Choosing an Estate Agent
Estate agents are experts at marketing property in the right way and in the right places.
In doing so, they should reach the maximum number of people who are likely to be interested in buying YOUR property.
It is important therefore, to choose the right estate agent for you and broadly, there rae two types of estate agents: –
1. Local ‘High Street’ firm
Being local, you will know the estate agents in your locality and probably know someone who used them to sell their home.
They will probably have been in the ‘High Street’ for years and will know the local market ‘inside and out’.
They will have a big window display that locals and visitors alike will browse. This might be particularly advantagous if you have a home that would attract elderly people; as not all are ‘tech savvy’.
Viewings are usually accompanied by a member of staff.
Their fees are likely to be more and based on a percentage of the sale price achieved.
Their fees should still be on a ‘No sale – no fee’ basis.
2. National internet company
They are likely to be a large company with nationwide advertising.
The younger generation (whose phones are ‘super-glued’ to their hands!) are more likely to search for a property online.
(Remember that many ‘national’ companies are franchises, so you may be dealing with an indivdual person or business that operates under the ‘umbrella’ of the national brand).
Accompanied viewings are often an ‘optional extra’.
Their fees are likely to be less than a local estate agent but are likely to be payable when you market your property. You will pay the fees therefore, whether you are successful in finding a buyer or not.
DO’s and DONT’S –
DO Choose an estate agent who is a member of the National Association of Estate Agents (NAEA) or the Royal Institute of Chartered Surveyors (RICS).
(All Estate Agents must be members of one of the following schemes: Property Ombudsman, Ombudsman Services: Property, or Property Redress Scheme. Check to make sure your estate agent clearly indicates which scheme they are members of).
DO ask your friends or family if they can recommend an estate agent.
DO choose a local agent who is selling similar properties to yours.
DO choose an estate agent who advertises on Zoopla or Rightmove or preferably BOTH.
DON’T fall for the age old ploy “I have a friend / relative / client who would be very interested in your property”. This may be true, but it is more likely that they are trying to tout your instructions in the hope of subsequently finding a buyer!
Don’t agree to your estate agent having ‘sole selling rights’ (now rare thankfully). This will enable the agent to claim commission even if you find a buyer yourself (a private sale). The usual agreement is on a ‘No Sale, – no Fee’ basis” or fixed ‘up front’ fee.
Don’t instruct more than one firm or estate agents to market your property. ‘Multiple estate agents’ will charge a higher commission and both firms will probably advertise in the same newspaper and internet sites. To my mind, it looks as if you are very desperate to sell.
‘We Buy Any Property’ type companies.
I haven’t seen all the different companies and there may be some who will buy your property promptly (but at a below market price).
However, most seem to ‘agree’ a figure with you but then wait to find a buyer (at a profit) BEFORE paying you.
There are even some SCAMS that charge a fee to value your property but then don’t turn up or offer such a low figure that you don’t proceed.
Valuing your property
Be realistic when considering what to ask for your property. Compare it to others in your area and price your property accordingly.
Don’t exaggerate something and expect a higher price because of it. A house in my neighbourhood took a couple of years to sell. It was advertised as a three bedroom house but the third bedroom had very limited ‘headroom’ due to the roof eves. It would have been better to describe it as a two bedroom house with a ‘storage room’.
(Believe it or not, when I was looking for my first house in Oxford, I saw a two bedroom house advertised. No problem with that, except the second ‘bedroom’ was 5 feet 6 inches square!!)
(Sadly) It’s unusual for an improvement to your home (e.g. a new kitchen) to increase the value of it by the amount you paid for it!
Photographs
“A picture paints a thousand words” remains as true today as when first declared.
The LEAD or first photo MUST make people stop and look at your property. The following photo’s must build on that first impression and prospective buyers ring to arrange a viewing!
Photo’s MUST be accurate and not enhanced or ‘photo-shopped’ in any way.
You can provide your estate agent with your own photos or even hire a professional photographer to take photo’s of your home.
But here’s a conundrum – should the photographs only show the property in the best possible light, or should the photographs be more ‘accurate’?
Let me give you a personal example. My wife and I saw a lovely property, which looked set in a good sized garden (which was important to us as we have pets).
We drove off to have a look but couldn’t find it. We stopped to ‘get our bearings’ and my wife said “There it is!”. It was in fact right on the road (a busy junction) but the photo’ had been taken with a lens that made the property seem to have a large front garden set back from the road – so much so that we drove right by it without recognising it!
So what do you do?
Do you photograph your property so as to exclude e.g. the pub next door / nearby mobile phone mast / bus stop etc. If so you will undoubtedly attract more viewers, but many may be disappointed and so your time (and all the cleaning!) will have been wasted. OR
Do you include a photo (perhaps later in the brochure), that shows the true extent and position of the property and so reduce the number of viewers, but perhaps save time as there will be no ‘surprises’ when they view?
I think my wife (who is almost always right!) has the answer –
Make sure the ‘lead’ photo shows the property at its very best but, include another photo that shows the property as viewers will see it when they arrive.