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When using an Estate Agent to sell your property, it is important to choose the best agent for you personally and the type of property you're selling. Ideas outline some simple some tips on what to look out for when choosing an Estate Agent.
Check out Local Agents
Agents near to the property you're selling may have more experience of your local area and the type of property you are selling. Check how many properties they're selling in your area.
A measure from the agents rate of success would be the quantity of their 'For Sale' boards displaying in the area which have 'sold' written on them whilst an indication of their suitability towards the kind of property you're selling can be found by checking the Local Papers and find out how many similar properties that specific representative is selling.
Which Auctions do people you know use?
As with a lot of services, personal recommendation goes along way.
Ask someone who has recently sold a house which agents they sold it through and get a concept of the amount and excellence of service these were given. Ask how long it took for their property to sell.
Don't be taken in through the one that gives the Highest Valuation
You can now provide you with a high figure where to market your property. This is a common ruse utilized by agents to secure a seller's business. After a short while, they report to you that because of the fall in the market (as well as other excuse) you'll have to drop the selling price - although with that time you are already tied into a contract together.
Get a number of different agents to value your property; and even though they are all likely to vary slightly - beware of the unusually high valuation.
When given a valuation ask for examples of properties of the property's type and location that have sold recently with those prices. You may also check this from various house price websites that are on the internet which provide information on properties selling in a particular area.
Negotiating the Right Fee
Negotiating a lesser fee doesn't necessarily pay. A lesser commission reduces the agent's incentive to sell your property and properties attracting higher commissions might take precedence. Try and offer an incentive by negotiating a sliding scale of fees together. When the property costs the full asking price, they will get the commission in line with the highest percentage of the selling price, the proportion should then reduce based on the value achieved.
Getting the Right Terms within the Estate Agents Contract
Browse the terms of the contract carefully and make certain that you know what type of estate agency contract you are signing. See our article around the various kinds of estate agency contracts on this web site.
Choosing the wrong kind of estate agency contract may mean that you're limited as to how you can sell the property and may imply that you're tied to an underperforming agent or may have to pay several agent; in some circumstances the wrong estate agency contract may mean that you have to pay commission and costs without selling the home!
The the estate agency contract need not be absolute and one-sided - negotiate terms to your benefit, for instance, the time period, the agent might want to tie you right into a contract of 2 or 3 months - when ideally you need to be able take a look at relationship together on the monthly or weekly basis.
Consider Using Multiple Agents -
The advantage of using more than one estate representative is that you'll be in a position to reach a wider audience and attract more buyers for the property. Should you choose decide to use more than one agent, check each contract carefully - check that it's not a sole-agency contract because this means that even if you sell your home with another estate agent, you still need to pay the non-selling agent their commission in addition to the commission payable to the agent who did sell the property. Be aware that multi-agency contracts attract a higher commission.
The key Shopper Approach
Pose like a buyer - Go to the estate agent in the guise of the buyer. You will be able to check whether or not they are busy and measure the degree of service any potential buyer of your property is likely to receive and the kind of properties suggested for them.
Check out the Complaints and Redress Schemes
How do they handle complaints? From October 2008, all agents have been necessary to register by having an Estate Agents Redress Scheme that has been approved by the Office of Fair Trading ('OFT'). There's two main redress schemes - The Property Ombudsman and also the Surveyors Ombudsman Scheme.
Many agents are members of professional associations such as the National Association of Auctions, the Royal Institution of Chartered Surveyors and also the Guild of Professional Auctions. Membership of the professional association means those agents follow a code of practice and will be subject to sanctions from their governing bodies. If the estate representative is part of an expert Association, you are able to pursue your trouble through the internal processes of the association.
Gut Feeling -
Think about 'Do I trust this estate agent to sell my property?' and if the answer is no - walk away.
