1. Become a buyer first
If you've experienced how you're treated as a buyer you can immediately eliminate estate agents that don't perform well.
Ring them by finding their telephone numbers in the local press or yellow pages and ask to go on their mailing list.
Personally I find it easier to visit Rightmove.co.uk, typing in your postcode and then contacting the agents that sell property in your area.
The point of this is to find out which estate agents work the hardest to find you a property and therefore will most likely work the hardest to find you a buyer if you choose to become one of their sellers. (You don't actually have to be looking for a property, you're just researching them to test their service first hand).
While you're waiting for the information to arrive take the time to find out more about the agents in your area by visiting their web sites.
If their web site is up to date, simple to use and professionally put together you can be sure they take web marketing seriously which is so important in estate agency these days. Personally nearly 80% of our enquiries come from the internet.
You can also see if they have or are selling properties similar to yours meaning they'll have a ready made database of potential buyers.
What to look out for when registering with estate agents
- Great telephone manner
- An interest in your needs
- Immediate property details sent by email
- Properties arriving by post a few days later
- A follow up call to find out your reactions
2. Find out previous 'SOLD' prices
Know which estate agents really know their business when you are interviewing them at the valuation stage by getting a really good idea of the value of your home.
There are a number of online resources you can try that hold actual sold price data supplied directly from Land Registry right down to street and house number level. The service I use is from Rightmove because it's FREE and you don't have to register or give over any personal details to get to the information.
3. Arranging the valuation
By now you should have a fairly good grasp of your propertys' value and will have shortlisted three or four of the best agents by the service they've provided you as a buyer and by your research into them online. Now it's time to arrange some valuations.
*Note: Just before you do, I'd recommend speaking to neighbours, family and friends that have moved recently in your area to find out their experiences with the agents as this could also affect your choice.
The key to arranging a valuation is to be to the point and not give away any information regarding other agencies or valuation prices. Many estate agents will try and get a price/value from you, DO NOT GIVE THIS INFORMATION AWAY, you want their personal opinion.
4. The valuation meeting
At the end of this meeting you will have a very good idea which estate agent has earned your business but don't decide right now by signing a contract, give yourself a little breathing space and ask them to leave a copy of their contract with you.
*Note: The person you meet here is, more often than not, a valuer and therefore should be one of the most skilled sales people. He/she is probably not going to manage your business on a day to day basis if he/she is from one of the large corporate estate agents.
I would prefer to call this meeting a consultation rather than a valuation as the value of your property is just a small part. The result you're looking for is a confirmation of your research and answers to two vital questions:
A. The fee the agent wants
Most agents charge between 1% and 2% for a sole agency contract and whatever fee they say is usually negotiable to a point. But before you get caught up in fees you need to take a good look at the overall service you'll receive.
Because you've done your research you're in a much better position to make allowances. You won't be caught out by the cheapest fee, highest valuation con or the highest valuation, longest contract con either.
b. The length of time on the contract (sole agency only)
In a perfect world you're looking to sign a sole agency contract for '0' weeks, meaning if you are unhappy with their actions for any reason you can move agents immediately without incurring any financial penalties.
But we're in the real world and a contract for 6 weeks maximum is what you're after. What this means is you'll give the agent 6 weeks 'trial' and see if they come up to the levels of service the valuer is promising.
The reason to give them some time is simple; they will be spending hundreds of pounds in time and material to get your property ready to market, so it's your way of telling them you're serious about selling.
5. Getting the best deal
You've now had the estate agents round to your property and you've heard each companies 'sales pitch'. You've asked the two questions regarding fee and length of contract, it's now time to choose.
Hopefully all the agents left you their contract to look over, if they didn't you've got to ask yourself why.
How did they compare? To help you out you may find the following question useful in determining the estate agent for you:
- When you registered as a buyer, were they: Efficient, knowledgeable, professional
- Did you receive properties by email or post?
- How good were the property particulars?
- Was this information followed up within a couple of days?
- Did they try and get you to view any properties?
- Which estate agent seems to sell properties like yours the most?
- Do they market on Rightmove?
- Was their web site up to date, easy to use and professional?
- Did you get a feeling of sincerity and honesty from the valuer?
- What was the standard fee?
- What was their standard contract time?
Getting the best deal is not only down to fee
By now you've experienced first hand the difference in service and terms from each agent. If your life depended on it which one would you choose?
Call them and try and negotiate the fee but don't be too brutal. You've chosen the best agent and so will many others.
If you were the estate agent would you work harder to sell a property with a fair commission level or one where you were beaten down on price?
The most important part of this negotiating is the length of time on the contract for a number of reasons.
- They'll work quicker to find you a buyer as they've not got long
- You stay in control at all times
- They won't overvalue your home and wait for you to reduce
- Their service levels will be high so you renew the contract
- If they fail to meet your expectations you can change agents
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