Are you looking for a career that offers good money, flexible hours, and the ability to get out and about to meet people?
If so, setting up an estate agency may be the career change you need to bring passion and joy into your working life. Whether you decide to run a bricks and mortar office or launch an online estate agency, below you will find the answers to some common questions.
Please note that the information in this article relates to residential property estate agents. Rules and regulations differ for commercial real estate agents and letting agents.
Legal requirements to open an estate agency
Estate agents must follow the relevant provisions set out in the Estate Agents Act 1979 and the Consumer Protection from Unfair Trading Regulations 2008.
Furthermore, all UK residential property estate agents must belong to a government-approved redress scheme under the Consumers, Estate Agents and Redress Act 2007.
Although it is not a legal requirement in England and Wales, Propertymark, the leading membership body for property agents, highly endorse estate agents gaining industry qualifications.
How do I get a real estate licence?
The residential real estate industry is incredibly competitive, therefore, having a real estate licence will help you and your agency stand out and develop consumer trust. There are several qualification options and most of the courses are delivered online. Providers to consider include:
In 2019, the government asked the Regulation of Property Agents Working Group (RoPA) to advise on a new regulatory framework to raise standards within the industry. In July 2019, the Ministry of Housing, Communities and Local Government released a report outlining RoPA's recommendations for industry licensing and qualifications.
RoPA’s recommendations are currently being considered, therefore, if you are looking to set up an estate agency, it would be prudent to read the report and consider actioning the recommendations concerning qualifications and having a code of practice. This would ensure your agency is well placed if the proposals become law in the near future..
Get legal assistance from LawBite
Setting up an estate agency is an incredibly exciting step. However, like any new business venture, you will need the help of professional advisors, including solicitors and accountants to ensure your best interests are protected and you comply with relevant legislative and regulatory rules.
LawBite has years of experience helping startups and small businesses achieve their commercial ambitions. To find out how we can support you and your new estate agency, please contact us for a free 15 minute consultation or call us on 020 3808 8314.