Using an Estate Agent to Sell Your Property

How an Estate Agent Values Your Home

An Estate Agent will generally use their experience of the local property market to suggest a price at which to sell your property. There is always a danger, that the Estate Agent’s view of what the asking price for your property can be coloured by their desire to get your business. An unfortunate practice used when valuing the Property  is to suggest a higher sale price to secure your business, and then when the property does not sell, to advise you to drop the price, blaming a change in the trends prevailing in the property market.

How an Estate Agent Advertises Your Home

The Estate Agent will use a number of advertising techniques, from putting an advert in their shop window, advertising in the local paper and on the internet to using their ‘for sale’ boards. It is said that between 30% to 50% of enquiries about a property for sale come from buyers seeing a ‘for sale’ board, often when they are viewing other properties in the area.

Conducting the Viewing – These days it is common for the Estate Agent to get the seller to conduct the viewing, as the seller knows  more about their home  and are likely to ooze a natural enthusiasm about the property being sold. The Estate Agent will arrange the appointment and then expect the seller to show the potential buyer around.

Commission – Typically, this will range from  from 1-4% of the sale price of the property. As a working example, a property selling for £200,000.00 with an estate agency fee of 1.5% results in a commission of £3000.00 + VAT. Estate Agents can make other undisclosed commission on the same sale, for example, referral fees from solicitors and mortgage brokers.

Common Tricks Used By Estate Agents:

Overvaluing the Property - Suggesting a selling price above the market price in order to entice the seller into signing a contract with them.  Another common trick is to knowingly sell a property at an overvalue to an unsuspecting and naive buyer.

Undervaluing A Property -  To the seller to sell the property at a value lower than it is actually worth. This is often to a property investor or developer who has an arrangement with the Estate Agent. undervaluing the Property may also enable the Estate Agent to meet their selling target for that month through a quick sale..

Not Passing on Offers Made on a Property -  An offer is received on a property but  the seller is not informed of them. Again this may be connected with an arrangement the Estate Agent has with another party such as a property investor or developer.

At iconvey, we are specialists in conveyancing and Property Law with many years of experience. Our experienced and knowledgeable conveyancers are always at hand keeping you informed every step of the way. We ensure that you are always aware of the costs at the outset with a transparent fee structure and no hidden fees.

You can obtain an instant quote for your conveyancing from this website, (just click here). Our quotes are guaranteed, fully transparent and include no hidden extras for a normal conveyancing transaction. Alternatively, simply call us on 0844 225 2061 for more information or to discuss your particular needs.