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Buying |
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Choosing and using estate agents
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What estate agents do
Estate agents carry out three main functions: valuing, marketing and negotiating.
- They advise on how much a home is worth, based on an understanding of the local property market and consideration of the presentation, fixtures and fittings etc
- They make sure that potential buyers know the property is for sale by advertising and providing details, or 'particulars'.
- They act as the go between for buyers and sellers communicating offers and counter offers between the two parties and doing their best to find fair solutions as problems arise
Getting the best from your estate agent
When you're looking for an estate agent, ask among friends for recommendations, and take a look at the boards in the area in which you're planning to buy or sell. Also, have a look at the local press & property websites to see who advertises - it will give you an idea of how busy they are.
Regulation
Estate agents are still self-regulated – many of them don’t operate under any form of Code of Conduct! Look for agents who are members of organisations such as the National Association of Estate Agents (NAEA) or RICS.
Some agents, but by no means all, are also members of the Ombudsman for Estate Agents (OEA) Scheme which guarantees that if you have problems with your agent you will have a right of redress. Look for the OEA logo.
What to expect as a buyer
Although estate agents are usually working on behalf of the seller, they still have certain duties to all buyers.
- They must not mislead buyers about the nature of the property in the particulars that they provide
- They must treat all buyers fairly, and should not hold back offers in cases where a buyer has refused to use their services.
- They must pass a written copy of all offers to the seller, unless they have specified otherwise (eg they will not consider offers below a certain amount).
Property Misdescriptions Act
Estate agents will aim to be as positive as possible in their descriptions. However, it's a criminal offence for estate agents to make false or misleading statements about a property - whether verbally, by pictures or in writing.
That said, the particulars will not necessarily give you quite the full picture. Estate agents are trying to satisfy their client, the seller, by arranging as many quality viewings as possible and they are not obliged to tell you about unattractive features of the property. However a successful and busy agent will usually spend time getting to know your requirements to ensure that nobody’s time is wasted by showing you unsuitable properties
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