Selling your home is a big decision for many of us. To make things run smoothly, choosing the right estate agent can make all the difference. You can gain valuable insights, establish trust, and ensure a successful sale by asking the right questions. This blog post will explore key questions to ask estate agents when selling your home.
Researching and Shortlisting Estate Agents
Before selecting an estate agent, it’s essential to conduct thorough research. Look for agents with experience, expertise in your local market, and a strong reputation. Shortlist a few potential agents based on these criteria.
Meeting with Estate Agents
Once you have shortlisted potential estate agents, schedule an initial meeting with them. Come prepared with a list of your requirements and goals. Discuss your expectations and ask for their insights on the selling process.
Key Questions to Ask Estate Agents
If you decide to sell your property with a real estate agent, here is a roundup of questions to ask them during your meeting.
What are your fees and additional costs?
Estate agents charge fees based on the property’s sale price, often as a percentage. Fees for sole agency and multi-agency contracts can vary, typically 2-3%. Some agents offer fixed payments, but these remain the same regardless of the sale price. Additional costs like viewings, For Sale boards, photos, floorplans, and videos may not be included in the fee. You’ll need a valid Energy Performance Certificate before listing your property.
When are your fees due?
Find out when estate agent fees are payable to avoid unexpected costs. Online/hybrid agents usually require upfront payment or a finance agreement, regardless of whether your property sells. With commission fees, payment is typically made after the property is sold.
What types of contracts do you offer?
Estate agents offer various contracts:
- Sole Selling Rights. Only the agent can sell your property during the specified period.
- Sole Agency. The agent has the exclusive right, but you can also seek buyers independently.
- Joint Agency. Multiple agents work together, sharing the fee, often with the successful agent receiving a larger share.
- Multi-Agency. You can use multiple agents and pay a commission to the one who sells. Fees are higher, but agents compete to find a buyer quickly, reducing their obligation to provide the best advice.
Am I locked into a contract for a specific period?
Estate agent contracts include a marketing period. Shorter contracts motivate agents to find a buyer quickly, while longer ones may be suitable for higher prices. Ensure the contract has regular reviews of the marketing strategy. If you stop marketing before finding a buyer, you may need to reimburse some costs.
Have you recently sold properties in the area?
Ensure the estate agent is familiar with and active in the local market. It can be advantageous to choose an agent who has sold similar properties nearby, as they may have potential buyers. Ask about other properties the agent has for sale in your price range to assess market activity.
Rather than selling property through agents, you can rely on companies like Berman Capital. The latter should be the best solution for people who want to close the deal quickly and need to remember any trouble with preparing the property for sale, multiple property showings, extra fees, etc. You get the most enjoyable experience of selling your real estate with the minimum time and energy involved.