Have you ever wondered what it takes for estate agents to earn the huge cost they charge when they sell a home? Find out how they can help you sell your property, make the sale, and ensure that you get it to the end.
Here’s what you can expect your estate agent to accomplish when it comes time to sell your house.
Help you determine the value of your home
An estate agent is capable of giving you an informed opinion on the value of your home is and set it at the appropriate price for market. They’ll draw on their expertise of the local market for property as well as the prices that have been sold of similar homes in the area from the Land Registry to give you an accurate estimate of what houses similar to yours are selling for and the reasons you could offer more or less.
It is essential to conduct the research before you can have an idea that you can visualize. For this, begin by obtaining a free instant online valuation and looking up Land Registry figures. Get three appraisals from an estate agent as some companies may employ the tactic of overestimating the value of your house in order to get you an agent. An experienced agent will know what buyers in the region are seeking and will be able to inform you if it’s worthwhile to make changes to enhance the value of your property in order to get a better price. They must be able to impress you by their local knowledge and experience in selling homes similar to ones like yours.
If you’re thinking of employing an online estate agent It is recommended to obtain three valuations from top-quality firms as online agents are likely to lack local market expertise and are therefore heavily dependent on data from the internet for their valuations.
Sell your home
Your estate agent must arrange that your home is professionally photographed, have accurate plans of your floor drawn up , and create a precise, detailed and attractive description of your property to be included in the brochure, in its shop window , and on the major portals for property. There shouldn’t be additional fees for photography or other essentials since they are all included in the % price the estate agent is charged to market and sell your property. Be sure that the photos are in good condition because they’re essential to draw a lot of attention. If they are not, ask that new pictures are taken. Also, take a look at the details of the property. They must be accurate to avoid issues later on the road. Your estate agent should be able to explain the way that the major property websites operate – like Rightmove and Zoopla and also have accounts with them to ensure that your property can be advertised on these websites.
When you begin marketing your property, it’s legally required to possess the Energy Performance Certificate (EPC) that provides prospective buyers with the property’s energy usage and typical costs. The property will be awarded an energy efficiency score from the A (most effective) up to G (least effective) as well as the EPC can be used for a period of 10 years. Your estate agent can arrange this for you at an additional fee. Request a quote from your estate agent, but do some research. If you bought your house in the past 10 years, you might have a valid certificate that remains valid.
If your home doesn’t sell in the time you desired – or as the estate agent has promised you a speedy sale – contact your estate agent and inquire what the reason. They are paid to promote your home and ensure a sale, therefore ask them why your home isn’t selling. Keep in contact with them, asking feedback from their viewings as well as what they’re trying to do to promote your property.
Conduct watching
Your estate agent will organize visits to your property and show potential buyers around the property, answering any questions or concerns people might have. The agent must ensure that your home is secured when they leave after viewing. Learn how to prepare your house for viewings. After your home is in the hands of the estate agents, they might be able to provide a listing of prospective buyers who have expressed interest in properties similar to yours. They will contact them to promote your property to.
Estate agents can also organize an open house at your home where a large number of buyers come to your property during a certain time frame. The benefit of having an estate agent to organize viewings on your behalf is that they are perceived as a neutral entity by prospective buyers who might inquire about things they might be reluctant asking the property owner themselves. This also takes the stress out of needing to show potential buyers around your house.
If you are conducting viewings yourself it is important to inquire about what the estate agent is making their commission. In this case you may prefer selling through the help of an estate agency online. They typically charge an upfront fee (which is less expensive than the commission percentage agents on the high street charge) however, it is due upfront i.e. whether you decide to sell your home or not. The standard procedure for estate agents online is to present potential buyers to the property on your own. Hybrid estate agents such as PurpleBricks as well as Yopa are gaining popularity because they offer an expert local to arrange viewings for you. Other estate agents online are increasing their offerings by providing additional options for conducting viewings. However, these are usually at an additional cost – so contact the agent to find out the number of viewings offered, how much the extra 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 job of an estate agent is to handle negotiations and serve as a mediator between prospective buyers and the owner of the property. Offers must be sent directly to an estate representative, who will forward them to the owner, and in turn, communicate the response of the seller to any offer made. In this time, the estate agent may be helpful to the buyer, but they must always put the client, the seller first, and strive to negotiate the most favorable value for their property.
If you’re thinking of offering a price for the property, you may ask the estate agent for further information about the situation of the owners. Have they found their ideal home and are in need of a fast sale or do they require someone to sit and wait for an apartment? Buyers are also able to determine the amount of an offer that could be accepted by the seller through an estate agent.
Make sure the buyer is serious
According to the Property Ombudsman Code of Practice Estate agents are required to make reasonable efforts to find who the purchaser is and amount of their money to purchase the property, and then provide this information on to the seller. This includes whether the buyer is required to sell the property, needs the assistance of a mortgage or declares themselves cash buyers or any other combination of these.
Typically, they ask the buyer to provide the principle agreement with the mortgage lender to show that they’re in a position to pay for the house. Learn more about this with our guide on proving the funds. According to this Code, estate agents are also legally bound to pass all offers to their clients, which is you the seller regardless of whether the buyer isn’t financially qualified at the time of making their offer.
If you take an offer it’s the responsibility of the estate agent to monitor regularly the progress of the buyer in obtaining the amount of money required and to keep you updated. This information will aid your estate agent in advising you about the status of the buyer as well as how serious or effective the offer. The agent should be in a position to assist you in deciding whether or not to take an offer, but ultimately the choice is yours.
Keep things moving
After you’ve accepted an offer, or received an acceptance of the offer, then the estate agent must issue an Memorandum of Sale to the buyers, the seller and their solicitors with all the details they require about the other as well as each of their solicitors. A lot of people believe that the job of an estate agent ends when an offer is accepted however this is the point where an experienced estate agent can truly shine in ensuring that the offer is accepted by removing obstacles up and down the chain, and getting towards the crucial points of contract exchange and the date of completion. In this time, your estate agent will serve as your advisor and an aunt during the highs and lows of the selling process. You are able to rely on them for as much or as little as you like.
Beware of agents who promote internal services
Don’t be you are being pressured to use the estate agents’ partner companies like their conveyancers or mortgage brokers that they have a commercial partnership with. Use an in-house broker only that has a wide list of lenders or takes into account the entire market. Make sure to get quotations from the services suggested by your estate agent – from conveyancing to mortgages to removals, but look around to ensure you’re getting the best price.
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