This might be a sweeping generalisation on behalf of the British public, but is rooted in the behaviour of a handful of commission-hungry individuals who have given the rest a bad name.
Whatever your personal feelings towards estate agents, statistics show that the houses they market will sell quicker than those marketed privately. However when it comes to placing your most expensive asset in somebody elses hands, you need to be confident youve made the right choice.
Don’t lost sight of your goals
Firstly you must keep in mind that your home is your most expensive asset and treat it accordingly. Ask around to get some recommendations, as well as looking at the advertising boards in the area and websites such as FindaProperty.com or Rightmove.co.uk.
Interview a number of agents to find a suitable one rather than jumping at the first who offers you a good rate youre looking for a trustworthy estate agent with sound local market knowledge whos more interested in satisfied customers than in making a quick buck.
Any estate agency worth their salt will be a member of either the National Association of Estate Agents (NAEA) or the Ombudsman of Estate Agents (OEA) or both. Unfortunately membership of either isnt compulsory, but currently 70 per cent of residential agents in England and Wales are members and the strict set of rules they must adhere to are key in protecting customers.
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Bill McClintock, chairman of the OEA, believes this support is something the public is entitled to but advises homeowners to make sure agents are full members: Registration does not equate to full membership, the latter meaning the agent concerned has signed up to fully implement the OEAs Code of Practice, the only one covering the residential property industry to be endorsed by the Office of Fair Trading (OFT).
It is also worth checking if they display the OFT Approved code logo. This means the agency pledges to give clear-cut information about the services they provide and treat customers fairly in the event of a problem.
McClintock also reflects on the impact HIPs will have: From 1 June all estate agents in England and Wales must be registered with a redress scheme for consumers to cover their HIPs activities. At present, the OEA is the only approved provider. Any agent in England and Wales who is not a full member after June 1 has actively elected not to abide by the OEA Code of Practice. Ask yourself why and take your business elsewhere.
More haste, less speed
Getting peace of mind is a lot more important than getting your house on the market as quickly as possible.
Quiz the agent on everything that is important to you as a seller, and if you have doubts go with your gut feeling. Similarly sellers should go elsewhere if an agent is unable to quote the past sale prices of comparable properties in the area or reel off your property’s best features. In this case, whether the agent can answer the question is more important than the answer itself.
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You need to find out how quickly the properties are rolling in and out. Generally, the faster properties sell the better, but if they are really flying off the shelves then it could be due to undervaluing.
Séamus Kavanagh, managing director of Badger Holdings Limited, says: In todays market where demand tends to outstrip supply, any property on the market for over a month could be a sign of either a less-than-good agent or unrealistic pricing. It is important not to rely on the opinion of a single agent and serious sellers should aim to get three valuations.
Put in some calls ahead of time to work out how good their customer service is make some requests and track how quickly and efficiently they respond. They might be pretty receptive when someone walks through the door, but how are they when the prospective buyer is on the other end of the phone?
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If you want to take this a step further, ask the agent for the details of their most recent clients and get in touch. Find out what they liked and disliked about the agency, and most importantly whether they would hire them again.
Money, money, money
There is absolutely no obligation until you have signed on the line, even though some estate agents might try to convince you that its more cost effective to sell with them if you are buying through them. This means that if you dont like what you hear, or if they are unprepared to move on a price you think is too steep, you can just turn on your heel and leave.
More than anything else, at this stage you need to be sure of your strategy. Employing more than one agent can confuse things and you may end up paying a higher fee for a poorer service as when theyre not the only one, most agents show far less commitment.
If you are planning on doing this, make sure you dont limit yourself and employ as many as possible on a no sale, no fee basis, and get everything down in writing as carefully as possible. An estate agent will charge commission in the region of 1-3 per cent of the final sale price, just make sure that the only one youre paying is the one whos secured the sale.
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