| Index »Top Tips - Selling A Property |
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| Top Tips - Selling A Property |
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| You will be tempted to select the agent that recommends the highest price for your property. Beware of agents who put high prices on houses simply to gain your business, because advertising your house at a price way over the market value of the property can be detrimental to its sale in the long term.
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| Prior to appraisal, the majority of sellers will have a price expectation that is 5 - 10 % above the realistic market level. Keep this in mind when assessing whether an agent is over-pricing your property.
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| Right Agent, Right Deal, Right Time |
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Remember that the property market is particularly buoyant at certain times of year: spring and autumn are good times to sell, whilst Christmas and late summer tend to be slower. |
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Try several local estate agents and get recommendations, accept only a no sale, no fee agreement with your chosen agent. |
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| First Impressions Count |
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Buyers can be put off before they're through the front door: make sure the outside of your property looks its best, with the rubbish in a bin, and communal hallways clear of junk mail etc. |
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Make sure any lawn, garden or window box is a selling point: Clean, repair and repaint exterior surfaces. |
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Repair interior surfaces, replace broken tiles, recoat dirty or scratched paintwork and make sure all sockets and light switches are working clean, including windows (inside and out), curtains and carpets - especially if you're looking to sell these with the house |
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Buyers are interested in spaces, not your stuff - keep rooms tidy and uncluttered. |
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Consider using local storage while the property's on the market to help you clear out. |
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Take the opportunity to get rid of junk: find firms clearing rubbish in the area or contact the council for advice on recycling and bulky waste. |
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Home improvements you may love the way your home looks, but it may not be to everyone's taste. Consider some redecoration: e.g. repaint bright walls in neutral, light colours. |
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Make sure room temperature is inviting - turn the heating on in winter, open windows in the summer. |
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Smell does affect what people think of your home: fresh flowers will also brighten the room; bear in mind that cooking odours can linger, so avoid cooking with strong flavours before a viewing. |
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| Wise Precautions |
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Only let someone in if they've made an appointment; if someone turns up on your doorstep, take their details and arrange a later viewing. |
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Make sure you're never on your own when showing people round. You're letting strangers into your home, so don't give away security arrangements or leave valuables lying around. |
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| Using An Estate Agent - Selling A Property |
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| If you are selling your property and want to use an estate agent it is worthwhile reading up on your rights. An estate agent doesn't have to be registered to practice, although many are registered with the National Association of Estate Agents (NAEA) and the Ombudsman for Estate
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| Agents (OEA). This means they have to abide by a code of practice.All estate agents are bound by the Estate Agents Act, whether or not they are registered with a governing body.
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| The Contract And Fees |
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| When you use an estate agent to help you sell a property, you have to sign a legally binding contract.Before signing, read the contract carefully and make sure you understand it. Find out whether you have the right to cancel the contract. Check how long it will run. It should allow a reasonable length of time to market your property and find potential buyers. Beware of contracts that tie you to an estate agent for a very long time.
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| If you are unsure, get advice from a solicitor or your local Citizens Advice Bureau.You may come across some unfamiliar terms in a contract. Make sure you understand what you are agreeing to. The terms 'sole agency', 'sole selling rights' and 'ready, willing and able purchaser' must be explained in writing if they are used in a contract.Estate agents charge fees to sellers, not buyers, so make sure you understand how much you will have to pay, when and under what circumstances. Remember that Value Added Tax (VAT) will also be added, so take account of this in your calculations.. Your home is likely to be your most valuable asset, so professional expertise and assistance with the sale is worthwhile. For this reason, most home sellers engage an estate agent.
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| Working with an agent should offer you the following advantages:
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Access to market appraisal data, |
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Advice on the most appropriate method of sale (e.g. auction or private treaty), |
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The development and implementation of a marketing plan, |
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Advice on how to present your home to the public, |
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Access to a large numbers of buyers, |
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Screening of potential buyers, |
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Assistance when negotiating the best price, and |
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Effective administration of all legal and financial requirements. |
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| Questions to ask prospective agents include:
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For how long have you been an estate agent? |
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How familiar are you with the area in which our home is located? |
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How many homes have you sold in our suburb over the past 12 months? |
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How did you arrive at the price you suggest we could sell our house for? |
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What marketing plan will you use to sell our house? |
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Will you provide weekly sales progress reports? |
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Do you place importance on high ethical standards? |
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| The Contract And Fees |
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| When you use an estate agent to help you sell a property, you have to sign a legally binding contract. Before signing, read the contract carefully and make sure you understand it. Find out whether you have the right to cancel the contract. Check how long it will run. It should allow a reasonable length of time to market your property and find potential buyers. Beware of contracts that tie you to an estate agent for a very long time.
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| If you are unsure, get advice from a solicitor or your local Citizens Advice Bureau.You may come across some unfamiliar terms in a contract. Make sure you understand what you are agreeing to. The terms 'sole agency', 'sole selling rights' and 'ready, willing and able purchaser' must be explained in writing if they are used in a contract.
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| Estate agents charge fees to sellers, not buyers, so make sure you understand how much you will have to pay, when and under what circumstances. Remember that Value Added Tax (VAT) will also be added, so take account of this in your calculations.
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| Complaints |
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| If you have a complaint about the conduct of an estate agent you can contact the OEA. The OEA provides an independent service for dealing with disputes between estate agents who are members of the Ombudsman Scheme, and consumers who are actual, or potential buyers or sellers of residential property in the UK.The OEA will advise on alternative routes to take if the estate agent you wish to complain about is not a member. You can also contact the council's trading standards department.
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| The Property Misdescriptions Act 1991 |
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| The Property Misdescriptions Act is a major part of legislation affecting estate agency, which gives you added protection. The aim of the act is to ensure that everything said or written by an estate agent about a property is accurate, and not misleading.The act is enforced by the Trading Standards Authority, and in Northern Ireland by the Department of Economic Development.
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