Advantages of Using an Estate Agent When Selling Your Property
You don’t have to use an agent to sell your property. Properties can actually be sold privately. However, if you’re looking to attract the best range of potential property buyers, you might want to consider using an agent.
If you do decide to sell through an agent, your agent will provide you the following services:
- Knowledge of property valuation and marketing price
- Act as negotiator on the terms of offer between you and the potential buyer
- Help you to handle any problems that may arise during the transaction.
- Market and promote the property via their chosen channels
- Organise and conduct viewings with potential buyers.
- Provide useful advise all through the process until achieving your goal
Depending on the agent and the type of service rendered, the service charge can be a fixed fee or a percentage of the final sale value. Charges based on percentage can range from 0.5% to 3% plus Vat.
Traditionally, most agents operate a business model where charges are made only if they successfully complete a sale. However, with increased price competition and agents looking for new ways to maximise their incomes, upfront property marketing charges are now becoming more popular.
If you engage an agent to help sell your property, it’s imperative that you enter into a contract with them. The two common types of contract you will find with traditional agents are:
- Sole Agency: This involves an agreement to market the property exclusively through a particular agent for a given period of time without involving other agents. Make sure you have a clear understanding of the agreement on how long you’re going to commit to the agent, what you need to do to end the contract and if there is any financial commitment in case the property is subsequently sold by another agent, before signing it.
- Joint Agency: This contract allows you to instruct more than one agent to market your property. Here, the agents charge a higher price since there is the risk of the property being sold by another agent. It’s the agent that actually introduces the buyer that buys the property that will eventually take the fee. It is important to always check the finer details to see what would be charged in case both agents were to introduce you to the same buyer.
As earlier stated, you don’t need an agent to sell your property. But, if you decide to use one, here are some of the benefits:
- Agents have the advantage of experience. Since they have the knowledge of local market intricacies better than you, they are in the best position to help you get the best deal for your property.
- Agents can give you the best professional advice you need to reach your goals.
- Agents help you to gain access to their market knowledge and contacts of potential property buyers.
- Agents handle the day to day stress and hassle of managing potential buyers.
- Agents help you to handle the emotional aspects of the transaction, especially where you’re selling your own home.
- Agents can guide you through any problems that may arise during the process.
- Agents can help you to get the best exposure for your property across the UK market through portals like ManxLiving.com.
- Engaging an agent can help you reduce the risk of making a mistake during the process.