- published: 01 Jan 2016
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Buying agents (also known as relocation agents or property search agents) is a term used in the UK to describe people acting as agents on behalf of a buyer and not the seller, as do traditional Estate agents (or, in the United States, Real estate brokers) whose job is to obtain the maximum price for a property for the seller. Buying agents represent the buyer's interests and normally undertake negotiations on their behalf to acquire a property for the best possible price and terms. A buying agent should provide the following services. They should be finding property from the whole of the Market and making sure that the properties they show their clients are not only suitable but are good examples of both quality and value. They should also have access to off-Market properties through their network of contacts. They should be accompanying their clients to all properties. They must be working only on behalf of their clients so when the property is being negotiated upon, they must have their clients interests at heart at all times. Buying agents should be able to provide all necessary technical trades people for the buying process. From lawyers, surveyors electricians et al, to ensure the property is a solid purchase. If it is not, they must advise their clients accordingly with no self interest for their own fee. A good buying agent will follow the process right through to completion. At this stage,(or at exchange of contracts), their fee is due. These fees range from 1% to 2.5% of purchase price. In addition all good buying agents will only work on a retained basis, fees of £500 to £2500 are the norm. Buying agents work on timed contracts from 3 - 9 months is the average.
An estate agent is a person or business that arranges the selling, renting or management of properties, and other buildings, in the United Kingdom and Ireland. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged in the marketing of property available for sale and a solicitor or licensed conveyancer is used to prepare the legal documents. In Scotland, however, many solicitors also act as estate agents, a practice that is rare in England and Wales.
It is customary in the United Kingdom and in Ireland to refer to real estate or real property simply as property.
The estate agent remains the current title for the person responsible for the management of one group of privately owned, all or mostly tenanted, properties under one ownership. Alternative titles are Factor, Steward or Bailiff depending on the era, the region and the extent of the property concerned.
The term originally referred to a person responsible for managing a landed estate, while those engaged in the buying and selling of homes were "House Agents", and those selling land were "Land Agents". However, in the 20th century, "Estate Agent" started to be used as a generic term, perhaps because it was thought to sound more impressive. Estate agent is roughly synonymous in the United States with the term real estate broker.