Whether Selling or Letting picking the right Estate Agent can be critical in both how quickly you sell or rent and how much money you get.
Here’s what to do and what not to do.
• Don’t choose to use an agent just because they’ve offered you the highest valuation. Some agents will over-value your property just to get you to use them. Once listed they will use every excuse to get you to reduce your price, often causing the process to be longer and ultimately causing you to get less money. Ask the agent to justify their valuation and to show you comparable evidence of how they reached their figure.
• Similarly, don’t just opt for the cheapest fee. This can mean corners are being cut in comparison to more expensive agents. Pick an agent who offers value for money. Experience and knowledge are valuable assets for an agent to have and a good agent will use these to achieve a better outcome for their customers. It’s sometimes worth paying a little more.
• Make sure the agency agreement is explained to you. Take particular notice of tie in periods, sole agency periods, and clauses that could cost you even if you don’t sell like “ready, willing and able”. Also make sure you are asking if VAT is included in their quoted fee, at 20% this can be a costly error in your budget. Beware of hidden costs particularly within lettings, does the agent have a full list of charges on their website.
• Look for agents with professional accreditations like Property Mark and that they are members of one of the redress schemes. Having agents who a personally qualified either NAEA or ARLA is a good sign of their professionalism and the agent’s commitment to upholding certain standards.
In summary choose an agent who you like, not just one offering low fees or the highest valuation. You can always have a conversation with your preferred agent about their charges and what price you’d like your property to be market for. Pick an agent who is offering good value for money and has a clear marketing strategy using a range of media and other tools to promote your property to buyer and tenants. Make sure the contract you sign is easy to understand, has no long tie in’s and includes VAT. Try and pick and agent who is experience and knowledgeable, one who listens to what you want rather than just telling how great they are.
