When using an Estate Agent to sell your property, it is important to choose the right estate agent:

Visit the Estate Agents Nearby – The estate agents nearby will have more experience of your local area and the type of property you are selling. Check how many properties the estate agents are selling in your area.

Do not feel obliged to sell your property through the same estate agent that is handling the property you are buying.

Check Locally for ‘For Sale’ Boards - Take note of how many ‘for sale‘ boards the estate agents are displaying in the area, and which have ‘sold’ written on them - as this will be an indication of how successful the estate agents are.

Check Local Papers – Again, check how many properties the estate agents are selling and whether they are similar to the property you are selling.

Personal Recommendation – Ask someone who has recently sold a property which estate agents they sold it through and get an idea of the level and quality of service they were given. Ask how long it took for their property to sell with the estate agents.

Beware of the Higher Valuation – Anyone can provide you with a high figure at which to sell your property. This is a common ruse used by estate agents to secure a seller’s business. Get several different estate agents to value your property; and although they are all likely to vary slightly – beware of the unusually high valuation. 

Ask the estate agent to give you examples of properties of your property’s type and location that have sold recently at that price. You can also check this from various house price websites that are on the internet which provide details of properties selling in a particular area.

Fees – Negotiating a lower fee with an estate agent does not always pay. A lower commission reduces the estate agents incentive to sell your property and properties attracting higher commissions may take precedence. Try and provide an incentive by negotiating a sliding scale of fees with the estate agent:  If the property sells for the full asking  price, the estate agent will get the commission based on the highest percentage of the selling price, the percentage should then reduce according to the selling price achieved by the estate agent.

Contracts – Beware when signing the estate agency contract. Read the terms of the contract carefully and be sure that you know what type of estate agency contract you are signing. See our article on the different types of estate agency contracts on this website. Choosing the wrong type of estate agency contract may mean that you are limited as to how you can sell the property and may mean that you are stuck with an under performing estate agent or may have to pay more than one estate agent; in some circumstances the wrong estate agency contract may mean that you have to pay commission and costs without selling the property!

The terms of the estate agents contract need not be set in stone and one-sided – negotiate terms to your advantage, for example, the time period, the estate agent may want to tie you into a contract of 2 or 3 months – when ideally you need to be able review your relationship with the estate agents on a monthly or weekly basis.

Use Multiple Estate Agents – The advantage of using more than one estate agent to reach a wider audience and attract more buyers for your property. If you do decide to use more than one estate agents, check the estate agents contract carefully – check that it is not a sole-agency contract as this will mean that even if you sell your property with another estate agent, you will still have to pay the non-selling estate agents commission. Be aware that multi-agency contracts attract a higher commission.

Pose as A Buyer – Visit the estate agent in the guise of a buyer. You will be able to check whether the estate agency is busy and assess the level of service any potential buyer of your property is likely to receive and the type of properties suggested to them.  

Complaints  and Redress Schemes – How do the estate agents handle complaints? From October 2008, all estate agents have been required to register with an Estate Agents Redress Scheme which has been approved by the Office of Fair Trading (‘OFT’). There are two main redress schemes – The Property Ombudsman and The Surveyors Ombudsman Scheme.

Many estate agents are members of professional associations such as the National Association of Estate Agents, the Royal Institution of Chartered Surveyors and the Guild of Professional Estate Agents. Membership of a professional association means that the estate agents abide by a code of practice and will be subject to sanctions from their governing bodies. If the estate agent is a member of a Professional Association, you can pursue your complaint through the internal processes of the association.

Ask the right Questions:-

· How Long Has the Estate Agent Been Trading?- Do the Estate Agents have experience in selling properties like yours and in the same locality?

· What Similar Properties Have The Estate Agents Sold Recently?   How long did it take the estate agent to sell? What price did the estate agents sell it for?

· How Many Buyers do The Estate Agents Have on Their Books? – Ask the Estate Agents how many buyers are looking for your type of property?

· How Will The Estate Agents Advertise Your Property? – Which property publications, newspapers and property portals will the Estate Agents use? Do the estate agents have examples of  property details? Check how well properties are presented by the estate agetns. If you were a potential buyer would you be impressed?

· Who in Their Company Will Handle Their Sale? -  Meet the estate agent personally. How do they come over? Are they likeable? Are they pro-active or too pushy?  Will the sale be handled by one estate agent or several? Is the estate agent experienced in selling your type of property?

· Veiwings – How will the estate agent handle viewings? Do they work evenings and weekends?

· Property Chains -  How do the estate agents handle property chains? Once the sale is agreed, it is important that the estate agent keeps the people in the chain informed, happy and the transaction on track.

· Recent Sales – Ask the estate agent for details of recent sales what kinds of property have they been involved in selling recently and what types of problems you may be expected to encounter.

Gut Feeling- Ask yourself ‘Do I trust this estate agent to sell my property?’ and if the answer is no – walk away.

See our articles on ‘Types of Estate Agents Contracts’ .

At iconvey, we are specialists in conveyancing and Property Law with many years of experience. O