How to Choose Your Estate Agent
Research estate agents
It’s really important to spend some time researching local agents. You should be looking for an agent that is experienced in selling property like yours – they will have a good pool of potential buyers and know what they are looking for in a property.
For most properties, it is best to stay local – local agents know the area, and can be close to meet prospective buyers.
Look in the local newspaper and online, as well as driving or walking around your area to see what sort of properties are on sale and which agents are marketing them. “Under Offer” and “Sold Subject to Contract” signs are a good indicator of agents doing the job well.
Ask family, friends and neighbours – there is nothing better than a personal recommendation.
Once you’ve identified the agents that have sold properties similar to yours, call into their offices. Firstly, visit as a buyer interested in properties like your own, so you can talk to the staff and see how happy you would be if they were selling your property.
Look at the agent’s website – are the pictures well taken and the descriptions clear and relevant?
A good agent will invest in marketing to ensure they get the best price, while a poor one will just wait for customers to come to them.
Try to find three good agents, as this gives you a good spread of views, and invite each to give you a property valuation. Although of course getting a good selling price will be top of your list, don’t automatically go with the agent that offers you the highest valuation – they may be overvaluing your property in order to get your business.
How will they market your property?
The way your property is marketed could greatly influence whether a potential buyer would actually find your property, whether they would wish to view it and it could even affect the offer made. Good quality marketing is vital, please consider the following points.
Will they use the internet – if so, do they use other sites apart from their own? Which ones? Zoopla? Rightmove? Primelocation?
Will they use newspapers? Which ones? Find out what local newspapers they are in and if they will feature your property in them. If you are selling a more expensive property, will it feature in any national newspapers or magazines?
Will your property feature in their window? For how long? How many window cards do they have?
Will they create an online virtual tour?
How good is their website, and their brochures – including the photography and text?
Do they use floorplans? Are the floorplans easily found on Rightmove etc?
Don’t be fooled by the valuations they give
Agents know that one of the main reasons people pick them is the valuation they give. They take two general approaches:
Some agents give deliberately optimistic valuations, to make you think you can get a higher price with them, and then try and talk you down after you have chosen them.
Some agents insist they are giving a realistic price, and tell you not to be fooled by falsely high valuations.
However, it is you and not the agent who decides what price to put the property on at, and how effective an agent is at marketing a property has little to do with the valuation they give. You should choose an agent who you are impressed by but who gives a low valuation, rather than a second rate agent who gives a high valuation. You can always ask the good agent to put the property on at a higher price.
Estate agent charges
The type of estate agent contract you have will affect how much they charge you. Fees range from 1% to 2% of the selling price for ‘sole agency’ – i.e. you give one agent responsibility for selling your home.
Agents will often quote their fees without VAT, so make sure you check whether you will need to pay an extra 20% on top.
Some agents offer a scaled-down service that is charged at a fixed price, which is payable upfront whether your property sells or not. This service usually includes producing property details, promoting your property online and sometimes – but not always – in the local newspaper.
Don’t forget – agents are negotiators, so try to negotiate their fees.
Estate agent checklist
Other questions to think about asking an estate agent are:
How many similar properties have you sold? At what price?
How many viewings and how long did it take to sell the properties?
How many buyers are looking for properties like mine?
Are they members of any professional trade associations such as NAEA (National Association of Estate Agents) and/or RICS (Royal Institute of Chartered Surveyors)
Are they a member of either the Property Ombudsman (formerly known as the Ombudsman for Estate Agents) or Ombudsman Services: Property schemes? All estate agents must belong to one of these Office of Fair Trading-approved redress schemes. You can check on the schemes’ websites as to whether an agent is a member.
Can I have a copy of the agency’s contract?
Will they conduct viewings, or will you need to?
Do they monitor your on-line interest and follow up viewings for feedback?
Final thoughts when choosing an estate agent
Do you get on with them and trust them – you will have to spend lots of time with them, and trust them with your most valuable asset.
Remember to read the contract carefully. If you don’t understand something, ask. If you are not happy in any way do not sign the contract.
