what should I be asking estate agents?

MrsK1986

Hi

I have 3 different est agents coming out today to value our house in the hope of putting it up for sale.

Can anyone tell me what I should be asking? This will be the first time we have sold a property so am at a bit of a loss.

Thanks

marlot

Last time I sold a house, I did a win:win deal with the EA.

I reckoned the house was worth £x, they reckoned it was worth about £30k more. The deal I did was:

Up to price £x, the EA was paid 1%
Anything over £x the EA was paid 10% (of the extra)
Anything over £x + 10k, the staff at the branch were paid 10% (of the amount over £x+10k)

My house got brilliant marketing.

(this was 15 years ago, I don't know if the EA would do it again, but I certainly intend to try!)

googler

Primarily, ask each of them what they will do beyond the standard stuff that's different and better than the others. Essentially, what are each of their Unique Selling Points.

The standard stuff should be along the lines of - display in their window, inclusion on their own website plus a selection of portals - Rightmove, Zoopla, Primelocation, etc., promotion to their buyer list/client base, etc

If you want them to handle viewings, say so.

Some of this will differ if you're in Scotland.

Google "how to pick an estate agent" or similar, and make up a crib sheet or tick list for yourself based on this thread and the google results.

MrsK1986

Thanks both....off to make a list before appointments this afternoon

tigsly

Dont tell them you think its worth anything .. play the idiot -

They will come with illustrations of the local area - and will'guess the pice' based on those.. but if they know what other agents have said.. then they will make adjustments to their guess based on those..


ask them about- lock in , exit early fees, is it fees on 'finding a buyer' or fees on 'sale completing' ..

googler

tigsly wrote: »

Dont tell them you think its worth anything .. play the idiot -

They will come with illustrations of the local area - and will'guess the pice' based on those.. but if they know what other agents have said.. then they will make adjustments to their guess based on those..


ask them about- lock in , exit early fees, is it fees on 'finding a buyer' or fees on 'sale completing' ..

That reminds me - when they say "Your house is worth ... ", your response should be along the lines of

"How did you reach that conclusion?"
"How did you arrive at that figure?" or
"OK, based on ... what?"

If any of them can back their figure up with details about houses which were marketed and didn't sell, or can provide meaningful comparisons between sales on the basis of condition, location and other factors, that's good.

Anyone who just produces a list from Rightmove or Zoopla of sales, and who doesn't seem to be aware of other movement in the market, treat with caution

Ask to read their contract before you sign it. Ask for explanation of anything you don't understand.

AndyT678

In my experience of viewing properties with EAs the person showing the house is important. I've had many who walk in with you knowing absolutely nothing about the house, the vendors or anything. Especially if it's the Saturday girl. It really does not help to sell the house.

Ask them how they make sure that the agent showing your house knows about the individual features. For example when I sold my house it had just been rewired and this is something that I definitely wanted any prospective buyer to know.

Obviously ask about fees. I paid 1% + VAT so 1.2%.

cattie

When I last sold I got 2 ea's in. Both gave the same valuation & came with print outs of similar properties they had recently sold & what the accepted offer price was & how long the property had been on the market before receiving the offer.

Ea's commission is very important. Over the past few years I've aimed for no more than 1% & have gone with small independent ea's, rather than big chains. I've just found I prefer the personal service given by such ea's far superior to what the chains offer.

One good question to ask regarding the price they think you should market it at is how long it should remain at that price if it doesn't sell. Most decent ea's will tell you if you've had a good few viewings & no offer within 4 weeks, then it's probably best to reduce the price to attract a buyer. It's no good staying on the market for months & months at a high price, all properties will sell once they are priced correctly for the market at that time & in that area.

The longest it has ever taken me to sell a property was just over 4 weeks & this was in a very slow market.

Also, many ea's should have people on their books who will view your property before it's even hit the market proper, so ask if they already have possible buyers who might be interested. This is how 2 of my previous properties got sold & one sold within a few hours of the ea coming round. They contacted the buyer as soon as they got back to the office & buyer came that evening after work & offered full asking price straight after viewing.

MrsK1986

The one that came out this morning (who had been recommended) didn't fill me with much hope. The package they were offering seemed good....A one off fee which included all advertising and was payable on completion. However the value of my property seemed low compared to others on the estate which need a lot of updating. She couldn't give me any justifiable reasons just said property roundabout isn't selling for anymore.

Anyway next ones coming at 3 pm so will see what they say.

princeofpounds

The value they put on your property is probably one of the least important things (although for most people who just see £ it tends to be the decision-maker).

Any agent can (unless they simply don't want to take it) market any property for any price. This is not something that distinguishes them.

Commission rates, terms and commissions, and the standards of service to both vendor and buyer are the key things.

Someone else said recently on the forum that EAs don't sell houses, they sell viewings to vendors, and that is a good way to look at it. The house, priced correctly, will sell itself if there is enough good marketing to generate the footfall and then strong follow-through.

patricia..xx

I have always found that the EA earns their commission after a sale has been agreed. A good one will be proactive and push everyone along, a rubbish one will know nothing, be rude and unhelpful and make the process even more stressful than it normally is.

So I would check the after-sales process too. An experienced, dedicated person is ideal