Ever wondered exactly what it takes for estate agents in order to earn the massive fees they earn when they are selling a house? Explore the following article to find out how they can assist you in marketing your property, make an offer and ensure you make it through to the end.

Here’s what you should expect the estate agent you choose to work with in the event of selling your home.

Help you determine the value of your home

An estate agent can be capable of giving you an expert view on how your house’s value is and set it at the right price to market. They will draw upon their knowledge of the local market for property as well as the prices that have been sold of local properties similar to yours from the Land Registry to give you an accurate picture of what homes like yours are selling for and what you can be able to sell it for more or less.

It is crucial to do your research prior to doing so so that you have a number in your head. To begin, you should start with a no-cost online instant valuation and by checking Land Registry figures. Then get three different appraisals from an estate agent as some companies may employ the tactic to overestimate the value of your home to try to get you the client. A good agent will be aware of the features buyers in the area are seeking and will be able to inform whether it’s worth making any changes to increase the value of your home in order to get a better price. They must be able to impress you by their local knowledge and experience in selling homes similar to the one you have.

If you are considering using an online estate agency, it is still beneficial to take three valuations from top-quality companies as online agents typically do not to have as strong local market experience and consequently will heavily rely on data from the internet to carry out their valuations.

Market your home

Your estate agent should make arrangements that your home is professionally photographed, get an precise floor plan drawn and provide a detailed, exact appealing description of your house to be used in the brochure, in its store window, and also on the most popular property portals. It shouldn’t cost you extra for photography and these other basics as they should all be included in the percentage fee that estate agents charge to market and sell your home. Make sure the pictures are current since they’re vital to attract plenty of viewings. If not, make sure new ones are taken. Also, take a look at the property details. These need to be correct in order to avoid any problems down the line. Your estate agent should be able to tell you what the main sites for property work, such as Rightmove and Zoopla – and are registered with them, so that your home will be advertised on these sites.

Before you market your home it is a legal requirement to have the Energy Performance Certificate (EPC) which tells potential buyers how information about a property’s energy consumption and the typical costs. Your property will receive an energy efficiency rating from to (most effective) through G (least effective) and the EPC can be used for a period of 10 years. The estate agent you choose to work with can arrange this for you for an additional fee. Get a quotation from your estate agent, but do some research. If you purchased your home in the last 10 years you may already possess a certification that can still be used.

If your home doesn’t sell in the time you desired – or as the estate agent promised to sell it then speak with your estate agent and inquire why that’s the case. You’re paying them to advertise your property and secure a sale and ask them to explain why your house isn’t selling. Be in regular contact with them, asking for feedback from their viewings as well as what they’re taking to market your home.

Conduct viewings

Your estate agent will arrange the viewing of your home and help potential buyers navigate the property answering any questions or concerns people are likely to have. Agents should also make sure your property is secure after a viewing. Check out these tips to prepare your house for viewings. After the property is in the hands of one of their estate agencies, they may already have an inventory of potential buyers who have expressed an desire to purchase a home similar to yours. They will contact them for a presentation of your home.

Estate agents may also arrange an open house for your property , where buyers from all over are invited to visit within a particular time period. The benefit of employing an estate agent to conduct the viewings for you is they are seen as a neutral entity by potential buyers who could have questions they might be reluctant to ask the owner themselves. This takes the burden from needing to show potential buyers around your house.

If you conduct viewings yourself then you should check out what the estate agent is making their commission. In this scenario, you might be better off using an agent on the internet. The typical fee is a fixed cost (which works out cheaper than the percentage commission fees high street agents charge) but is payable upfront i.e. regardless of whether you decide to sell the property or not. The most common practice for online estate agents is to present potential buyers to the property yourself. Hybrid estate agents like PurpleBricks as well as Yopa are increasing in popularity and offer an expert local to arrange viewings for you. Other online estate agents are increasingly following suit by offering add-on options to conduct viewings. They usually cost an extra cost, so speak to the agent for details on how many viewings are available, and what their additional cost will be, who will conduct the viewings and how they will function in real life.

Manage negotiations

The most important aspect that an estate agent’s role is to negotiate negotiations and act as a mediator between potential buyers as well as the owner of a property. Offers should be made directly to an estate representative who can forward them on to the owner and, similarly, relay the response of the seller to any offer made. During this time, the estate agent is able to be helpful to the buyer but ultimately they must always put the buyer, or the seller first, and strive to negotiate the most favorable cost for the house.

If you’re thinking of making an offer on an property, you can contact the estate agent to provide more details about the situation of the owners. Have they found their ideal home and are they in need of a speedy sale or do they require someone who is prepared to sit and wait for the perfect place to live? Buyers will also be able to be able to determine the level of offer that would be considered acceptable by the seller via the estate agent.

Verify that the buyer is serious

Under the Property Ombudsman Code of Practice, estate agents must take reasonable steps to find information from buyers about the sources of and the amount of their money to purchase the property, and then provide this information to the seller. This is to determine if the buyer needs to sell a property, requires a loan or asserts that they are cash-buyer or any other combination of these.

Usually , they’ll ask buyers to produce an understanding in principle from a mortgage lender to prove that they’re in a good position to be able to purchase the property. Find out more with our guide to the proof of the funds. Under this Code estate agents are also legally bound to pass all offers to their customer, you, the seller regardless of whether the buyer isn’t financially qualified at this point.

When you take an offer it’s then the estate agents job to regularly monitor the buyer’s progress in achieving the money needed and keep you informed. All this information will help your estate agent advise you about the status of the buyer, as well as how serious or convincing it is to accept an offer. It is their responsibility assist you in deciding whether or not to accept an offer, but ultimately the decision is entirely yours.

Keep things moving

After you’ve accepted an offer, or have had an offer accepted then the estate agent must issue a Memorandum of Sale to the buyer, the vendor and their solicitors with all the information needed on the other as well as each of their solicitors. Many think that the role of an estate agent is over after an offer has been accepted However, this is where an experienced estate agent can be able to really shine by helping make sure that the deal is moved forward in a timely manner, removing any obstacles down the chain and working to get to the most crucial parts for exchange of contracts and a date for completion. In this time, your estate agent could serve as your counselor and aunt as you negotiate the peaks and troughs of the sale. You can count on them however much or as you like.

Beware of agents who promote in-house services

Don’t be forced to work with the estate agents’ partnership firms such as their own conveyancers or mortgage brokers they have a commercial relationship with. Choose an in-house brokerage that has a wide panel of lenders or ideally considers the whole of the market. By all means get quotes of the services recommended by the estate agent , from conveyancing to mortgages and removals. But you should take a look at other options to ensure you’re getting the best price.

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