Key questions to ask Estate Agents..

Sisyphus

carrielouise80 wrote:

morning,

I'm a part time estate agent, my advice is there should be no lock in period, check how long their notice period shouldyou want to leave them. Check how often your property will be advertised in local and regional press (most agents put properties on to a rota base sysem) however some of the national agents only get 6-10 advert boxes per week and mostdo not advertise on bank holidays!) Check what web sites your property will be advertised on (the net is now the best way to advertise a property that along with a for sale board are the mosteffective forms of advertising) your property should be on Rightmove. Check if they print their brochures off in the branch or send to an external printers - if it's the latter there could be an unnecessary delay with the distribution of these. Check how they mail out their properties (any good agent will text/email and post perspective applicants).

Don't be bullied or feel obligued to use their financial packages/solicitors and so forth - YOU WILL pay a premium for what is in the majority sub standard service.

Floor plans are a great thing to have on your brochure - these should come as standard. Butabove all go with your instinct... Please be aware that some agents will grossely over price your property to get you on the market, please don't be fooled get at least 3 agents out a national one, local independent and a regional one. It is currently a buyers market (in North east england anyway). Oh and January is a fantastic time to sell, straight after new year the office goes mental with people wanting to fresh start for the new year.

Hope this helps - feel free to msg me with any further queries you may have.

an estate agent with honest advice!!!:eek:
- oh right you're only part-time - you'll have to knock this honesty lark on the head if you want to become a fully fledged full-timer.:D

If you want to test their local knowledge, ask the estate agent about schools and the size of the catchment area. This sort of information is vital and really can affect the price of a property. When we last moved 9 out of 10 agents didn't have a clue. One didn't even know the name of the school. (One of the top comprehensives in the country)

Floxxie

I don't know many EAs that don't have a tied in period...and those that I do, I wouldn't want to deal with. Agree with the advertising but also find out how their mailing system works; do they just send out to any Tom, !!!!!! or Harry or do they speak to their clients regularly?

Details: agree a layout really works for people but also check the photos - if the room looks bad to you, it will look worse to your potential buyers! Using an external printer for details generally means a more professional finish not a delay (there should be SLAs in place); the delay is sending back the draft details so get them sent back quickly! And if your EA is good, they should be promoting your property without printed details.

Why would an EA know about schools and the catchment area unless they have children and even then that's a big 'maybe'? And what if they are completely wrong? Check out https://www.upmystreet.com and the Ofsted reports and visit the area. I live in my local area but I personally wouldn't recommend any of the schools but that is my opinion..

And CarrieLouise80 might appear to have 'honest advice' but not all mortgage lenders and solicitors recommended by an agent will charge a premium for sub standard rates' (we can only suggest and not recommend local solicitors and then we would suggest ones that got the sale through competently - I personally have no idea how much they charge and they don't pay us) Check out if they are whole of market, charging a fee, benefits of using them etc.

And I certainly wouldn't go with your instinct; the valuers are sales people; this is a business transaction; check out all necessary facts, carry out a 'mystery shop' of the EA and remember that maybe your house will not sell because of something that is outside the control of an EA i.e. the area, your available viewing times, the limitation on who you will allow through the door, the fatc that you can't get a mortgage on the property!

Mmm and getting in a national, regional and local agents to value your property? What would a national and regional one know about a local market? What's wrong with getting in 3 local agents and checking out achieved prices on available websites? Get them to justify their valuations with achieved sales. It is always easier to go in too high on price than too low; at least you can drop your price...

I would try to sell your house at any time of the year; at least people looking now are not time wasters unlike the summer Sunday ones.

There is a place for everybody...you just need to get through the bad EAs, the lying viewers and the long completion process.

Sisyphus

Floxxie wrote:

...
Why would an EA know about schools and the catchment area unless they have children and even then that's a big 'maybe'? And what if they are completely wrong? Check out https://www.upmystreet.com and the Ofsted reports and visit the area. I live in my local area but I personally wouldn't recommend any of the schools but that is my opinion..

....

I'd expect a local estate agent to have local knowledge, otherwise what use are they? If being in the catchment area, or not, makes a significant difference to the price of a property (in my area 25% or more) then you would think they'd make it their business to know. The fact that they haven't even thought about such a material fact just proves to me what a useless pile of poo the majority of them are.

Floxxie

That's a bit strong; if you are involved in the housing market then that's what you cover. Why you would think they should know about education beats me.

I would expect that people coming into the area to have a clue about the educationally side if that's what they are interested in; I don't think it takes an EA to tell somebody that a catchment areas increases house prices.

And even if my EA passed on a comment on a school do you think I would accept it as fact - no, because people's opinions differ, their thoughts may not suit yours. I would go to those that do know about schools i.e. those involved in the educational sector.

I personally go to an estate agent to find properties; I'm not interested in their views of the local economy.

Sisyphus

I'd expect an estate agent to have a clue what a house is worth.
If he's not interested in knowing know why House A is £100,000 more expensive than identical House B in an area where he claims to be an expert then he is a waste of space.

Floxxie

A house is only worth what somebody is willing to pay for it so you don't need to be an EA to answer your example..

Anyway this discussion is moving away from the OPs question.

If you are happy to discuss catchment areas with your EA then that's your decision. If your EA is happy to discuss catchments areas with you, then more fool them; relying on such statements to purchase a house will only lead to trouble.

Sisyphus

Don't be silly, of course it's not invalid to ask an estate agent about catchment areas.
In parts of London it can make a massive difference to the value of the property from one street to the next. We have one of the best comprehensives in the country near me. The catchment area is half a mile. Move out of the catchment area and the house is a lot less interesting for a young family.

If the estate agent honestly don't know then fine, but then you can discount any other comments they make about the value of the property.

Whether you trust or check their answer subsequently is a different matter.