The Role Of An Estate Agent
Whether you’re buying or selling, or perhaps doing both, there is one very important person who you’re going to rely on through the process… Your estate agent!
At Manx Living we’ve put together a list of roles that your estate agent completes, to offer a better understanding of how you can work together in harmony to buy or sell your property!
Your agent’s wealth of knowledge and experience means that they can pass on straight talking advice. What’s more, they go beyond the obvious… For example, if a client is eager to sell quickly because they’re in need of a cash fix, a strong agent would recognize that letting out their property could be a more suitable option, as it would generate income quickly.
It’s natural for both vendor and agent to want the maximum price for the property. However, it’s important that the actual value of a property is properly understood. Your agent should also be able to tell you on average the percentage of the original asking price that they achieve for clients, as well as how long they take to find a buyer on average.
A a good agent should know that there’s five areas that need to be covered in any property advert; where, what, size, price and how to view. You can advertise many ways; estate agent websites and windows, property portals, print and social media. It’s vital that your agent knows how to make sure that adverts generate interest and attract buyers.
Your estate agent is responsible for qualifying buyers, aka knowing whether or not an interested party is a feasible option. An estate agent needs to understand the buyer’s timeframe in order to gauge their motivation and willingness to move. There are important questions that your estate agent should ask to establish this; where are they in the buying cycle? What has prompted their move? When do they hope to move?
Estate agents can encourage a buyer to lean towards a specific property compared to others on the market, based on their understanding of the buyer’s needs and areas in which they may be willing to compromise. This is why it’s a good idea to let your estate agent accompany prospective buyers on viewings.
A good agent will prioritise the main goal of the vendor, to move house. They know that putting full emphasis on getting the maximum price and being unwilling to negotiate can lead to the sale falling through. What’s more, agents need to use every available resource to justify a property price in the current market conditions, while also understanding a buyer’s perspective, their wants, needs, flexibility and finances.
A chain is only as strong as it’s weakest link and when selling your property your estate agent will be able to advise you when it’s worth getting involved in a chain or not. Cash buyers are the best case scenario, or a fully qualified first time buyer, so when getting involved in a chain it’s important to listen to your agent’s advice.
We hope that our guide to the role of an estate agent helps you to utilise your agent to their full potential and breeze through the process of buying or selling. To see the latest properties for sale on the Isle of Man click the link below