How to choose the best Estate Agent

united4ever

to sell my Apartment? What do you judge it on? I have had two come round. One valued it about 10% more than the other so tempted to go with the EA that gave the higher valuation but now thinking if they overvalue it might never get sold and I'd have to end up reducing the asking price to below where I should have started.

Also the higher valuation EA charge 2.5% compared to the other charging 1.5%. Is there anything else I should be weighing up here? Could do with a league table for estate agents but these things don't seem to exist. I know they're essentially sales people which instinctively makes me doubt everything they say.

Hoof_Hearted

You should sseriously consider an online agent. Fixed fee and you are in control. 2.5% is outrageous. Fees are always negotiable.

hazyjo

Fees are usually negotiable.

Do your own homework as to what similar properties are actually selling for. Price accordingly. Give yourself room to drop the price.

I would never in a million years pay 2.5% commission! Whereabouts is this? Sold my last house in East London at 1% commission.

I find it helpful to view properties through them. See how they treat you as a viewer. Do they hassle, or insist on you seeing their financial/mortgage adviser, etc, do they follow up, do they get things right (names, phone numbers, what you're looking for, etc) and bear in mind that's how your viewers will be treated.

Jx

doyouwantfrieswiththat

Always try and negotiate - 2.5% is shocking, even try to get a fixed fee.

GAH

I would have another two agents round to get an idea on value, price really is the key to getting interest. If its over valued by a lot it will just sit there.

It will depend where you are location wise, but 2.5% is pretty high.

I would be looking at the agents marketing, are they on all major web portals, newspapers, anywhere else that will enhance the property.

I would want to see their marketing, do they have professional photo's, do floorplans etc.

Are they located in a prominent location with a lot of footfall?

Do their sales negotiators work or a personal or shared commission.

Ask to see a list of buyers they already have that may be interested in a home in your price bracket.

Generally the ones that offer the most will be a bit more expensive, but 2.5% on a sole contract is high (unless of course you are prime central london)

GAH

doyouwantfrieswiththat wrote: »

Always try and negotiate - 2.5% is shocking, even try to get a fixed fee.

I wouldn't suggest a fixed fee, as the agent has no motivation to get you the best price possible.

united4ever

it is in south manchester. Have contacted a smaller EA today to get a third valuation. From todays research and my gut feeling I think the EA who gave the lower valuation and 1.5% are the favourites. Should I try negotiating on 1.5% if so would this mean they're less motivated to sell it? Suppose it depends on their professionalism....but if I can get a similarly competent agent who charges closer to 1% I may try to play them off each other.

GAH

Always try and get the best deal for yourself. If you try and negotiate every agent will have a bottom line that they can't go past on their fee, and they will tell you.

googler

You should be questioning them about what they'll do for you - how pro-active they'll be in promoting your property, what they'll do in addition to the standard web exposure, high-street display and sale board. You should establish who's selling most in your area - look around for who has the most Sold stickers on their sale boards and in their windows.

Judging one against the other on the basis of valuation is worthless.

Judging one against the other on fee, unless they're demonstrably giving exactly the same service, is again worthless.

FWIW, the OFT determined a couple of years ago that average EA fees in E&W were 1.60% - so one of your agents is broadly average in that respect, the other way above average. Ask them to justify their above-average fee, and ask them to specify what may be included that isn't in the other agent's service. If they can convince you that they're worth it, and they're clearly outperforming others in the area by a country mile, they may well be worth their fee ......

How much were the two valuations?

EllaBeagle

Ask them how proactive they are. What marketing do they do. How often will your property be serviced for example time spent trying to sell your property, how often will they update you even if there has been no interest, ask them why YOU should choose THEM and how they are different to other estate agents.

Theres no real way of knowing if one estate agent is better than the other, for a larger fee you´re not going to get a better service as all estate agents pretty much work in the same way so I would negotiate the fee.

You can always change if you feel you´re not getting the right service, you´re the vendor so you should call the shots as to what level of service you require as its the estate agent thats working for you at the end of the day.

united4ever

googler wrote: »

You should be questioning them about what they'll do for you - how pro-active they'll be in promoting your property, what they'll do in addition to the standard web exposure, high-street display and sale board. You should establish who's selling most in your area - look around for who has the most Sold stickers on their sale boards and in their windows.

Judging one against the other on the basis of valuation is worthless.

Judging one against the other on fee, unless they're demonstrably giving exactly the same service, is again worthless.

FWIW, the OFT determined a couple of years ago that average EA fees in E&W were 1.60% - so one of your agents is broadly average in that respect, the other way above average. Ask them to justify their above-average fee, and ask them to specify what may be included that isn't in the other agent's service. If they can convince you that they're worth it, and they're clearly outperforming others in the area by a country mile, they may well be worth their fee ......

How much were the two valuations?

175k and 195k. Paid 175K back in 2007 for a new build apartment. It's shared ownership too so I have 60 % share which I bought for 105K. Similar property next door for sale at 180k but this is with the 2.5% EA and been on the market for 9 months - originally was at 200k before reduction. My apartment is slightly bigger than neighbouring one.