Selling Your Home? Mastering Valuations- and Questions To Ask
Gathering information from estate agents before you select the right one for you is essential when selling your home - read this article to find out what you need to know to ensure you achieve the highest price possible.
You've decided to sell your home. You've spent the last few weekends getting the house ship-shape, cleaning, decluttering and dealing with all those little odd DIY jobs you've been putting off for ages. And now you're ready.
You've arranged for the three agents from your town based on recommendations from friends or the agent with the most properties for sale.
So, once you have your valuation appointments booked, what do you need to consider when you meet them?
These agents are coming out to visit you at your home to give you an estimate of the potential price your home might achieve when they market it for you. But they're also there to pitch you for the business. This is the agents' opportunity to present how they will sell your home, how they can be sure to get you the best price, and what they'll do for their fee.
It is crucial that you select the right agent from the outset. The initial weeks your property is on the market are of utmost importance. Statistically, this is when you are likely to receive higher offers. For most sellers, the longer the property is on the market, the lower the offers will be. So, after you have the value estimates, what else must you know to ensure you make the right choice?
Evidence to back up the valuation given: There is no science to the market value of a property. The agent's job is to carry out research on recently sold properties and provide a price range they think they can sell your home for based on similar sales in the area and the appetite of buyers at the time. The home report value will should fall within the range of the estate agents valuation, and an experienced agent will be able to present the evidence to back up their suggestion, which will enable you to make an informed decision on the marketing price of your property when you launch to the market.
Fee structure and costs involved in the sale: You might already know that most estate agents will charge a fee based on a percentage of the selling price. But there may be other costs involved that you need to know about. You will need a Home Report for your property prior to marketing, some agents will ask for the cost upfront and some will defer the payment until the end of the contract. There will most probably be a marketing fee to pay towards the expenses involved in preparing the marketing materials for your home, again some agents will look for this to be paid upfront. If you market your home with Property Connections, there are no upfront fees at all to pay.
Some agents will charge a withdrawal fee if you decide to remove your property from their books. None of these fees are an issue, but you should be aware of them before making your choice of estate agent.
Cancellation terms: What if you simply don't get on? How can you cancel the agreement and switch to a different agent? Some agents will have a notice period or possibly even a withdrawal fee. It is best to know about these things from the outset so that you are not surprised by additional costs later down the line.
Marketing strategy: Simply posting a few quick photos and posting them to a property portal website won't cut it. There is so much more involved in bringing a property to market if you are to successfully sell the property for the highest possible price. Every estate agent should be able to give you a detailed plan for how they will market your property to find a buyer. Ask the agents if they use social media for properties that are 'coming soon' Do they provide a virtual tour - we at Property Connections use Matterport, which is of the highest quality and has many fantastic features which can enhance the experience of the buyer.
Plan B: What is the plan if things don't work out? Many properties don't sell immediately, and if the property sits on the market, hoping it sells eventually, you will likely be disappointed. An estate agent should have a plan B to rejuvenate the marketing and increase the chances of selling your home.
Generating viewings: Fundamentally, buyers will view the property in person, so viewing figures are important. Yes, buyers will find your property through the agents' marketing efforts, but does the agent understand how to move those potential buyers from online browsing to physical viewing appointments? A good agent will be able to explain their process to you, whether they have a manual process or utilise technology to promote your property fully to their audience of potential buyers.
Negotiation of offers: Do they have a process or is it as simple as taking an offer and telling you that price? Can they demonstrate their skills as a negotiator to maximise the offer from buyers? Many buyers will begin their offering at a lower price than they are happy to pay, so an agent's negotiation skills will undoubtedly impact the final price that is accepted.
Most agents will work on a no-sale, no-fee basis, so you will only be charged if they are successful in selling your home. So, don't get too caught up in comparing one fee with another and going for the cheapest option. If the agent is cheap but ineffective, you'll end up paying much more in the long run, either in the time taken to sell or the price you ultimately sell for.
Instead, compare the agents based on their skills, experience and ability. After all, a slight difference in the percentage may pale into insignificance if you end up reducing the price of your property by £20k!
Get in touch today to learn more about how we achieve the maximum possible price for our clients in the shortest possible time, utilising our experience and exclusive technology. Give us a call or WhatsApp us on 01506 650550 and we would be happy to answer any questions you may have.