In many cases agents get accused of little indiscretions where in fact it is not the case. Most people forget an agent works for the seller and is , therefore, paid to sell the place. By preventing a sale in any way, they do not get paid.
When initially selecting an agent, check the small print, check the fees, and make sure you are not liable to any charges unless they sell the property. Sole agency periods should be no more than 8-10 weeks.
There are of course 'Cons' undertaken by unscrupulous agents but in my experience no more than any other business. The problem is that they can cause loss of big sums of money if successful in under valuing and selling your property.
As a buyer you are protected, as an agent can only sell to you, the transaction is completed by a lawyer and the structural condition and value area assessed by a surveyor. Never ever skip on a survey, its just not worth the risk
But as a seller the agent is only paid on results so there is only a number of ways he or she can mislead you.
One way is that the unscrupulous agent could undervalue your home - by using at least three agents you will be able to see immediately if one figure is obviously way too low so you can protect yourself there by choosing not to go with that agent.
The unscrupulous agent also could fail to notify you of offers on your property and then put forward a low offer from "a friend". This is highly illegal under Common Law and the Estate Agents act, and if rumbled the parties involved could be in serious trouble. If you are suspicious that you have had no offers, and then a suspiciously very low one comes in, you could always accept subject to further marketing from another agent. If the low offer was genuine it would wait or may even increase.
If an agent does declare an offer from a friend or an employee, this is permissible as long as it is clearly disclosed to you, "the seller", and you are happy about the price offered and the persons ability to buy, then go with it- it happens! Professional property developers see a great deal of estate agents in their area of operation and quite often become friendly.
Claiming fictitious viewings in order to appear to be working hard on your behalf can be a favourite especially if the property is empty. To protect against this tell the agent you want to know about all viewings (when and who) and inform them that you have a neighbour checking on comings and goings. That will keep them on their toes.
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As a seller listen carefully to your agent and what they say. Always ask which exact properties they are referring to, ask about market conditions etc and challenge any statements that seem in any way dodgy. A good agent will answer all these correctly and confidently.
At the end of the day you need to select an agent that you feel you should be able to work with. After all selling a home is a big deal!
The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.
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