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How to Choose an Estate Agent, bought to you by Polly of Fine & Country

Following some damning reports about the practices of a small minority of unscrupulous estate agents, it’s no wonder that many people thinking about selling a property may feel a little worried about choosing ‘the right estate agent’ to help them.

As most of us know there are numerous agents on the average high street and choosing just one of them to sell your property can seem daunting. There are, however, a few questions that sellers should consider as they embark on this process which should help to ensure a smooth house sale and minimise any problems that may arise.

1. Are they regulated?

The fact is that there is no compulsory licensing of estate agents but there are schemes which some choose to join to demonstrate their commitment to providing a high level of customer service. It is therefore worth looking out for estate agents who, for example, are members of the National Association of Estate Agent (NAEA). Customers should feel confident in the knowledge that, as NAEA members, these agents have to adhere to its strict code of practice or risk receiving substantial fines or expulsion from the organisation if they do not comply. It is also worth finding out if the agent is a member of the Ombudsman for Estate Agent (OEA) Scheme. This Scheme provides an independent and impartial facility for the resolution of complaints between those members of the public who buy, sell or let property and the agents they deal with. It offers greater customer confidence that should the sale go wrong there might be some recourse.

2. Are they specialists?

You should question how well trained the estate agency staff are. Many agents rely simply on the local knowledge of staff but it’s important that there are staff available that have passed professional examinations and, as such, are well equipped to help you to understand the legal and regulatory requirements of selling a property.

You should also look at the property pages of your local paper, visit the local estate agents office or even their websites to determine the kinds of property the estate agent handles. Certain agents specialise in certain neighbourhoods in a town or city and buyers in that area will obviously look to those agents when trying to find a house to buy. Make sure your property fits their target market.

3. What should I expect from the valuation of the property?

You should select a few agents to visit your property and give you a valuation, or market appraisal. You may already have an idea of what your property is worth but it’s always good to listen to the estate agent to find out, from their experience, what likely demand may be and how this may affect the price.
Remember, your property is only worth what a buyer is prepared to pay for it so be cautious of any agent who gives you a far higher than average valuation. You may be attracted by the idea of a higher selling price but the agent may simply be using this tactic to encourage you to use them and then, just weeks later, suggest you lower the price because of lack of interest from buyers. You need to question if they have sold any similar properties, and what the current demand is. If you are not happy with the suggested asking price it may also be worth asking for suggestions how to improve the property in any way in order to increase the asking price.
At the valuation you should also find out about the fees to be charged. You usually pay a percentage of the selling price of your property as a commission. Some agents, however, offer a fixed cost. Be careful to find out what the fees include as some do not include the cost of advertising or ‘for sale’ boards. Generally you get what you pay for.
You will be offered considerably lower charges if you choose one company as your sole agent or alternatively you may wish to choose a multi agency contract where several agents act for you and only the one who sells the property gains the commission. This fee, however, is likely to be at a higher rate.

4. How will your property be marketed?

You should also question how your property would be marketed at the valuation stage. As more and more people are using the internet to search for property, it’s important that you consider an agent that has strong internet presence. Access their website to see what it offers to you as a seller and to prospective buyers. You also need to consider if the agent advertises on any additional sites or property portals that can significantly add to the exposure of your property to potential buyers.
National estate agency chains may also be able to link to other branches within their network, which can enhance sales potential by targeting a far wider audience of potential buyers not just locally but nationally too.

5. Does the estate agent offer any other services?

Some estate agents also offer, amongst other things, conveyancing and mortgage services to sellers and buyers. This can prove beneficial if you can take advantage of the ‘one stop shop approach’ offered by some estate agents. It often means that the selling and buying process is more streamlined as the parties concerned in the various stages of house selling have the opportunity to work more closely together.
The simple fact is that moving house is a major decision and often brings with it feelings of anxiety and uncertainty. A good estate agent who offers a professional and reliable service with the reassurance that they are members of regulatory schemes should, however, minimise any negative feelings. Choosing the right agent from the outset is of paramount importance and by asking some simple questions and listening carefully to their responses, you should be assured that the agent you eventually choose will provide much needed support for your house sale.

CLICK HERE to view archived property advice from Polly.