OFO No: 333402
Other names for Estate Agent:
What is an Estate Agent?
An Estate Agent or Estate Agency arranges the selling, renting or property management of buildings (homes, apartment blocks, offices, malls, other buildings etc).
Estate Agents are responsible for the marketing of the property for sale in newspapers, magazines, billboards, etc. They work alongside a licensed conveyance (specialised lawyer) who will prepare all the legal documents.
Buying, selling or investing in real estate is one of the most important financial transactions in people’s lives but it can also be an extremely complicated transaction. An Estate Agent is the person who co-ordinates the entire process, so that it runs as smoothly as possible.
Most Estate Agents work for an agency and get paid a portion of the commission earned from selling the property through their agency.
What does an Estate Agent do?
- gathers a thorough knowledge of the property market, particularly, in the area in which they work
- liases with new clients – discusses what they are wanting in a property in detail
- takes prospective buyers to a number of suitable properties
- negotiates contracts with buyers and sellers
- appraises properties and sets prices
- meets with other estate agencies
- learns and keeps up to date with the municipal and tax laws
- advertises the ‘for sale’ and ‘for rent’ properties that are on their books
- sits at ‘show houses’ which are viewed by prospective buyers over weekends
- is available to both parties (buyers and sellers) all the time
Are you . . . ?
- a peoples’ person?
- passionate about the property market?
- a good communicator? Can you read and write well?
- computer literate?
- a good negotiator?
- a good listener?
- decisive and organised?
- able to handle rejection?
- willing to work unusual and long hours?
- prepared to work weekends?
- able to live on an irregular commission-based salary?
How do I become an Estate Agent?
When you enter the estate agency business for the first time, you are required to work a compulsory 1 year internship under the active supervision of a principal agent or under an estate agent who has at last 3 years of practical estate agency experience.
During this period you must maintain a ‘Portfolio of Evidence’ (like a logbook) which shows the various areas, functions and activities you were taking part in.
You will also need to complete:
Further Education and Training Certificate: NQF in Real Estate Level 4 – SAQA Qualification 59097
This usually consists of 6 sessions which last between 3 to 5 days each, over a 6 month period. After each session, the intern must complete written assignments which are to be handed in. These assignments also form part of their Portfolio of Evidence
In terms of the Estate Agency Affairs Act (112 of 1976), every Estate Agent and agency must obtain a Fidelity Fund Certificate (FFC) from the Estate Agency Affairs Board (EAAB).
It’s illegal to operate without one!
- IEASA: NATIONAL INSTITUTE OF ESTATE AGENTS OF SOUTH AFRICA
Offers the following courses:
Is becoming an Estate Agent the right career choice for me?