A new chapter in life can include the thrilling task of selling a piece of property. It may, however, also be a difficult and expensive process, and is frequently something that is only done a few times in a lifetime.
Experts like Notting Hill estate agents work with the process of selling a house every day as one of the biggest independent estate agencies in the UK. We have therefore created a guide outlining the key inquiries to make of a potential estate agent before signing a contract with them in order to assist you through this process.
What is your rate, and are there any other expenses?
You will frequently be charged a fee from the sale price of the property by estate agents. Please take note that costs are given both with and without VAT, but you will be informed of the charge amount if the property sells for the asking price. A fee will frequently be less for a solo agency contract (see more below) than for a multi agency, which can range from 2-3%. Some agents like estate agents in Tooting provide fixed costs as a regular service so that you will know what you will pay up front. These fees, however, will remain the same whether or not you sell your home for less money.
Some estate agents charge a predetermined upfront price for their services. Although upfront fees can be less expensive, keep in mind that they must be paid before the property has been sold, and you will not receive a refund if the agent is unable to sell your home. If the first agent is unable to locate the buyer you require and you decide you need assistance from a second agency, you may end up having to pay two agents.
Find out what other expenses might not be covered by the fee. In general, marketing expenses should be covered, but it’s important to make sure you won’t have to pay extra for things like estate agent-led viewings, a For Sale board, expertly taken photographs and floorplans, or video.
Before you list your home for sale, you must also have an Energy Performance Certificate. If yours is no longer current (they are valid for 10 years), your estate agent may typically make arrangements for one for you.
What is the deadline for payment?
To avoid any expenditures emerging at unforeseen periods, it’s critical to learn when estate agent fees are due. Because agencies costs are typically paid beforehand or agreed to in a finance agreement, you must pay them whether your property sells or not. If you’re paying a commission, it will often be given to you once the house has sold.
Is there an obligation to the contract for a specific period of time?
A marketing period is frequently included in estate agent contracts. The estate agent promises to investing money in marketing your home during this time, and you commit to collaborating with them to locate the ideal buyer. A shorter contract encourages the estate agent to move fast to accept a sale in response to an early request. If you want to set a record price, a longer commitment from the agency is frequently necessary. But, make sure that the contract includes regular assessments of the marketing plan.
But, keep in mind that you might be required to pay back some of the estate agent’s charges given their missed opportunity to sell your property if you decide to stop promoting your property before you have found a buyer and the contract end date.
Have you recently sold properties in the neighbourhood?
Make sure the estate agent you choose is knowledgeable about the neighbourhood market and actively involved there before hiring them. Using an agent who has previously sold houses in your neighbourhood that are comparable to yours could be advantageous because they may already have a list of prospective buyers who would be interested in yours. In order to get an idea of how similar houses are selling, you may also enquire about other properties the agent has listed in the same price range as yours.
Search for agents who utilise a variety of marketing channels. Each buyer, no matter whatever path they have taken in their search, will notice your home and be able to submit an enquiry if it is visible across various channels and websites.
What is the value of my property?
Make sure your estate agent is using comparable data when advising you on the asking price for your house. Your home’s size, condition, and location, as well as the state of the market, will all have an impact on how much it costs. In order to determine if your property is the best deal available, buyers will evaluate it against similar properties. The final decision on the asking price rests with you, and you should base it on how quickly you need to move forward and, consequently, find a buyer. The ideal buyer would always be tempted to spend more for their ideal home, so if you don’t have any deadlines, you may definitely think about marketing at an optimistic price. To ensure that you receive a high volume of inquiries fast and that a buyer who can move quickly may be located, the price must represent the requirement to move swiftly if you need to sell the property.
Is now the right time to sell?
When determining if the moment is perfect to market your house, it’s crucial to take into account your own motivations. In order to secure the best candidate at the time, an estate agent will attempt to maximise any market. Although it may be alluring, you must keep in mind that others will be trying to schedule their arrival to the market. When there are many sellers on the market at a particularly busy time of year, your competition for the best buyer will be more intense. No matter what stage of the economic cycle you enter, keep in mind that your purchase and sale should be connected. Even though it is reflected in your sale price, if times are harder, this should be reflected in your buying price.
