On this page you will
find details of links to Property Agent Companies, such as estate agents,
letting agents and commercial property agents, from the UK and beyond...
In the United Kingdom, property agents
are known as estate agents, whereas in the USA they are known as realtors.
In European countries like France and Spain, and they're known as
Notaries. Despite what property agents are known as and where they are
located, the role of a property agent is similar in principle. Estate
agents act on behalf of a seller to help sell a property. Most estate
agents in the United Kingdom belong to a professional association or body
which establishes a code of conduct and sets out what what of Sellers can
expect what what from their agent. It helps provide a framework of
regulatory guidelines and documentation to help buyers buy and sellers
sell. The estate agent will prepare the 'particulars' of the property
when advertising it. Traditionally most estate agents have a high street
branch with a shop front window to advertise pictures and particulars of
properties for sale. During the last 20 years the Internet has become the
dominant medium to assist agents in gaining the initial contact from
prospective Buyers. The convenience and speed of the Internet means that
property advertisements can be displayed on portals such as Let-a-property.info
in minutes. There are literally thousands of property agent websites to
choose. User's prefer to browser for homes online in the privacy and
comfort of their hoe or workplace, before they get in their car and visit
the property to buy or sell.
Property agents main role is to
advertise the property in local newspapers and on the Internet, to find a
suitable vendors and qualify their needs and wants in terms of
affordability. Agents typically also liaise with both the Buyer's and
Vendor's solicitor or legal representative. Agents may also come into
contact with surveyors of representatives of a mortgage company to ensure
mortgage finance has been arranged and mortgage valuations and or
structural surveys are completed on time.
Buying the property is the single
largest purchase most people will ever make and as such they will normally
require some form of mortgage or loan to fund the purchase. In some
property agents branch offices, agents may allow an independent financial
adviser or a mortgage broker to offer to either 'tied' or independent
advice regarding mortgage products. The property agent would normally have
receive an introductory commission in exchange for passing the contact
details of the prospective home buyers on.
The property market in many western
economies has boomed between 1990 and 2006. There have been isolated local
falls in some countries such as Spain (where oversupply has forced a huge
amount of empty property on to the market). However, in most western
countries, speculation of and an increased demand for accommodation
(driven by increasing and migrating population what and changing social
factors), has forced prices upwards. In addition, the cost of borrowing
has decreased while the range of competing Financial Products to buy a
property has increased. The credit crunch of 2008, (which was associated
with banks and mortgage lenders exposure to wholesale bad debt form sub
prime USA lending) has severely dented confidence in property markets
worldwide.
The credit crunch
has had a local negative effects on
property agents, with cuts in staff in estate agent networks with multiple
branches or a large advertising commitment. In the building sector in
particular, new house builders have been particularly affected by the drop
in first time buyers and reduction in the number of new mortgage
approvals. However, in the very long term, the underlying macro economic
and socio economic problems of increased population growth and increased
cross border population migration are forecasted to continue, forcing
property prices slowly upwards in the long term.