Ever wondered exactly what agents do in order to earn the massive cost they charge when they sell a home? Read on to discover the ways they can help you market your home, secure the sale, and ensure that your property is sold to completion.
Here’s the things you can expect your estate agent to accomplish when it comes time to sell your house.
Help you decide the worth of your home
An estate agent can be competent to give you an informed opinion on your house’s value is and set it at the correct price for the market. They will draw upon their experience in the local property market as well as the prices that have been sold of houses in your area, as well as the Land Registry to give you an accurate estimate of what homes like yours are selling at and the reason you may pitch for more or less.
It is essential to conduct your research first so you can make a picture in your mind. To do this, start by getting a free online instant valuation and by conducting a thorough search of Land Registry figures. Then get three different appraisals from estate agents as certain firms may use the strategy to overestimate the value of your home to try to get you potential clients. A good estate agent will have experience of what features buyers in the area want and be able to tell you whether it’s worth making changes to improve the appeal of your home to achieve a higher price. They should be able impress you with their local knowledge and experience in selling homes similar to the one you have.
If you are considering using an online estate agency but you are still considering using an estate agent, it is an excellent idea to seek three valuations from high street companies as online agents typically do not to have as strong local market knowledge and will therefore be heavily reliant on data from online sources to carry out their valuations.
Advertise your home
Your estate agent must arrange for your home to be professionally photographed, get an accurate floor plan drawn up , and write a detailed, accurate and appealing description of your house to be used for the brochure, its shop window , and on the major property portals. It shouldn’t cost you additional fees for photography or other essentials because they’re all included in the % price the estate agent is charged to market and sell your home. Check that your photos are of the highest quality because they’re essential to draw a lot of attention. If they are not, ask that the pictures be updated. Check out the details of the property. This information must be correct to avoid issues later on the line. The estate agent you choose will be able inform you how the big sites for property work, for example, Rightmove and Zoopla and will are registered with them, so that your property can be advertised on these websites.
When you begin marketing your home , it’s mandatory to obtain the Energy Performance Certificate (EPC) that provides prospective buyers with details about the home’s energy consumption and typical costs. The home will be awarded an energy efficiency rating ranging from the A (most energy efficient) to G (least effective) The EPC lasts for 10 years. The estate agent you choose to work with can arrange the process for you, for cost. Request a quote from your estate agent but shop around. If you’ve bought your house in the past 10 years you may already have a title certificate that has not expired.
If the property you own doesn’t sell in the time you imagined – or the estate agent had promised then speak with your estate agent and ask why this is the case. They’re paid to advertise your property and secure a sale and ask them to explain why your home isn’t securing a sale. Stay in regular touch with them, requesting feedback from viewings and what they are trying to do to promote your property.
Conduct watching
Your estate agent will organize visits to your property and guide potential buyers around the property, answering any questions or queries people may have. The agent must also ensure that the property is secure when they leave after viewing. See tips for preparing your house for viewings. When your property is listed in the hands of an estate agent, they could have a list of potential buyers who have expressed an interest in a property like yours that they will 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 frame. The benefit of having an estate agent to manage viewings on your behalf is that they are perceived as a less sceptical party by potential buyers who may inquire about things they would be embarrassed asking the property owner themselves. This also takes the stress away of you needing to show potential buyers around your property.
If you organize viewings on your own then you should consider whether the estate agent earning their commission fee. In this case, you might be better off selling with an agent on the internet. They typically charge a fixed cost (which works out cheaper than the commission percentage most high-street estate agents charge) but the fee is paid upfront i.e. regardless of whether you decide to sell the property or not. The default choice for online estate agents is to demonstrate potential buyers around the property yourself. Hybrid estate agents like PurpleBricks or Yopa are increasing in popularity and offer an expert local to conduct viewings for you. Other online estate agents are increasing their offerings by providing an additional option to hold viewings. They usually cost an additional charge – so talk to the agent about the number of viewings provided, the additional cost is, who will be conducting the viewings, and what the procedure will be in real life.
Manage negotiations
The most important aspect of the work of an estate agent is to oversee negotiations and act as a go-between for any potential buyers as well as the owner of the property. The offers should be presented for the property’s estate agents who will pass them on to the owner, and also, relay the seller’s response to any proposal made. In this time, the estate agent could be of assistance to the buyer but ultimately they must always consider their client, the seller in the first place and try to secure the highest cost for the house.
If you are thinking about making an offer on an item, you could ask the estate agent to provide more details regarding the status of the owners. Have they found the perfect home they’ve been looking for and are in dire need of a speedy sale or do they require someone who can remain in search of an apartment? Buyers may also find out what level of offer might be accepted by the vendor through an estate agent.
Check the buyer is serious
Under the Property Ombudsman Code of Practice estate agents must undertake reasonable measures to find that the buyers know the origin of and the amount of their funds to purchase the property. They must then relay this information to the seller. This applies to whether the buyer requires to sell the property, requires the assistance of a mortgage or asserts that they are cash-buyer or any other combination of these.
Typically, they ask buyers to produce an arrangement in principle from an institution that lends money to demonstrate that they are in a position to pay for the house. Find out more in our guide to the proof of the amount of money. Under this Code estate agents are legally required to send all offers through to their clients, which is you the seller regardless of whether the buyer hasn’t been financially qualified at this stage.
If you accept an offer, it’s the responsibility of the estate agent to keep track of the progress made by the buyer towards obtaining the money needed and to keep you updated. All of this information will assist your estate agent to advise you about the status of the buyer, as well as how serious or effective any offer might be. You should have the ability to guide you on whether or not to accept the offer – but ultimately that decision is entirely yours.
Keep things moving
After you’ve accepted an offer, or had an offer accepted, the estate agent needs to issue an Memorandum of Sale to the buyer, the vendor and their solicitors, providing all the details they require about the other as well as each of their solicitors. Many people think the job of an estate agent ends after an offer has been accepted However, this is where an expert estate agent will actually shine by assisting in making sure the offer goes forward, unblocking issues up and down the chain, and getting to get to the most crucial parts for exchange of contracts and the deadline for completion. During this period your estate agent will serve as your consultant and aunt as you negotiate the ups and downs of the selling process. You are able to rely on them for as much or as little as you want.
Beware of agents who promote internal services
Finally, don’t feel you are being pressured to use the estate agents’ partnership firms for example, their conveyancers or mortgage brokers they have commercial relationships with. Choose an in-house brokerage with a huge collection of lenders or is able to cover the whole market. Make sure to get quotations of the services recommended by your estate agent – from mortgages to conveyancing to removals – but then take a look at other options to ensure you’re getting the best rate.
