I have to chuckle at some of the responses here, our industry (yes I am estate agent!) doesn’t have the best reputation.
However, for the sake of balance, as an estate agent I would never sell through a cheap internet firm. On the three occasions I have sold properties personally, I have always used a High Street Agent. In fairness, being in the industry, I know which agents work harder to sell properties (and subsequently avoid the ‘lazy’ and ‘numbers game’ estate agents).
Why is it better to use a good High Street Agent:
A High Street Agent will have a database of people already looking for property in your area. The internet firms are likely the get these enquiries too (eventually) but in dribs & drabs over the length of your contract. By going to a High Street Agent you will get more viewings (particularly at the start), more viewings = more side-by-side viewings = more urgency from buyers = better offers.
How to make the process as smooth as possible:
Don’t pick an agent by the number of sold boards you see: Rogue agents leave boards up for longer than they’re supposed to. ‘Numbers game’ agents may have many sold boards, but an even higher number of for sale boards. The best test of an agents ability is their for sale/sold RATIO. This can be checked by downloading the PropertyBee software.
Don’t sign for too long: A good agent will offer a shorter tie-in. So many people regret their choice of estate agent but are then trapped (in some cases for 20 weeks). Signing for too long results in complacency and a better chance of getting a reactionary agent (as somebody here suggested). Longer contracts also result in overpricing, once the client has signed, the rogue agent tells them the price is too high and they should lower the asking price (when often, it was their very asking price which won them the business). 8 week contracts are fair and reasonable.
Get 3 valuations: Launch the property at the middle price. The highest valuation is nearly always too high, the easiest way for an agent to get instructed, is to tell the client what they want to hear. It is usually the weakest agent that will give you the biggest valuation (they are trying to compensate for their lack of ability). It has been proven that it is often the lowest price that is correct (agents won’t want to under price your property, as they won’t get the business in the first place). This being said, I would launch at the middle price (as this takes account for occasional human error).
Mix ‘n’ match: Nothing stops you using which agent you want at which price you want to try.
Negotiating the right fee: I am a big fan of sliding scales, reward an agent for achieving a premium, penalise them for not living up to their part of the bargain.
Apply common sense: If you have lots of interest in the first few weeks (including 3 offers or more) insist on going to sealed bids. This process often results in achieving in selling for a fantastic price. If you have 20 viewings and no offers, the price is too high. If you have no viewings at all (unless you are selling a niche-market property) the price is WAY too high (although in December you wouldn’t expect many viewings).
Surname Firms v Brand Name Firms: Invariably, surname firms provide a better service. You get ownership from someone who has put their name to a brand. Rogue agents will often hide behind the brand name.
Photos: Check which agents have better presentation (this is particularly valid when two agents are marketing the same property).
If the first estate agent isn’t successful, don’t make the mistake of changing to the agent that pestered you the most. ‘Numbers game’ estate agents spend more time trying to steal from their rivals than they do trying to sell what they’ve got!! Pestered = contact more than once a month.
Launch time: Now or early next year. October is a decent month, November is transitional, December is awful. Just after the snow clears is a great time to list as there is little competition but plenty of buyers. Many agents over-price a little at the start of a year (to try and rebuild their depleted stock). You can ask a bit of a premium and yet still look good value compared to the super greedy people. Many of these people realise they have been mislead come March-time, but it gives you a window of opportunity in January/February.
No, I’m not after the business, my company trades in Surrey; I was just keen help you avoid some of the pitfalls.
As for your situation, yes, speak to a solicitor first. No doubt they will have an estate agent they recommend. If you ask the estate agent whether they have a solicitor they can recommend (and the firms match) then you can take these recommendations with a pinch of salt (as business is clearly passed between them). However, if you find solicitors that don’t get work from an estate agent and are recommending them anyway, then you have found your agent. Solicitors and estate agents have to liaise regularly; solicitors are in a better position to know the difference.
Sorry for rambling, but I work very hard in my profession (there will be others like me!) Maybe take a drive down the High Street and see what time the Estate Agents close. If you see someone beavering away gone 8pm, then you have found your Essex equivalent!
Good luck with it.
