If you begrudge estate agents' fees, how easy is it to sell your property yourself? Or should you stick with the professionals and pump every last bit of use out of them?
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Estate agents come in for a lot of flack, but how much of it is deserved? After all, they have their uses-showing your house to potential buyers while you're at work, taking photos, marketing your property and making introductions between solicitors.
Going for the very best estate agent from a high street full of potentials could mean a faster sale and a bigger profit, but how do you tell if you've chosen the right one? Recommendations from neighbours and friends are always good, but there are more scientific ways to tell...
You can find out fairly quickly whether your estate agent is a good one by testing their knowledge of the local market when they come round to value your property. Ask them what they think is best- the regular approach, or perhaps selling at auction or accepting closed bids. Or would you benefit from an "open house" where potential buyers can visit your home? They should know the local area and what has worked for sellers in the past.
The valuation is often the basis on which an estate agent is chosen, but this isn't always the best approach. This is where a good professional's credentials and thorough knowledge of the local market will come to the fore. If, for example, there's a house for sale on your street for £575,000, a good agent will let you know this and suggest you go on at £570,000 to tempt the buyers.
This local knowledge also means they know what is selling right now and why. Ask them what is sought after, and how your home stacks up against the local competition. Bear in mind however, that there is potential here for an unscrupulous agent to butter you up just to get your trade, so listen sympathetically to the agent who is more honest even if he tells you things that are much harder to hear- it will pay off in the long run.
Good estate agents will also offer you some "house doctor" tips, including suggestions on how you can present your home to appeal to the right buyer. You might not want to always follow their advice, but doing so will probably result in a better offer and a quicker sale.
"Another trick is to look at the number of "sold" and "for sale" signs in the area," says National Association of Estate Agents Chief Executive Peter Bolton King. "This will tell you which agents are most popular- ads in the local paper also give you an indication of which agents are prominent."
Make sure that your chosen estate agent is a member of the NAEA, as this is a good sign that they will adhere to industry rules and regulations.
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