The estate agent’s role

Are you familiar with the role of the Estate agent?

The role of the estate agent is to bring properties onto the market at an agreed price and introduce potential buyers.

Recommend an asking price

Initially the estate agent will assess the property and suggest an asking price. This figure will have taken into account the property’s condition, size, location and local demand.

Market the property

Once the agents receives instructions to market the property they will:

• Produce sales particulars on the property to give to prospective buyers.
• Take photos of the property.
• Agree a marketing strategy including advertising in the local press.
• With the sellers permission erect a ‘For sale’ board outside the property.
• Encourage prospective buyers to view and show them around the property
• Provide the seller regular feedback and progress reports.
• Negotiate between the potential buyer and seller any offers received.

By law the agent is required to advise the seller all offers received regardless of the selling stage (unless the seller has told the agent otherwise)

Once a sale is agreed

Once the seller accepts an offer for the property the agent will:

• Write to the seller, buyer and both solicitors to confirm the property sale and requesting the solicitors draw up a ‘draft contract’.
• With the sellers permission erect a ‘Sold subject to contract’ board outside the property.
• Monitor the sale with the solicitors, and if appropriate mortgage lenders, surveyors and builders until ‘exchange of contracts’ when the property sale is legally binding.

The majority of people employ an estate agent to sell their property.

However, they can market their property themselves to avoid agents fees. This may take up more of their time and they may suffer without the benefit of professional advice but do they know this?

I found the following tips for sellers. Make sure that you and your agency DON'T fall in the pitfall!

• Agents will normally charge commission based on a percentage of the selling price. Shop around for quotes.
• The cheapest may not be the best. Ask friends or family for recommendations. Alternatively ask some other sellers shown on the agents books what service they are receiving.
• Signing up to a sole agent will be cheaper than signing up with two or more.
• If using a sole agent initially only do so for a few weeks. This will provide an incentive for the agent to concentrate on selling your property. If you're not happy you can soon swap agents.
• Multiple agents may be more expensive but you may receive more potential buyers and sell faster.
• Agents may provide different property valuations. An agent with an unrealistically high valuation may be doing so to encourage you to use them.