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Self-employed estate agent

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  • Self-employed estate agent

    Hello,

    I am considering a career move into becoming a self-employed estate agent with a major estate agent. There is a 2 week course which costs around £500.

    Does anyone have any experience/knowledge of this type of work?

    Why do the estate agents employ freelance workers? Seems a little strange to me.

    Does anyone know any good websites I could look at?

    Is it hard to generate work?

    Do most/all major estate agents employ people in this way?

    Thank you

  • #2
    Well, one thing to look at is how well do you know your market?

    I've been reporting on property news for the past few years, and can honestly say I don't think there could be a worst time to get into the estate agency business - we're at the end of a property cycle, which means there's every expectation that market forces will start culling independent estate agencies because of a falling market.

    So I would bear that very carefully in mind to start with.

    As for being charged for training, then working as self-employed - simply put, this means less risk for the owner company - it's quite a common model in high sales/high staff turnover models, especially in the financial market.

    The owner company gets people to pay to work for them, and then claim a percentage on actual property sales - so they get loads of the benefits without incurring most of the costs.

    Definitely a good move for them when the market enters a downturn, but not good for the people taking up the posts.

    2c.

    Comment


    • #3
      Thanks Brian,
      That has definitely given me something to consider, not really what I wanted to hear though. I know what you mean the big companies wont loose out if there is a downfall, it's a chance all self employed people take.
      When you say it's a high staff turnover do you mean it's because people are disillusioned with the amount of work needed to be done to make a decent wage?

      Comment


      • #4
        I am not sure but I would think that they also can get disillusioned if they cannot sell anything because of the currant housing market. I just don't think I would want to do this right now. But I would like to do it someday just not right now.

        Comment


        • #5
          Originally posted by midge View Post
          Thanks Brian,
          That has definitely given me something to consider, not really what I wanted to hear though. I know what you mean the big companies wont loose out if there is a downfall, it's a chance all self employed people take.
          When you say it's a high staff turnover do you mean it's because people are disillusioned with the amount of work needed to be done to make a decent wage?
          Traditionally sales environments have a relatively higher turnover compared to other employment areas namely because in becoming self-employed, there is a much higher degree of risk and uncertainty taken on board.

          Couple this with the potentially higher stresses of a sales environment, along with potential disillusionment if the gains are smaller than expected, and you have plenty of reasons to leave the sector.

          I think a lot depends on the quality of the company you're working with, though - in the property market, companies such as Remax and Your Move have made a big effort to cover local markets, while also providing a strong marketing base to help affiliated persons/companies.

          I guess research is a potentially key factor - finding out not simply about the company and how it operates, but also the support provided by agents.

          Also, don't let yourself be blinded with stats on gains and income earned over the past few years, as this is when the UK property market was booming - but those days appear to be drawing to a close as the economic cycle turns against it.

          2c.

          Comment


          • #6
            Crazy

            Hi if you give me 250 pounds I will teach you how to be a self employed real estate sales person. Seriously save your money, it sounds bad from the beginning. Go and work for someone learn the business and keep your cash in your wallet.

            Estate agents employ freelance people so they dont have to pay social security contributions, they do it for themselves. Come on - Wake up.

            Work for someone who is going to teach you and not take the micheal or your money.

            Originally posted by midge View Post
            Hello,

            I am considering a career move into becoming a self-employed estate agent with a major estate agent. There is a 2 week course which costs around £500.

            Does anyone have any experience/knowledge of this type of work?

            Why do the estate agents employ freelance workers? Seems a little strange to me.

            Does anyone know any good websites I could look at?

            Is it hard to generate work?

            Do most/all major estate agents employ people in this way?

            Thank you

            Comment


            • #7
              Spend your money with NAEA!

              I have had agents who have paid over £2000+vat for their 1 week course and i can tell you it does not work. The courses run at a pace and if you miss something its tough. God knows how fast a £500 course will run. Enquire at the NAEA for available courses and this will be more beneficial to any agency and yourself.
              The property industry is a people business and if you are good with people you will be successful and you will be paying £500 just for someone to tell you that. Most homebuyers are as clued up on the local markets as the agents and in some cases more so. I would suggest you study your local market and arrange to view properties of all descriptions posing as a buyer and study the agents you attend with. Take notes on their service standards and compare one firm to another. Perhaps also invite local agents to your home posing as a seller and see the various tactics employed. This knowledge will be gold dust to you.
              In order to generate business you will need to talk to as many people as you can, face to face, every day. Potential sellers will only allow you to sell their home if they like you and the deal is right, constant marketing to find new instructions is essential and will involve tactics like leaflet drops etc
              No office will give you business they can do themselves its like giving money away, oh i could go on
              Best of luck, and consider starting up on your own it wont be any harder.

              Comment


              • #8
                Spend your money with NAEA!

                I have had agents who have paid over £2000+vat for their 1 week course and i can tell you it does not work. The courses run at a pace and if you miss something its tough. God knows how fast a £500 course will run. Enquire at the NAEA for available courses and this will be more beneficial to any agency and yourself.
                The property industry is a people business and if you are good with people you will be successful and you will be paying £500 just for someone to tell you that. Most homebuyers are as clued up on the local markets as the agents and in some cases more so. I would suggest you study your local market and arrange to view properties of all descriptions posing as a buyer and study the agents you attend with. Take notes on their service standards and compare one firm to another. Perhaps also invite local agents to your home posing as a seller and see the various tactics employed. This knowledge will be gold dust to you.
                In order to generate business you will need to talk to as many people as you can, face to face, every day. Potential sellers will only allow you to sell their home if they like you and the deal is right, constant marketing to find new instructions is essential and will involve tactics like leaflet drops etc
                No office will give you business they can do themselves its like giving money away, oh i could go on
                Best of luck, and consider starting up on your own it wont be any harder.

                Comment


                • #9
                  Is this RE/MAX

                  If you are going to work self employed the largest agent providing genuine opportunies is the american real estate franchise. Their terms are designed to put the money into the agents pocket not the offices, so in theory it could be a good opportunity for the right person. In practise the market at present means you should hold off, and if you do decide to go ahead, you will need to be tenacious and hard working, because you will need to generate your own leads (marketing, networking, door to door, etc).

                  Comment


                  • #10
                    Originally posted by humbleone View Post
                    If you are going to work self employed the largest agent providing genuine opportunies is the american real estate franchise. Their terms are designed to put the money into the agents pocket not the offices, so in theory it could be a good opportunity for the right person. In practise the market at present means you should hold off, and if you do decide to go ahead, you will need to be tenacious and hard working, because you will need to generate your own leads (marketing, networking, door to door, etc).
                    Jasitweb is right..
                    If remax is so good why is Humbleone afraid to tell us what association he has with it.
                    A remax agent in the UK.. ha you may as well be an encycopaedia salesman. You'll probably be 8-10 thousand pounds out of pocket before you earn a penny.
                    I assume its not REMAX as £500 does sound cheap, with remax your looking at 4 times that at least.
                    Humbleone, stop trying to spread the good news of REMAX, you sound like some door to door religious freak....get back to work, thats what your clients are paying over the odds for.

                    Comment


                    • #11
                      Originally posted by unhappy chappy View Post
                      Jasitweb is right..
                      If remax is so good why is Humbleone afraid to tell us what association he has with it.
                      A remax agent in the UK.. ha you may as well be an encycopaedia salesman. You'll probably be 8-10 thousand pounds out of pocket before you earn a penny.
                      I assume its not REMAX as £500 does sound cheap, with remax your looking at 4 times that at least.
                      Humbleone, stop trying to spread the good news of REMAX, you sound like some door to door religious freak....get back to work, thats what your clients are paying over the odds for.
                      I know off a Remax office owner who currently owns 2 offices, he is planning to open a 3rd office in November, what would your advice be ? it seems a dangerous time to open up a new office in ( Scotland) the single survey scheme starts around that time ?

                      Comment


                      • #12
                        Career in Estate agency

                        I started my new company through the purchase of a training manual from Southcourt Property in London and believe me I get no incentives for this mension. I recieved all the documents I needed and am also recieving ongoing assistance whenever I need and there is no cut off point, it goes on forever. They showed me how I could limit my outgoings and by that maximise returns and now I only have overheads of under £1000 per month. It depends on what you use as an agent.my overheads could have been about £586 PCM but I market on a extra web portal. other agencies pay out in excess of £5000 PCM for some and others; well God forbid. More agencies are coming off the high street and this proves to be more progressive for some, especially on which I did work for that did as good or better than most of their compition. I do suggest though that you research into the market and also extensively into your preffered trading area. Though the market is going pear shaped I still think we should'nt be afraid to get in the estate agency business because some number of investors are thinking of this market slow down as a golden opportunity to purchase more properties with hope that the prices will rise again, which they will its just a matter of time. as the saying goes; "don't wait to buy property, buy property and wait". hope it helps

                        Comment


                        • #13
                          People buying house on the bet they are going to go up in the next 2 years are going to loose thier shirts. If you want a forward indicator to house prices have a look at the share price of the builders and the banks, all down. B&B now worth 30p down from £4 odd. Estate agents are shuting up shop all over the place.
                          http://www.jpfinancial.co.uk/

                          Comment


                          • #14
                            Scotland traditionally follows the UK trend later - it was later to the boom, but it'll be later to suffer. I wouldn't be complacent about Scottish property right now.

                            Comment


                            • #15
                              Why not get a job for a year or so with a reputable and succesful estate agents to see how it works in practice. Then do the course, if you feel it's still right for you.

                              Comment

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