Estate agents bring together those who are
buying property with those who wish to
sell it. Many national agencies will have
multiple brokers operating in different local areas – allowing them to operate on a more intimate level with the area and gain familiarity with other realtors, property listings and investment opportunities.
Estate agents will have directory listings of
real estate, and will likely sell and let to both private individuals and commercial parties. Through this, they are able to find houses and lettings to suit a wide audience.
If you use an
estate agent to sell your property, they will value it for you prior to putting it on the market. This valuation will
vary between agencies, and you should not necessarily go with the agent willing to give you the highest valuation. If an agent valued your property at £250,000 but all the other houses on your street sell for £150,000 – there’s a chance that the agent isn’t familiar with the area. You should ask around your local area to
gather an opinion on the different agents.
Once you have
chosen an estate agent, it is then their job to market your property on your behalf. This will include, but is not limited to, placing a picture of your home in their office windows. They might also put advertisements in the local newspaper, and most will put a sign outside your home with a contact telephone number for enquiries.
The agent will take offers for the property on your behalf, and should report back to you with an update every time they have new information. They will also assist in the transfer of ownership of your property (conveyance). This will either be done internally within the agency or they might use a partner to handle their conveyance work.
It’s important to remember that an estate agent is providing a service for you, and you are paying for that service. You should make sure that any contract is clear in its definitions – be thorough with the estate agent and only settle for a contract you are 100% happy with. For your consideration: What happens if you decide not to sell the property? Do you owe them fees? Are you even allowed to keep your home when the property is on the market? What happens if you find a buyer yourself? Will the agent still charge a fee?
Estate agents are currently not regulated by a governing body; however there is a voluntary association – National Association for Estate Agents (NAEA) – which aims to increase professional standards throughout the businesses. You might want to ask if the estate agent is a member of this.
