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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!
Estate Agents’ Terms
Your estate agent will tie you in to a legally binding agreement and before you enter a contract, you should be given written details of the conditions, how much you will be charged and when you will be required to pay.
- How long is the term and is there a penalty for early cancellation?
- Is the contract sole or multiple agency? Sole agency means only one agent is given the right to sell your property and their fees will usually be lower as a result.
- Multiple agency involves instructing several agents to sell your property; only one will be entitled to a commission and the agents' fees will usually be higher.
- "Sole
selling rights" means that
the agent is the only person able
to sell the property. If you mentioned
to a relative that you were selling
your preperty and they agreed
to buy it the agent can still
claim a fee!
- Under what
conditions is the fee payable?
It's preferable to find a contract
where you pay only when the sale
has been completed. If the agent
uses the term "a buyer who
is ready, willing and able"
you may still have to pay even
if the deal falls through.
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
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