Have you ever wondered exactly what it takes for estate agents to earn the huge cost they charge when they sell a home? Find out the ways they can help you market your property, make an offer and ensure that your property is sold to the end.
Here’s what you can expect your estate agent to accomplish in the event of selling your house.
Help you determine the value of your home
An estate agent is capable of giving you an experienced view of the worth of your home and set it at an appropriate value to sell. They’ll draw on their expertise of the local market and well as the prices that have been sold of houses in your area, as well as the Land Registry to give you an accurate estimate of what houses similar to yours are worth and why you could be able to sell for higher or lower.
It is crucial to do the research before you can make a picture that you can think of. For this, begin with a no-cost instant online valuation and reviewing Land Registry figures. Get three appraisals from local estate agents as certain companies may employ the tactic of overestimating the value of your house in order to make sure you are an agent. An experienced agent has experience in the is it that buyers in the area are seeking and will can tell you if it’s worthwhile to make changes to enhance the appeal of your house in order to get a better price. They should be able impress you by their local knowledge and experience in selling homes similar to ones like yours.
If you’re considering hiring an agent for online property it’s still recommended to obtain three appraisals from high-street firms since online agents tend to lack local market knowledge, and will be heavily dependent on data from the internet for their valuations.
Sell your home
Your estate agent must make arrangements for your home to be professionally photographed, have an exact floorplan drawn up, and compose a thorough, precise and attractive description of your house that can be included on the property’s brochure in its shop window, and on the major portals for property. It shouldn’t cost you any additional fee for photography or these other essentials since they are all part of the price the estate agent is charged to market and sell your house. Be sure that the photos are of the highest quality because they’re crucial to draw a lot of attention. If not, make sure new photos are taken. Also, take a look at the property’s details. It is essential to have the correct information in order to avoid any problems down the road. The estate agent you choose will be able to explain the way that the major property websites operate – for example, Rightmove and Zoopla and also already have an account with them to ensure that your property can be listed on these websites.
Before you can begin selling your property, it’s legally required to possess the Energy Performance Certificate (EPC) that provides prospective buyers with the property’s energy consumption and typical costs. The property will receive an energy efficiency rating ranging from to (most effective) up to G (least effective) as well as the EPC is valid for a period of 10 years. Your estate agent can arrange this for you at cost. Ask for a quote from an estate agent, but do some research. If you bought your home within the last 10 years, you might have a valid certificate that has not expired.
If your home doesn’t sell in the time you imagined – or as quickly as your estate agent promised to do you a speedy sale – contact your estate agent and inquire why this is the case. They are paid to promote your home and ensure a sale, and ask them to explain what the reason is for your home not selling. Keep in contact with them, asking feedback from the viewings and also what they’re taking to market your property.
Conduct watching
Your estate agent will organize visits to your property and assist potential buyers in exploring the property, answering any questions or concerns that buyers may are likely to have. Agents should ensure that your home is secure following a viewing. Check out these tips to prepare your house for viewings. When your property is listed registered with the estate agents, they might be able to provide a listing of prospective buyers who have expressed interest in properties similar to yours who they can contact to sell your house to.
Estate agents can also organize an open house at your home where a large number of buyers are invited to visit within a particular time frame. The advantage of hiring the services of an estate agency to run inspections on behalf of you is that they are viewed as a neutral entity by potential buyers who could ask questions they wouldn’t dare asking the proprietor. This also takes the stress out of needing to show potential buyers around your house.
If you organize viewings on your own it is important to inquire about how the estate agent getting their commission. In this scenario you may prefer selling through the help of an estate agency online. They typically charge the fixed amount (which costs less than the commission percentage that traditional estate agents charge) however it’s payable in advance i.e. regardless of whether you sell your property or not. The standard procedure for estate agents online is to demonstrate potential buyers around the property on your own. Hybrid estate agents such as PurpleBricks or Yopa are gaining popularity since they provide an expert local to take your viewings. Other estate agents online are increasing their offerings by providing additional options for conducting viewings. However, these are usually at additional costs So, talk to the agent to find out the number of viewings offered, how much the extra cost will be as well as who will conduct the viewings, and what the procedure will be in the real world.
Manage negotiations
An essential part of the job of an estate agent is to oversee negotiations and serve as a liaison between prospective buyers and the owner of the property. Offers must be sent through the agent, who can forward them to the owner, and in turn, communicate the response of the seller to any offers made. In this time an estate agent could help the buyer, but they must always put the buyer, or their client first, and strive to negotiate the most favorable cost for the house.
If you’re considering offering a price for an property, you can contact your estate agent further information regarding the current situation of owners. Have they located their dream house and are in need of a speedy sale or do they require someone willing to sit and wait for a place to live? Buyers are also able to be able to determine the level of offer that would be accepted by the seller through an estate agent.
Verify that to make sure the buyer is genuine
According to the Property Ombudsman Code of Practice Estate agents are required to make reasonable efforts to find who the purchaser is and the amount of their money to purchase the property, and then provide this information on to the seller. This will cover whether the buyer is required to sell their property, needs the assistance of a mortgage or declares themselves cash buyers or the combination.
Typically, they’ll require the buyer to provide the principle agreement with the mortgage lender to show they’re in a position to be able to purchase the property. Learn more in our guide on proving the funds. According to this Code, estate agents are legally bound to pass all offers on the table for their clients, which is you, the seller regardless of whether the buyer isn’t financially qualified at this point.
If you take an offer, it’s then the responsibility of the estate agent to monitor the progress made by the buyer towards obtaining the required amount of funds and to keep you updated. This information will aid your estate agent in advising you of the position taken by the buyer and also how serious or effective an offer. The agent should be in a position assist you in deciding whether or not you want to take an offer – however, ultimately the choice is yours.
Keep things moving
After the offer has been accepted or received an acceptance of the offer after which the estate agent must issue an Memorandum of Sale to the buyers, the seller and their solicitors with all the necessary information about the other as well as each of their solicitors. Many think that an estate agent’s work is done after an offer is accepted and accepted, but this is when an experienced estate agent can be able to really shine in ensuring that the offer goes forward without causing any issues down the chain, and getting to get to the most crucial parts of contract exchange and the date of completion. During this time, the estate agent acts as your advisor and an aunt during the ups and downs of the selling process. You can rely on them for as much or as little as you like.
