9. Choosing An Estate Agent
9. Choosing An Estate Agent (Image 9 of 10)
1. Look in agents' windows, local press and on the internet to see how many similar properties are for sale and what the asking prices are.
2. Get three local agents to 'quote for the job'. Wait until you have decorated and dressed your property before you ask them to value it.
3. Ask agents to quote the figures of what similar properties sold for. Don't just go with the highest valuation, but consider who will give your property the best marketing push.
4. A sole agent offers the lowest commission (about 2 per cent), but you are tied to them for a certain period. Now so much house hunting is done on the internet, a sole agent (providing they list their properties on the major property sites) should work best.
5. Joint sole agents market a property between them and split the fee, but they are less likely to put as much effort into it.
6. Multiple agency is when you use two or more agents. Your property will get wider coverage and more viewings, but the commission is higher (3.5 per cent) and it can send signals to buyers that you are desperate.
Accepting offers
When someone wants to buy, they put in an offer through your estate agent. Don't jump at the first offer - particularly if it's a lot less than your asking price. Similarly, if the property has been on the market for a while, don't necessarily dismiss it. Ask your estate agent to find out all the pros and cons: whether the prospective buyers have a mortgage offer in place, whether they have something to sell, whether they are part of a long chain. Ask your agent what they think of the offer. After all, the more an agent can sell your property for, the higher their commission.
However, it is your property, so if you feel they are trying to sell it for the sake of speed at a price you are not happy with, you are perfectly within your rights to decline such an offer. That said, when you turn down an offer, question whether you are being precious. Sometimes, you need to re-adjust your expectations.
If there's no further interest after another month, it's time to ask yourself whether you will be losing more money paying the interest on the loan while you wait for your property to sell than you would if you reduced the asking price. Once you've accepted an offer, ask your agent to get confirmation that the purchasers have instructed their solicitor before you take the property off the market.
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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