09 Sep
When you are looking to put your home up for sale,you will work with your chosen estate agent to come up with an appropriate plan of action. You are paying them a good fee so it’s only fair you ask what they are going to do for you. The best estate agents will be able to answer any questions openly and with a clear strategy.
However, no two estate agents are alike, and you’ll want to work with the best for you. A good rule of thumb is to ask plenty of questions to the estate agent. Of course, the more details about the agent you work with, the better.
An informed decision can be made when you ask potential estate agents these questions:
How Much Will the Percentage Fee Be?
It’s natural for estate agents fees to be charged. However, the price range is rather wide; it goes anywhere from 0.75% to 3.5% of your home’s agreed-upon selling price. Of course, that still depends on the contract that was chosen. Don’t be afraid to negotiate or haggle! Ideally, a sole agency contract should mean a fee that’s 1% + VAT (Value Added Tax).
What Costs Are Attached to This?
In some cases, estate agents tend to exclude certain marketing costs. Ask about things like professional photos, a ‘For Sale’ board, floor plans and more.
An EPC should have been brought up by the estate agent you’re looking into. You need to have applied, at the very least, for an EPC (Energy Performance Certificate) before your house goes on the market. Granted, your old one might be valid still since they go for up to 10 years before needing to be renewed. Take note that chances are high it’ll be cheaper for you to just get it done yourself.
How Fast Do Houses Like Mine Usually Sell When You Handle Them?
This question should always be coupled with this one: “How often are you able to get the asking price?”. It is always handy to know who is achieving viewings, and who isn’t? Which houses have been reduced in price, and the difference this has made. Ask your agent which properties are under offer, how long it took, and at what kind of price they got.
Our real time performance data for all the local agents in your area is a great starting point.
Don’t just take the potential estate agent’s answer at face value, either. Make sure they have evidence and data to back up those facts. Make sure you explore your options and, when able, compare and contrast the following factors:
- Length of time until sales are closed
- Likelihood of asking price
- Success rate
What Kind of Contracts/s Is/Are Used?
More than one type of contractcan come into play, and it’s good to understand them. Each has its own pros and cons.
Multi-Agency: This means multiple agents, with the commission being paid upon sale.
Sole Selling Rights: Be cautious with this one; it means the agent will be the only one who can sell throughout the specified period; even if you find your own buyer, you’ll have to pay. There’s also ‘Sole Agency’, which is the same except you won’t have to pay the estate agent.
Avoid the “Ready, Willing and Able Purchaser” contract at all costs. It means you’re paying the agent to find a buyer even if you change your mind about selling.
In Conclusion…
Selling your home can be an interesting time, but it also involves the services of an estate agent. Of course, you want to make sure you’re working with the best. To ensure this, ask questions like how much they intend to charge, what kind of costs there are and what kind of contract will be used.
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