Because the right agents ? or property consultants as they are sometimes known ? will not only ensure you get the right price for your house, but will make the process as hassle free and painless for you as possible.
You're looking for an agent with experience both in the local market and with countrywide property. They need to understand what makes a house sell in your area and why. And because anyone can set themselves up as an estate agent, it's vital they have a good reputation with past clients, and ideally some kind of accreditation.
Find a number of property consultants you like the look of. Here are seven questions to ask to help you draw up your own shortlist.
1. What schemes do you belong to?
There's no compulsory regulatory scheme for agents in the UK at the moment. If you and some friends wanted to set yourself up as property consultants tomorrow, there'd be nothing to stop you (apart from the costs of setting up and marketing a new business). So look for membership of schemes that require agents to work to certain standards and have clear measures to deal with complaints. The National Association of Estate Agents is one scheme, and the Ombudsman of Estate Agents is another. Don't take an agent's word that they belong ? check directly with the association itself.
2. How much experience do you have in this market?
This is a roundabout way of asking how many houses they have sold in the last year, and how many of them were properties like yours. The way to test this knowledge is to ask how much similar properties went for, and especially why. Good property consultants won't have to scratch around for an answer; they will have studied their market and understand the broad factors that affect sale prices.
3. How much is my house worth and why?
Again, the why is the most critical part here. When property consultants value a home they are making an estimate, based on similar sales, the details of the house on offer, its location and condition. So challenge that estimate and ensure you are comfortable with the answers you are receiving.
4. How will you get a sale for my home?
Here you should be getting information on the marketing and viewing of your house. What marketing materials will they be preparing, and how will they be advertising the property? To ensure it reaches as many people as possible they should be advertising it in the local newspapers and putting it on as many property portals as they can. As for viewings, if you want to do them yourself, then insist on it. The best property consultants understand that passion for a property can help to sell it.
5. What kind of access will I have to you?
It's not only important to have a good relationship with your agent, you need to be able to speak to them regularly as well. If you are dealing with the owner of the firm, will you always be fobbed off with junior staff? Does your agent mind a call on their mobile at weekends if it's urgent? Establish these ground rules before you sign.
6. How much will you cost me?
Property consultants' fees vary from one per cent to 3% of the price. It might seem an unmoveable fixed fee, but many agents are open to haggling ? after all they want to earn something rather than nothing. A slowing property market gives you the seller more power over agents. Get any fee agreements in writing before you sign up.
7. Tell me why I should pick you over your competitors
This is a cheeky question to ask, but will reveal the confident agents who really want to work with you.
Questions To Ask Employers
If you've ever sold a house with property agents who just seemed like they didn't care, you'll know how difficult the process became. Just as good agents make moving house an easier process, bad agents will slow it down.
When it's time to put your house on the market, you should always get quotes from at least three agents. Use these seven questions to quiz your prospective agents and find the one that you feel most comfortable with, and trust to do the best job.
1) Have you dealt with similar properties to this one?
There's no point trying to sell your three bed semi-detached with property agents who are more used to selling commercial property. If they say yes, test their knowledge of the local area by asking how much similar properties have sold for recently. They should know the answer straight away. Whether the agent can answer the question confidently is more important than the answer they give.
2) How will you market my house?
One of the key roles of property agents is to get potential buyers into your house. They do this in a variety of ways. Advertising in local newspapers is important, as is placement of your home in a wide number of online property portals. A town centre shop can also help grab passing traffic. The best agents maintain lists of potential buyers so they can do some direct marketing. They build these lists through people enquiring in the branch. The efficiency of the agent and the sophistication of their contact system will determine how quickly they can match potential buyers to your property.
3) Who will handle the viewings?
Some agents prefer to show potential buyers round themselves so they can better control the selling process. And research does show that houses shown by property agents sell more quickly. But there is something to be said for showing people round yourself. It can keep the viewing process as a more relaxed and natural process.
4) How long does the average property stay on your books?
The quicker properties sell, the better for everyone. But you should be wary if houses seem to fly through an agent's books very quickly. This could mean they have a habit of undervaluing properties which are quickly snapped up. That's obviously not good for you. Ask the same question of the three agents; their answers should be broadly similar.
5) How much will you charge?
Commission rates can vary wildly from agent to agent; anything from 1% to 3% of the sale price achieved. It's OK to haggle. In a buoyant local market there will be plenty of healthy competition among the property agents, and they will be much more open to a deal to get your business. Only agree arrangements on a 'no sale, no fee' basis. Check how long you will be tied to an agent for, and what their notice period is. And be aware you will pay more commission if you have more than one agent representing your house.
6) What percentage of your sales fall through?
It's an unfortunate fact for estate agents that a fairly high percentage of sales don't happen, normally because the buyer just changes their mind. Some estimates put this as high as one in five sales. Check with your prospective agent and see what measures they have in place to reduce failed transactions.
7) Are you a member of an ombudsman scheme?
There's no compulsory regulatory scheme for estate agents in the UK at the moment. So ask your property agents if they belong to a body such as the National Association of Estate Agents or the Ombudsman of Estate Agents. These both require members to stick to strict codes of conduct, and deal with customer complaints in specific ways.
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