Have you ever wondered exactly what it takes for estate agents in order to earn the massive fee they take when they sell a property? Read on to discover the ways they can help you market your property, make the sale, and ensure you’re able to get it to finalization.
Here is what you can expect the estate agent you choose to work with in the event of selling your home.
Help you decide the worth of your home
An estate agent will be competent to give you an experienced view of how the worth of your house and help you set an appropriate value to sell. They’ll use their knowledge of the local market for property as well as the prices that have been sold of local properties similar to yours from the Land Registry to give you an accurate estimation of the price houses like yours sell for and what you can offer more or less.
It is important to do your research first , so that you have a number in your head. For this, begin by obtaining a free instant online valuation, and then looking up Land Registry figures. Then get three different appraisals by an estate agent since some firms might use the method to overestimate the value of your house in order to gain you as a client. An experienced agent will have experience of what features buyers in the area want and can tell whether it’s worthwhile to make changes to enhance the appeal of your house in order to get a better price. They should be able impress you with their local expertise and experience in selling homes like ones similar to yours.
If you’re thinking about using an online estate agency however, it’s recommended to obtain three valuations from top-quality firms since online agents tend not to have as extensive local market experience and consequently will heavily rely on the availability of data online to carry out their valuations.
Advertise your home
The estate agent you choose to work with should arrange the property to be professionally photographed, get an accurate floor plan drawn and provide a detailed, exact and attractive description of your home to be used in the brochure, its store window, and also on the main portals to sell homes. It shouldn’t cost you extra for photography and these other basics as they should all be included in the % price that estate agents charge to market and sell your home. Check that your photos are current as they’re crucial to attract plenty of viewings. If not, demand that new pictures are taken. Be sure to check the property’s details. This information must be correct to avoid problems further down the road. The estate agent you choose will be able inform you what the main property websites function – like Rightmove and Zoopla and will have accounts on them so your property is advertised on these websites.
Before you start marketing your home it is legally required to possess the Energy Performance Certificate (EPC) that provides prospective buyers with the property’s energy consumption and typical costs. Your property will receive an energy efficiency rating from the A (most energy efficient) through G (least efficient) and the EPC can be used for a period of 10 years. The estate agent you choose to work with can arrange this for you for a fee. Get a quote from your estate agent, but do some research. If you purchased your home in the last 10 years, it is possible that you have a title certificate that remains valid.
If the property you own doesn’t sell at the speed you hoped – or the estate agent promised to sell it then speak with your estate agent and inquire why it’s not selling. You are paying them to promote your house and ensure a sale, so ask them why the house isn’t selling. Be in constant contact with them, requesting feedback from viewings and what they’re doing to actively market your home.
Conduct viewings
Your estate agent will organize inspections of your house and help potential buyers navigate the property, answering any questions or queries people may have. Your agent should be sure that your home is secured when they leave after a viewing. Check out these tips to prepare your house for viewings. When your property is listed registered with an estate agency, they could be able to provide a listing of prospective buyers who have expressed interest in properties similar to yours. They’ll call to promote your property to.
Estate agents can also organize an open house for your property where numerous buyers visit during a specific time period. The advantage of using an estate agent who conducts the viewings for you is they are seen as a neutral entity by potential buyers who could ask questions they’d be embarrassed to ask the owner themselves. This takes the burden from needing to show potential buyers around your home.
If you are conducting viewings yourself it is important to consider whether the estate agent getting their commission. In this scenario you could prefer selling through an online estate agent. You usually pay a fixed fee (which works out cheaper than the percentage commission fee most high-street estate agents charge) but the fee is paid upfront i.e. whether you are selling your property or not. The default choice for estate agents that are online is to present potential buyers to the property yourself. Hybrid estate agents such as PurpleBricks or Yopa are becoming more popular and offer an expert in the local area who can conduct viewings on behalf of you. Other estate agents online are increasingly following suit by offering the option of adding additional viewings. However, these are usually at an additional cost – so consult the agent to understand how many viewings are included, what the additional cost is, and who will be conducting the viewings, and what the procedure will be in the real world.
Manage negotiations
The most important aspect that an estate agent’s role is to oversee negotiations and serve as a go-between for any potential buyers as well as the owner of a home. Offers must be sent for the property’s estate agents, who can forward them on to the owner and, as well, relay the response of the seller to any offer made. During this time, an estate agent can be helpful to the buyer, but they must always consider the buyer, or the seller first, and strive to negotiate the most favorable price for the property.
If you’re thinking of offering a price for an property, you can contact the estate agent for more details regarding the current situation of owners – have they found the perfect home they’ve been looking for and are they in the need of a speedy sale or do they require someone who can be patient while they search for an apartment? Buyers can also usually be able to determine the amount of an offer that could be accepted by the seller via your estate agent.
The buyer must be serious.
Under the Property Ombudsman Code of Practice Estate agents are required to take reasonable steps to find that the buyers know the origin and the availability of their funds for buying the property. They must then relay this information on to the seller. This includes whether the buyer has to sell their home, requires a mortgage, asserts that they are a cash buyer or any combination of these.
Typically, they’ll require the buyer to provide an arrangement in principle with an institution that lends money to demonstrate that they’re able to pay for the house. Find out more by reading our guide to proof of money. In this Code, estate agents are legally bound to pass all offers through to their client, you the seller even if the purchaser isn’t financially qualified at this stage.
If you agree to an offer it’s then the estate agent’s responsibility to keep track of the buyer’s progress towards obtaining the money needed and to keep you updated. All this information will help your estate agent advise you of the position of the buyer, as well as how serious or worthy it is to accept an offer. They should be able to help you decide whether or not to accept an offer, but ultimately the choice is yours.
Keep things moving
Once you’ve accepted an offer, or was the offer accepted, the estate agent needs to issue an Memorandum of Sale to the buyer, the vendor and their solicitors with all the information required on each other and each party’s solicitors. A lot of people believe that the role of an estate agent is over after an offer has been accepted however this is the point where an expert estate agent will really come into their own by helping make sure that the offer moves forward by removing obstacles up and down the chain and working towards the crucial points of exchange of contracts as well as an end date. In this time, the estate agent acts as your advisor and an aunt while you navigate the highs and lows of the sale process. You are able to rely on them for as much or as little as you like.
Be wary of the agents that promote internal services
Finally, don’t feel pressured into using the estate agents partner firms for example, their mortgage brokers or conveyancers that they have a commercial connection with. Choose an in-house brokerage that has a wide range of lenders, or considers the whole of the market. Always get quotes from the services suggested by the estate agent – from mortgages to conveyancing to removals. But you should check around to make sure that you’re getting the most value for money.
