Estate Agency Start-Up - Manual/Training/Resources/Suppliers

[danea]

After searching the web on information that would be helpful to someone who has no experience in the field to setup an estate agency and not finding anything, I thought the home move estate agent forums would be the ideal place to start a guide on starting an estate agency.


I will aim to contribute as much as I have learned in the short time I have been conducting my research and hopefully the seasoned and experienced pros who frequent this forum will also share their insights and knowledge of the industry.


This first guide will only discuss Sales Only estate agencies and if all goes well, hopefully a lettings guide/manual will also be written.


This guide will aim to include information on the following topics:


1. Government and industry regulations/laws that need to be adhered to

2. Voluntary trade associations that agents can join

3. Trade tools – Websites, Marketing, Sales (software providers, internet property portals, sign boards, legal documentation)

4. Sales Manual - How to handle a sale from pre-instruction to completion (including roles of conveyancing solicitors, lenders, surveyors and procedures of interaction)

5. Recruitment of estate agents, contracts


I believe a good way to conduct this exercise is for people who have a specific question regarding any of the above topics, or indeed any other topics/issues I have not mentioned to post their question concisely and a pro will answer.


And pros who would like to instruct on a topic regardless of whether a question has been asked on it, are encouraged to do so.

I’d like to thank in advance everybody who will contribute to this guide.

[danea]

1. Government and industry regulations/laws that need to be adhered to:

a) Estate Agents Redress scheme OFT link:

The Secretary of State for Business Enterprise and Regulatory Reform made an Order under The Estate Agents Act 1979 (as amended by The Consumers, Estate Agents and Redress (CEAR) Act 2007) on 1 July 2008. This requires those engaging in estate agency work in respect of residential property to join an approved estate agents redress scheme by the time the Order comes into force on 1 October 2008. It is available on the UK Statute Law Database.

You will need to have professional indemnity insurance of £100,000 to be eligible for the ombudsman scheme. The cost for this is will vary depending on your circumstances but starts from around £120.

b) Anti-money Laundering Registration - Anti money laundering OFT link:

c) Most if not all estate agents have to notify the ICO that they handle and process personal data. To find out what happens to those that flaunt the law, read here: estate-agent-prosecuted-for-offence-under-the-data-protection-act ICO link:

The forms can be found at this link. Notify ICO data protection link:

Approx cost for the above memberships and compliance acts are (a) 74 (b) £220 (c) £35

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I just have been notified I cannot post links because my post count is not greter than 20.

Can somebody who can please post the relevant links. And if a moderator is reading this, can you please remove this restriction for me, if at all possible. thank you.

[danea]

Q) How does one go about reducing vendor aspirations in a buyer's market?

Q) Is it legal to erect boards on properties that are not for sale with owner's permission and if so, how does one go about getting acceptance for the erection of boards?

Q) Other than the Property misdescriptions act 1991 and Estate agents act 1979 (both can be viewed at legislation.gov.uk), is there any other legislation estate agents should be aware of?

Q) What is the template used for the official letter/correspondence that is sent to a vendor when an offer is made on their property?

[danea]

Q) How does an estate agent adhere to the Anti-money Laundering regulations?

Q) What companies can you recommend that can handle the checks need that need to be done in relation to the regulations?