Property sales are traditionally carried out through estate agents. But the profession, never far from controversy, is one of the least trusted. An undercover BBC expose sparking outcry against estate agents in 2006 revealed fake offers, forged documents and over-valuations. Now the internet is giving individuals the freedom to sell their property themselves, avoiding hefty estate agent commission fees and the possibility of dodgy practices altogether.
But are sellers too quick to dismiss the advantages a good estate agent can bring to their sale? In this feature we see what estate agents have to offer...
Insider knowledge
One benefit of using an estate agent is being able to tap into their local property knowledge. This, says Peter Shaw, sales manager at estate agents Kinleigh Folkard & Hayward, is an important part of the service.
“Through instructing an estate agent to sell your property you are paying a professional for their expertise on the market and knowledge of the local area; they should know their patch inside and out."
A good estate agent will be able to provide you with indications of how the market is looking and advice on getting the best possible price. They will also be able to give you a realistic and honest valuation.
Compliment this with your own research, including looking at property trends in your area, and the recent sale prices of similar properties. Arm yourself with a property valuation report to get the right price for your property.
The right tools
Crucially, a local estate agent should be at an advantage when it comes to marketing your property to potential buyers. On top of arrangements with the key property classified websites, estate agents can call upon local press, leaflets and even their shop window to advertise your property. They should also have a ready-made list of buyers on their books.
Take the stress out of selling
Managing a property sale can be stressful and time consuming. An estate agent is there to make your life easier by managing the process for you - from measuring your home's dimensions and writing an eye-catching advert to handling the trickier parts of the sale, including price negotiations.
According to Peter Shaw: "Estate agents are trained negotiators and when it comes to agreeing the sale and ensuring that the best price is achieved, there is no substitute for the experience of a professional."
Having a go-between at this stage in the process means you can leave it to experienced negotiators to fight your corner. After all, the higher the final selling price, the more commission they earn.
The end of the estate agent?
So will estate agents lose out in the long term to online services? Peter Shaw thinks not.
"The internet is changing the way the estate agency industry is run, however I firmly believe that there will always be a place for the high street estate agent: buyers and sellers like the safety and peace of mind of dealing face to face."
The key to selling your property quickly, for the time being at least, is finding a good estate agent to work with.
Related articles
The internet is changing the way the estate agency industry is run, however I firmly believe that there will always be a place for the high street estate agent...
Peter Shaw, Kinleigh Folkard & Hayward estate agents
Did you know?
- 94% of surveyed people think estate agents over-value properties
- 72% thought estate agents invented offers from non-existent buyers
- 74% think estate agents and property developers work together in a dishonest way for their own cash benefits
- One in ten trust estate agents
- Less than half were happy with the service they received from estate agents
Source: Which? survey
Useful links
- Estate agents - Find your nearest estate agents
- House prices - Check recent property sales in Birmingham
- Average property prices - Check price trends in Birmingham
- Property valuation reports - Get the right price with an instant valuation
- Conveyancing - Get the legal legwork taken care of
E (Norwich), on 16/06/2008 at 19:22
The estate agent in Norwich (Eaton) stated I should stay firm at the list price of my terrace due to condition and the furnishings, etc. I was leaving behind.
The next week she stated I could expect an offer at 12% below my list price!!!!! Within the next couple of days - I received just that - an offer of 12% below my list price - she actually screamed at me over the phone "do you - or do you not want to sell your house". She called back again and screamed "he is offering another 5,000 - and that's his final offer".
The agents are working for the buyers - not the sellers from whom they receive the fee. Since the fee was fixed, i.e. they would receive the same money whether or not the buyer paid list price or 12% below, they obviously prompted the buyers to offer the low price just to get the sale.
And don't tell me about marketing because I showed the property myself to potential buyers.
I will drop the price but use an internet site and a board instead.
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