Does the UK have Real Estate Agents?

[UKSBD]

From my limited understanding of the USA system Real Estate Agents work for the buyer and help the buyer find a property rather than working for the vendor (maybe they do both?)

Does the UK have Real Estate Agents who work this way, do Estate Agents provide this service or is there a specific name for them in the UK?

 

[Mr D]

They work for the seller and assist the buyer to find a suitable place - but do not get paid by the buyer.
Bit like estate agents here.

 

[Clinton]

I don't know about residential, but buy-side agents are common when it comes to commercial freehold. In fact, it's so well established that there are many buy-side agents who specialise in specific sectors - care, hospitality, education (nurseries) etc.

 

[Opinion87]

"Buy-side" agents are also common when you're looking at the very expensive side of the market. I have a videographer friend that does well out of it... these billionaires don't have the time nor inclination to go and view five or ten properties in London, so his company goes and and creates a video, 3D tour etc. I've seen some of the stuff he does, and we're not talking a guy walking around with an iPhone getting paid 10 quid an hour.

 

[Stas Lawicki]

Yes. Loads of buying agents, search agents, relocation agents, property finders, property buyers. All working for the buyer, charging anywhere from £1500 to 2.75% of a property's asking price. Most start from 500k/ £1m. Most are old estate agents. Plenty haven't a clue. Some are excellent.

Some estate agents have buying arms to their business. Residential, retail, commercial, freehold, leasehold, land agents. There is a person for any type of property transaction whether you are looking to buy or sell.

An estate agent gets paid by the seller. They are supposed to be acting 100% in their interests but too many don't, and most buyers think they work for them.

It's a funny business...

 

[Clinton]

An estate agent gets paid by the seller. They are supposed to be acting 100% in their interests but too many don't, and most buyers think they work for them.

We get that in the buying of businesses as well.

It's amazing how often buyers take valuation advice from the seller's agent!

They are too tight to go get independent advice!

 

[UKSBD]

Is there a specific name for them in the UK (residential ones)?

The ones similar to personal shoppers who go out and find a few properties for the buyer to then choose from.

 

[Socio South West]

Is there a specific name for them in the UK (residential ones)?

I have seen the terms 'Property Searchers' and 'Buying Agents' used, but not a specific name.

 

[ecommerce84]

Kirstie and Phil apparently.

Although when it comes to getting the buyers a decent price they are terrible at doing so. It’s almost like they have a vested interest in keeping prices high...

 

[Financial-Modeller]

I think it may have been more common to engage a 'property finder' for resi property prior to the internet, but the portals are so effective that it would be difficult to show added value - and hence receive a reasonable fee - for conventional property.

As @Opinion87 says this is more common at the top end of the resi market where buyers may not be present for viewings.

 

[Stas Lawicki]

Is there a specific name for them in the UK (residential ones)?

The ones similar to personal shoppers who go out and find a few properties for the buyer to then choose from.

buying agents, search agents, relocation agents, property finders, property buyers

Yes. Above. There is no one term. Some call themselves property consultants and other things but as above, they will handle resi.

Why do you ask? Are you looking for one or to become one?!

 

[Stas Lawicki]

I think it may have been more common to engage a 'property finder' for resi property prior to the internet, but the portals are so effective that it would be difficult to show added value - and hence receive a reasonable fee - for conventional property.

As @Opinion87 says this is more common at the top end of the resi market where buyers may not be present for viewings.

There is a bit more to rather than just viewing. Like estate agents, the rubbish ones think it's about putting property on right move and waiting for the phone to ring... There are lots of reasons why buying agents are a good/useful idea. Again, professional ones that know what they are doing.

Phils Spencer's Garrington went under, got bought out and re-ermeged. Still going now.

It's like interior designers - some are nothing more than bored, middle aged pillow plumpers who think they have an eye for grey. Others take a design from 0 to hero with all the trimmings, drawings, clever design and detail.

 

[UKSBD]

Why do you ask? Are you looking for one or to become one?!

Someone added an article on one of my sites talking about choosing an estate agent.

It talked about how some buyers don't choose agents and seemed to give the impression that was a bad thing.

Obviously a US article but made me think, are things really that different over there?

Do they have traditional estate agents the same as us, agents who work for both sides, agents who work for the buyers or a combination of all?

 

[Stas Lawicki]

I see, I see. Yes quite different over there where I understand it's a little more liberal. They also charge (or used to) up to 6% per sale.

Australia seem to have a good system where you effectively exchange on your offer and have a cooling off period. Far quicker than over here where attended exchanges most people will never do or hear of. Slightly off topic but the sooner we reform the archaic, backward and expensive way we buy and sell property over here the better. Mind you, the same could be said of many a British 'institution'!

 

[Mr D]

I see, I see. Yes quite different over there where I understand it's a little more liberal. They also charge (or used to) up to 6% per sale.

Australia seem to have a good system where you effectively exchange on your offer and have a cooling off period. Far quicker than over here where attended exchanges most people will never do or hear of. Slightly off topic but the sooner we reform the archaic, backward and expensive way we buy and sell property over here the better. Mind you, the same could be said of many a British 'institution'!

British?

English and Welsh maybe. Some differences in Scotland.

Going to a solicitor to view property details, sealed bids - the southern way appears daft at first but when it's the way things are done....

 

[Stas Lawicki]

Quite r

British?

English and Welsh maybe. Some differences in Scotland.

Going to a solicitor to view property details, sealed bids - the southern way appears daft at first but when it's the way things are done....

Quite right you are!

 

[Diogo Ferreira]

From my limited understanding of the USA system Real Estate Agents work for the buyer and help the buyer find a property rather than working for the vendor (maybe they do both?)

Does the UK have Real Estate Agents who work this way, do Estate Agents provide this service or is there a specific name for them in the UK?

So in the UK I guess you have two types, Estate Agents and Deal Sourcers/Property Sourcers.

Estate Agents tend to work for the Seller, since they get paid a commission of what money the Seller gets, so it's in their interest to help the Seller.

Deal Sourcers/Property Sourcers(something I'm trying to get into) work for the Buyer(mostly Investors). They get paid by the Investor(Buyer) to find a property that is a good investment. I guess they could also source property for someone looking for a residential property.

If you are just trying to buy a house for yourself, a Estate Agent would probably still be a good option and I would advice to go with them but yes, do your own due diligence and ask all the question you have and don't be afraid to ask why they are selling and if the price is negotiable.
My experience with all of them so far is that they will be honest(I guess there's the odd one once in awhile).

A Deal Sourcer will be a better option if you are looking for an investment because they look at all the costs of the investment and what returns you will get, however it can get expensive since the fees tend to be around £3000 or depending on the deal it could be around a 2% commission.

The core concept is that both will try to find a balance that works both for the Seller and the Buyer.

Another thing is since they both have to register as Estate Agents, in the UK by law they have to be registered for Anti Money Laundering(What I'm trying to sort now, lol), Property Redress Scheme or similar and ICO(Data Protection).

Hope this helps.