Not everyone chooses to sell their property through an estate agent, but if you do make sure the agency is the right one for you. If you’re interested in selling your property yourself and want to cut out the middle man, then visit our Selling Your House page for excellent property advice and selling tips. Our Estate Agents Help page is also helpful and will give you a better understanding of how estate agencies work.
Estate agents valuations and Commission
Your home looks its best thanks to a little extra preparation and you’re ready for your property to be valued. If you’re planning to use an estate agent, you should get 3 valuations from separate agencies in order to help you decide which company to go with. However, don’t simply choose the estate agency which offers the highest valuation for your property. Remember that the estate agent wants your business and may therefore give your property a higher value than necessary. If your property is over-priced it may not sell, so make sure you know the property market before visiting an agent.
Online sites such as the ones listed here will help you to compare your property with similar homes in the area. Check out the ‘sold house prices’ service on the sites below before settling on an estate agency. In this way you can feel confident about the housing market before listening to the advice of an agent.
How do Estate Agents Make Valuations?
There are many different ways in which an estate agent may value a property – so don’t be shy so ask about their valuation criteria, credentials and how your property will be judged. We’ve compiled a guide on valuations, commissions, as well as other related property advice below, so that you can understand the process better before signing to an agency.
Estate agents’ fees will generally differ between 1% to 3%. You may be able to negotiate to bring the fee down, but remember if you bring it down too low the estate agent may not feel as motivated to sell. The lowest commission rate is not necessarily going to guarantee the best price for your property, so you’ll need to find a balance in order to get the best deal for both of you. One way to find a reasonable commission rate is by agreeing on a system which allows you both to get something from the situation. For example, if you sell your property for the full price, your estate agent should be entitled to the full fee, or if your property sells for less than expected, the agent gets a smaller fee.
Honesty Pays – Tell the Truth about your Property
Before valuations are made, honesty is always the best policy when it comes to your property. Our property advice tip is to inform your estate agent of any problems before the house is valued. By giving them insight into any damage or faults you will save them time and therefore money in the long run. Try to get 3 valuations for your property from different sources and then decide which agent suits you best.
HIPs – Do I Need a Home Information Pack?
Home Information Pack duties are suspended with immediate effect from 21 May 2010. This means that homes marketed for sale no longer need a Home Information Pack. However, Energy Performance Certificates are still required.