The work of an estate agent
The role of an estate agent involves two main functions: a sales representative and a mediator. The agent acts in the name of a client, whom entrusts his/her property to the agent to rent out or sell and mediates between landlord and tenant, seller and purchaser.
The operations of estate agents are regulated by Houget’s law (1970).
An estate agent is obliged to be approved by the prefecture of his/her region that will issue the agent with a professional card. This card covers tasks estate agents perform: property administration, estate agent’s transactions…this card is renewable every year.
Membership of a professional organisation is a further requirement of the profession.
Agents are obliged to inform the agency of his/her scale of fees, number of professional card and the name of the professional institution representing the agent.
Anyone wishing to be an estate agent must meet the certain professional criteria concerning ability and integrity. In addition the agent is obliged to name a financial guarantor and a professional insurer who financially protects the agent. The following criteria are required to enter the profession:
The estate agent plays the role of an intermediary between the vendor and purchaser, a landlord and tenant. The agent attempts to reconcile the two parties. The agent communicates with the vendor and creates publicity and a file for the advertising of the property.
The purchaser is shown the agents portfolio of properties, the agent will then find properties based on the purchaser’s search criteria.
If need the agent will negotiate conditions of a sale in the interests of both parties concerned.
When viewing a property either to rent or buy the agent will ask the prospective purchaser or tenant to sign an Agency- Purchaser agreement. In signing this, the client agrees to view the property through the agency and not approach the vendor or landlord independently.