Selling Your House
How should I choose an estate agent?
Should be a member of the National Association of Estate Agents - http://www.naea.co.uk - have Code of Practice - that requires professional indemnity insurance and minimum qualifications – if they break the Code then the agent can face substantial fines or even expulsion.
Also members of Ombudsman for Estate Agents - free and independent service for both buyers and sellers - strict code of practice.
The Guild of Professional Estate Agents is another industry body – less common – be aware though that the worst one of these body’s can do is expel its member – they may not be able to resolve your complaint – though if they are not a member of an industry body then you should be very careful to ask why
A small number of solicitors are estate agents – these are regulated by the Law Society who have far stricter regulations, that are vigorously enforced – if you have the option then use one of these - you are as good a guaranteed to get a professional and fair service.
Then do some research yourself – look at the cost of other properties in area -http://www.mouseprice.co.uk/ - get an idea of how much your house is worth
Then draw up a shortlist of agents in your area who are members of as many industry schemes as possible – try and make sure that they sell similar types of property – don’t list your studio flat with an agency that sells country homes and vice versa – your property won’t appeal to the type of buyers that agency attracts -
Ask for a valuation and details of their fees – be careful of agents who give you a much higher value than you expect – buyers will only pay what the house is worth – may well just be trying to attract your business and will cut the price when it doesn’t sell - ask them why they think its worth so much more – do the same if the price is too low – ask them they think it is worth less – might just be trying to get a quick sale and collect commission
Ask them how they will advertise your home – do they have a website, how aggressively will they market your property, do they have links with other agents to cross-promote properties, do they conduct viewings themselves, how do they present offers to you? Try and ask as many questions as possible – do they sound confident? - are they happy answering your questions? – if they are not when they are trying to win your business, ask yourself how they will be when you’re tied in
Fees are also very important – they can range from 0.5% to 2.5% - paying more will not guarantee you a better or quicker sale –if you find a few agents that you are happy with and that meet all the above criteria then you will probably be better off going with the cheapest – don’t be afraid to negotiate fees as well – most agents will flex a little on this as they want your business.
Other frequently asked questions
