For people who are still new to the concept of real estate, it can be quite confusing to figure out the differences between UK real estate and US realtors.
In order to gain better insight regarding these two property customs, we have asked the assistance of Charles Haward, a professional real estate agent from the UK who can help us clear out some of the misconceptions we might have over today's discussion.
As a British property expert, real estate agent, and sales specialist, Charles Haward has been working as a host for the BBC Three documentary series called "Rent Like a Boss." On his show, he has been assisting tenants in finding the perfect property to meet their household needs, thereby diminishing the UK housing crisis. Working for many years as a real estate agent, Charles believes that British estate agents need to be more like American Realtors.
To begin with, British people and Americans have a very different way of viewing the idea of entrepreneurship. For one, the people in UK do not approve of the concept of entrepreneurs the way Americans do.
When it comes to British culture, they are known to be skeptical and risk-averse, which is why the idea of establishing your own business as a real estate agent is not something they would consider rational. In fact, most of them tend to avoid entrepreneurship as a lucrative career choice.
Unlike in American culture, where you can get congratulated for launching your own business, the British people would criticize your actions and would be highly unsupportive towards your entrepreneur business approach.
So why exactly are Americans more open to the idea of entrepreneurship regarding estate agency? Because differences are being made. For example, if you hire experienced agents that reside in the US, it will help grow your company faster. These agents are aware that taking an entrepreneurial leap has led them to work in a complete commission-based environment. Moreover, they even bring along their experience as a realtor and the information regarding different listings and buyers to further improve your business revenue.
The UK business model is not entrepreneurial at all, which is why these things don't usually apply there. Charles believes there is a need for business change within the UK as more real estate agents are beginning to transition towards entrepreneur careers, renewing the real estate business model from the core.
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Another difference between the real estate business model in the US and UK is the regularity authority rules. Since every state has different regulatory authority and foreign laws, it is required by every US state that a real estate license should be issued for someone to become a state agent.
There are times when some states have mutual agreements with one another that which make it easier for licenses to work in different states- but there are also some states that do not have these mutual agreements.
In contrast to the US concepts, estate agents in the UK do not require a license to get the job. This makes it difficult for UK consumers to pick out authentic estate agents who can help them get the best property on the market.
Charles firmly states that if they ever wish to change the future of the real estate industry in UK, then they need to adopt the American realtor customs and break down the cultural differences that are standing in the way of their business success.
