What to ask an Estate Agent?

Categories: Estate Agents Fees Selling Property

It is crucial to choose the right estate agent when you are going to sell your property. You should select the estate agent who will sell your house at the best price possible. Before you sign an agreement with the chosen estate agent, you ought to ask some questions. Here are some important questions you need to ask an estate agent before making your final selection of who to work with.

The first question you should pose to your estate agent is about their fees. Generally, their rates are between 1 to 3 percent. This is called their commission and is charged on the final sale price of the property. This rate is negotiable, however, if an estate agent is charging high rate of commission it means he will put more efforts to sell the property at the highest price possible. A lower rate will probably not indicate a quality service.

A second important question to ask your estate agent is whether he is a paid-up and registered member of an organization. In United Kingdom, estate agents are required to be a member of professional body such as the OEA (Ombudsman of Estate Agents) or NAEA (National Association of Estate Agents). Estate agents who are associated with these organizations are more reliable as they are required to adhere to certain ethics or codes of practice.

Thirdly, decide on how the viewings will be conducted. It is definite that you want your house to be shown in the best manner possible so for this purpose it is most advisable to keep an estate agent with you, as they are experienced in presenting your house beautifully to the prospective buyers. Studies show that viewings that are conducted in the presence of en experienced estate agent mostly come out successful. In fact the seller NOT being there can allow the prospective buyer to relax and be more open about what they do and do not like.

Moreover, askyour estate agent about the prices of similar properties in the same location. Every estate agent who is knowledgeable and well experienced will supply a very reasonable answer to this question. If they cannot offer a fair valuation, it is better to move to another estate agent. However, the purpose behind this question is not to obtain the figures on other properties, instead the purpose is to find out if the estate agent possesses the sufficient knowledge about the property market in your area. Local knowledge really helps to sell properties.

Ask about methods that your estate agent will employ to market your property. This is the era of information technology. The use of websites to promote and advertise products and services is increasing day by day. Therefore, you should ask your estate agents to use advanced methods of marketing along with the conventional ones.

Sometimes, you need to change an estate agent during the sale process. In such a case, a notice period is required by estate agents to terminate the agreement. Some estate agents ask you for a period of 2 to 4 weeks. However, it is not advisable to change an estate agent on a whim. You should allow them at least 12 weeks to sell the house. If they fail to make any progress in the allotted time, ask them for their suggestions and work together. It might be the time of year, the market or other external factors beyond their control.

Analyze the number of sales that were conducted through that estate agent. Studies have shown that 8 out 10 sales fail to succeed. This is usually up to the purchasers so if the percentage of successful sales is less than 20% then you might have reason to question the estate agents sales skills.

By acting upon these points, chances of your selecting the right estate agent will increase that will help you sell your house speedily and efficiently.

Latest Posts by Cathy

Leave a Reply

Copyright © 2012 Agentright