How To Choose Your Estate Agent - Fees
Simon Thomas • Aug 25, 2020
Make Sure You're Comfortable With Who You're Working With
There are, broadly speaking, 3 main options when choosing who you feel is best placed to sell your home:
- Local, independent Estate Agents who are based in & specialise in your area
- Corporate high street agents with a branch in your local town
- Online only agents who possibly have a 'local expert' covering a large geographic area
We can't tell you who you should use in every case, as there will be good and bad examples of each of the above, but we can offer some guidance on what to look for, particularly if you're thinking about basing your choice primarily on the fee each agent charges. As with most things in life, to a great extent you get what you pay for with estate agents. You don't want to feel you've been overcharged for the service, but think about what your estate agent needs to do to get a result for you before going for the 'cheap' option.
Your agents job includes 3 main elements:
- Marketing your property to generate maximum interest (vital to maximise the price you achieve whilst minimising the time your sale takes to complete)
- Identifying and negotiating with the right buyer for you, to agree a deal that works for both parties
- Progressing your sale through to completion to avoid delays or a fall through, meaning you need to start over again
There’s lots more they do too, but these are pretty important jobs. Think about which agent is best placed to carry out these functions for you:
Marketing
- If you’re selecting an agent because they’re cheap, it’s because their marketing isn’t good enough to convince you of the value they deliver. If they can’t market themselves, how can you expect them to market your home effectively?
Also, if their fee is too low they won’t have the budget to produce quality marketing material, even if they knew how to.
Negotiation
- If they can’t negotiate a better fee for themselves, how can you expect them to secure the best price for your home? And if they’re not sufficiently incentivised, why will they bother?
Sales Progression
- If you’ve paid your fee up front (often the case with low cost agents) why do they need to put the hard work in to progress your sale, when they’ve already got your money? It’s often the hardest part of their job and, done poorly, often results in failed sales.
Thinking you’re saving money by using a low cost agent is very often a false economy. We regularly visit homes for our clients who’ve been appointed after a low cost/pay up front agent has failed to find a buyer - the homeowner has paid their fee and been left disappointed.
Do a bit of research and find out which agents are getting results in your area. Talk to them and ask why they think they’re going to get the best sale for you. Find out how they deal with sales progression and if you’ll have a dedicated point of contact? You’re going to be working with them for several weeks, even if you get a quick sale, so it’s worth deciding who you’ll get on with throughout the process.
After that, choose the agent who uses our video tours!! 😂 (We’re only half joking here ... estate agents who use us do so because they want to do the best job possible, starting with their marketing. As well as getting you off to the strongest start, it’s also a good indication that they have the same high standards right through to completion of your sale).
Let us know if we can offer any help with your choice of agent and, whoever you use, we wish you the best of luck with your move
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