We’re in England for the holidays with family. We’ve been here a couple of days which goes to show how much technology has affected real estate. We’ve checked voicemail, stayed current on the blog and replied to client emails without them having to know that we are not physically in Portland. Our business is covered by our assistant and if necessary, an agent in our office.
They do things differently here:
In British usage, however, “real property”, often shortened to just “property”, refers rather to land and fixtures as such while the term “real estate” is used mostly in the context of probate law, and means all interests in land held by a deceased person at death excluding interests in money arising under a trust for sale of or charged on land. (wikipedia)
Estate Agent is a United Kingdom term for a person or business that arranges the selling, renting or management of homes, land and other buildings, although an agent that specialises in renting is often called a Letting 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
Listing prices range from .5% to 4% which differs from a comment on a previous post. The article concludes with:
Since around 2000, online estate agents have provided an alternative to the traditional fee structure, claiming cheaper, fixed fee selling packages. These online estate agents claim to give private property sellers the ability to market their property via the major property portals (the preferred medium used by traditional high street estate agents) for a fraction of the cost of traditional estate agency.
New types of property portals based in the United Kingdom have started to encourage UK and worldwide estate agents to collaborate by showing all their properties, thus allowing site visitors to see a vast array of UK and overseas properties all on one website.
Many estate agents are using the latest technology to assist in the sale of houses, with companies enabling home buyers to receive property details while outside a house using a mobile phone.
Interesting to me so far that I have found nothing about agency and buyer representation.
We’ve got another week here so I’ll continue to read more about this and write new post.