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When utilizing an Estate Agent to market your property, you should choose the right agent for you and the kind of property you're selling. Here we outline some simple some tips on what to look out for when choosing an Estate Agent.
Take a look at Local Agents
Agents near to the property you're selling may have more experience of your local area and also the kind of property you are selling. Check the number of properties they're selling in your area.
A measure of the agents success rate will be the number of their 'For Sale' boards displaying in the area which have 'sold' written in it whilst an indication of their suitability to the type of property you are selling are available by checking the neighborhood Papers and see the number of similar properties that specific representative is selling.
Which Estate Agents do people you know use?
Just like a lot of services, personal recommendation goes along way.
Ask somebody who has recently sold a property which agents they sold it through and get an idea of the amount and quality of service these were given. Ask just how long it took for their property to market.
Don't be taken in by the one that provides the Highest Valuation
You can now provide you with a high figure where to sell your home. This can be a common ruse used by agents to secure a seller's business. After a while, they report to you that due to the fall on the market (as well as other excuse) you'll have to drop the value - although by that time you are already tied right into a contract together.
Get several different agents to value your property; and although they are all likely to vary slightly - watch out for the unusually high valuation.
When given a valuation request types of properties of your property's type and location that have sold recently with those prices. You may also check this from various house price websites which are on the web which offer information on properties selling inside a particular area.
Negotiating the best Fee
Negotiating a lower fee does not always pay. A lesser commission reduces the agent's incentive to sell your property and properties attracting higher commissions might take precedence. Try to offer an incentive by negotiating a sliding scale of fees with them. When the property costs the entire asking price, they will obtain the commission based on the highest percentage of the value, the percentage should then reduce according to the selling price achieved.
Getting the Right Terms within the Estate Agents Contract
Browse the terms of the contract carefully and be sure you know which kind of estate agency contract you are signing. See our article around the various kinds of estate agency contracts on this website.
Deciding on the wrong kind of estate agency contract may mean that you are limited as to the best way to sell the property and could mean that you are tied to an underperforming agent or might have to pay several agent; in certain circumstances the wrong estate agency contract may mean that you have to pay commission and charges without selling the home!
The the estate agency contract need not be absolute and one-sided - negotiate terms to your advantage, for example, the time period, the agent may want to tie you right into a contract of 2 or A few months - when ideally you have to be able take a look at relationship with them on the monthly or weekly basis.
Consider Using Multiple Agents -
The benefit of using more than one estate representative is that you will be able to reach a wider audience and get more buyers for the property. If you do decide to use more than one agent, check each contract carefully - check that it is 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 as well as the commission payable to the agent who did sell the home. Remember that multi-agency contracts attract better returns.
The Secret Shopper Approach
Pose as a buyer - Go to the estate agent within the guise of the buyer. You'll be able to check whether they are busy and assess the degree of service any potential buyer of your dwelling will probably receive and also the type of properties suggested to them.
Check out the Complaints and Redress Schemes
How do they handle complaints? From October 2008, all agents happen to be required to register by having an Estate Agents Redress Scheme that has been authorized by the Office of Fair Trading ('OFT'). There's two main redress schemes - The Property Ombudsman and The Surveyors Ombudsman Scheme.
Many agents are members of professional associations such as the National Association of Estate Agents, 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 also be susceptible to sanctions from their governing bodies. When the estate agent is a member of an expert Association, you are able to pursue your complaint with the internal processes from the association.
Gut Feeling -
Ask yourself 'Do I trust this estate agent to sell my property?' and if the answer is no - walk away.
