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Five points to consider when choosing an estate agent
Here's how to make the decision easier:
- Research. Property pages, agency websites and "for sale" boards will give you an idea of the market share of the agency. The Internet is one of the best places to begin as you can search numerous websites in short time. In addition, paging through the property press and driving around the area will give you an indication of how busy the agency is - you want an agent that has a strong and steady stream of buyers. Adverts can also give you a rough idea of prices in the area. Word of mouth is invaluable so ask friends for advice and speak to neighbours.
- Decide on three. Choose three agencies and ensure they are registered with the Estate Agency Affairs Board (EAAB). You can do this by checking the database on the EAAB website. This body protects the seller in dealings with estate agents. In addition, choose agents who have a strong presence in the particular area and who specialise in the type of property you want to sell.
- Get in touch. Phone or e-mail prospective estate agents with details of your property and set up a meeting. The time it takes for an agent to respond will give you an indication of what dealing with the agency will be like. Estate agents should respond within 24 hours to any e-mails, messages or requests for a meeting.
- What to ask the agent:
- How long have they been practising as an agent?
- How long have they worked at that particular agency?
- Ask them about their experience and training they have undergone.
- Is the agent part-time or full-time?
- How accessible is the agent?
- Ask them details about their service and why they think they are better than the competition.
- How long it has taken them to sell similar property in your area?
- Ask them to visit your property and give you a valuation figure. Your initial research would have given you a realistic idea of what your home is worth, and you will be able to test the agent's calculation of the selling price of your home
- What is their strategy?
- How will they market your property?
- Check if the estate agency has a mailing list to alert potential buyers of new properties coming on the market.
- How and where will they advertise your property?
- What is the agency's Internet presence like? Ask about the number of page impressions they are getting a month.
- Find out more about the agency's website. An effective and regularly updated website will mean more buyers will have a chance to see your property.
- Ask how they will carry out viewings and whether they will show potential buyers around personally.
- Ask for the rate of commission the estate agent will charge. If you are not happy with this, negotiate. It is advisable not to choose the agent with the lowest charges. There is a good chance you will get what your pay for.
- Ask them what additional fees they will charge.
- How will they present offers? Will it be by hand, post or fax?
- Speak to them about contacting you about offers. You can set a certain level, at which you won't consider anything below.
- Contracts and small print. Read the small print carefully. You may find yourself legally bound and unable to get out of your contract, should you decide to opt out in the event of poor service. Some contracts are pre-printed with certain time periods and sellers assume this can't be changed. The term of the contract is negotiable. In addition, if you want to use more than one agent, check the contract for "sole agency". This means that even if you sell your home privately or through another agent, you will still be charged with a commission fee.
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Posted on Tuesday, February 20, 2007 (Archive on Wednesday, February 28, 2007)
Posted by hayleym Contributed by hayleym
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