isn’t selling appeared first on Heathgate Properties.

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