Estate Agent comming to value house - Questions to ask

nutmegman

Hello,

We have a estate agents comming round to value the house soon, in our town there are 4 agents to choose from.

So I dont want to buy on price as i want to sell the house, what are the top questions to ask the agent?

How long do you think the initial contract should be, and notice period.

Thanks

Debt_Free_Chick

I've just done this. To be honest, found it very difficult to find much difference on fees & contract terms.

We made "an emotional" decision based on the person we felt would work hardest for us - and the fact that they had a wide network, which may or may not be an advantage, depending on the catchment area for buyers.

My only piece of advice is to "look them in the eyes" when you talk to them and see if you trust them to do a good job.

Jorgan_2

See if any of them use comparable evidence to justify the valuation they give you. If they haven't sold a property similar to yours recently, how do they know its value?

I would also be cautious on anybody who buckles to easy when you try & negotiate the fee with them. If they can't negotiate well when it comes to their fee, how will they fare when negotiating on the actual sale.

chickmug

Debt_Free_Chick wrote: »

I've just done this. To be honest, found it very difficult to find much difference on fees & contract terms.

We made "an emotional" decision based on the person we felt would work hardest for us - and the fact that they had a wide network, which may or may not be an advantage, depending on the catchment area for buyers.

My only piece of advice is to "look them in the eyes" when you talk to them and see if you trust them to do a good job.

You must also bear in mind that often the person you see valuing is more like a salesperson and if you go with their firm you will never deal with them again.

panichousebuyer

Another question as we are also having the estate agents value ours tomorrow. If we want to put our house on the market lower than their valuation, which price will we pay the percentage on? I presume it will be theirs, but am not sure.

Jorgan_2

The percentage (+VAT) you pay will be on the final selling price achieved by the agent, so the asking price is irrelevant for working out fees, unless you get the asking price.

panichousebuyer

Jorgan wrote: »

The percentage (+VAT) you pay will be on the final selling price achieved by the agent, so the asking price is irrelevant for working out fees, unless you get the asking price.

Thank you for your help!:D

pepperjulie

I too have had my house valued today. I was told to beware of estate agents who quote a fee based on the initial asking price. If your property was to be reduced or you agreed a lower figure than your asking price the fee should be reduced accordingly.

I was also told (by an estate agent friend) to beware of Estate agents who offered a fixed fee based on the asking price and then asking you to reduce the price in order to get a sale. The fee is not reduced.

jaffacat_2

Jorgan wrote: »

The percentage (+VAT) you pay will be on the final selling price achieved by the agent, so the asking price is irrelevant for working out fees, unless you get the asking price.

we thought this as connells said it would be 1.75% however when we signed the contract they said that is what they had quoted on but it was a fixed fee so irrelevant of the selling price we would still pay 1.75%of what they had started to market it on therefore we would pay £4200 +VAT if we sold for the asking price or £10k below.

I also would ask them how will they communicate wiht you/how often aswell as we hear nothing from them until we get a viewing,they dont tell us what marketing they are doing - very poor in my eyes

I would also ask them if they will accompany viewing (if you want that)

It is the salesperson that comes to see you not the people on the ground, the salesperson for us told us totally different things than what is actually happening and on those grounds we are now pulling out of the contract (after neogotiation with the area mgr)and looking now for a different agent who will be upfront & honest with us.

I thought at a time like this the estate agents would be working hard, endeavouring to sell properties it doesnt appear that way, we have now had 2 agents, both have been very poor - maybe I am expecting a better service?

Ian_Griffiths_Halifax

I would ask the estate agents the following:

1. What advertising is included in the fee. Do you have to pay for any?

2. Do they advertise on the Internet, and if so where? The majority of houses are found on Rightmove just now I believe and then they MIGHT go into the estate agents at some time, but more often than now it would simply be a phone call to book a viewing.

3. Is there any cost if you pull out and if so, how long would you have to keep the house with them before you could pull out without paying a fee?

4. Would they still charge if you found your own buyer? If yes, then see if you can negotiate a 50% reduction to put the buyer through them as you have done the hard work.

5. Do they pass on ALL offers regardless of how ridiculous the offer may look? Many don't, although they should, pass enquiries on if the buyer doesn't want a mortgage through them.

6. When and where was the last time they sold a house the same or very similar to yours and how does your's compare? Is it in better, worse or the same condition?

7. What are people who are likely to look at your house wanting? It may be that they are all needing 100% mortgages but if you pay their 5% deposit using the Vendor Deposit Scheme (it's just a paper transaction and any decent estate agent should be aware of it). It may be that they want a house they can move straight in to without having to do any work etc etc.

8. How quickly will it be marketed?

9. Will there be any discount off your bill if you subsequently buy a house they are also marketing. Remember they are then making 2 sales, yours and the next.

Finally, consider that you may not need an Estate Agent anyway. You would be surprised how many people move within 1/2 mile of their current house and/or sell to friends, relatives, work mates, a friend of a friend or a friend of a neighbour who brought it to their friends attention when they saw the board go up. If you put your own board up and give a mobile number and a price on the board (people want to know how much you are asking so don't just take the attitude that you will tell them when they ask as you don't want the neighbours to know.

Use the local Supermarket customer message board, the local paper shop.

I once advised a client to try and sell it them self first and he sold the house to the 3rd couple who stopped while he was hammering the sign post into the ground! It was a couple who were wanting to move to the area for his job and they were scouting the area for houses for sale and taking down esate agents numbers.

Hope at least some of this epic post helps.

PasturesNew

In smaller areas the person you see will be the person doing the viewings and all the negotiating. In smaller towns offices only have 2-4 people max.

When I sold my house the main proprietor came to see me, he said he wanted his business partner to also view the house to confirm his price. After that it was both the proprietors who did the viewings in the first instance, with a 3rd person filling in when they weren't available.

When I went to settle the bill with them (solicitors forgot! doh!) it was just a receptionist/office junior left in the office as the other 3 were out doing viewings/valuations.