Guide to selling a property
The initial step
The first thing to do when you are looking to sell is to appoint the right Estate Agent. There are a number of factors that you should consider when choosing an Agent including the location of their branch, personal recommendation, established reputation, knowledge of area, property presentation and membership of a professional body.
Most estate agents offer a similar service yet few rise to the challenge of effectively selling your home whilst offering a highly professional service and minimising the stress of moving. It is tempting to instruct the estate agent quoting the highest marketing price and the lowest fees. However, how long will it take to sell at this level and does the agent you've instructed really know the local area and its price trends? It would be our advice to seek the local professional Estate Agent who knows the idiosyncrasies of the local market when asking for a market appraisal and not be coerced into quoting an overly ambitious asking price.
Choosing the correct Agent
When looking to sell owners are understandably unsure about which firm of Estate Agents to trust when selling their home. Owners would be well advised to look for the following criteria to ensure a smooth sale after all it is the seller who employs an estate agent.
- Company reputation.
- In-depth knowledge of local area and market.
- Professional, dedicated and experienced members of staff with a proven track record in the area.
- Membership of both the National Association of Estate Agents www.naea.co.uk signified by NAEA logo and of the Ombudsman scheme for Estate Agents www.oea.co.uk.
- Sensible and accurate advice on all aspects of your property and the local market.
- General presentation skills especially with regards to property particulars and advertising.
- Mature trustworthy staff.
- Regular feedback to ensure all parties are kept informed of the selling/buying process.
Once choosing your agent, by law the agent must confirm in writing his fees before marketing commences. In our experience many agents will ask you to sign an agency agreement giving them a sole agency period of up to 12 weeks. Our advice would be not to sign for longer than 2-4 weeks. You need to be aware that some agents will require you to give them two weeks or more notice in writing if you wish to terminate the sole agency after this initial period.
What to expect from a professional firm of Estate Agents
- To accurately assess the marketing value the property supported with evidence and ensure its maximum price has been achieved.
- To advise the owner on current trends and the best way to market their property.
- To produce a professional set of property particulars including floor plans (where applicable), colour photos and a full description.
- To advertise properties in local publications, the national press where applicable and on the internet.
- To carry out accompanied viewings at all times and provide feedback on all viewings and market conditions.
- To advise of any and all offers in writing at the earliest opportunity.
- Qualify all potential purchasers in terms of ability to buy and perceived timescale and advise the owners on their suitability.
- Liase with solicitors handling the conveyancing process and to aid that process where possible.
- Co-ordinate and process sale to their best ability.
- Organise surveyors and mortgage valuation visits and ensure these are carried out quickly and efficiently.
- Ensure that the day of completion runs smoothly.
- To use knowledge and expertise to facilitate a stress free move.
- To provide local professional recommendations of other property professionals such as solicitors, surveyors, mortgage brokers etc.
Once you have chosen the agent, what should you expect?
Once you have chosen an estate agent they should immediately do the following:
- Set about measuring and photographing the property in order to produce a quality set of property details. Two sets of details along with a property questionnaire and a agency agreement of which should be provided to you for your approval and signature.
- All members of the sales team should inspect the property in order to effectively convey your home to potential buyers.
- Erect a for sale board outside your property (if requested to do so) and where applicable advertise on the board the type of property for sale.
- Contact waiting buyers on the mailing list and accompany all viewings that arise.
- Publish the details on their own and other host web sites
- Organise any advertising if applicable.
- Provide constant feedback from all viewings and advise on all and any offers in writing as soon as possible.
- Qualify any buyer putting forward an offer in terms of ability to purchase.
Once a buyer is found what happens next?
Once a sale has been agreed the agent should provide the following minimum services:
- Write to all parties confirming the agreed price including any agreed fixtures and fittings and what the proposed transaction is related to if anything.
- Confirm the buyers solicitors and mortgage lender.
- Produce a memorandum of sale to be sent to both seller and buyer and both solicitors.
- Organise and liase with mortgage valuation surveyors and buildings surveyors ensuring these are carried out with the minimum of disturbance to you the seller.
- Liaise with both solicitors on a regular basis making sure that the conveyancing process runs smoothly.
- Liaise with the buyers mortgage lender ensuring the mortgage offer is received as soon as possible.
- Keep you the seller informed at all times the position of the transaction.
- Liaise with both you the seller and the buyer to find a mutually convenient date for completion
- Make sure the day of exchange and completion runs smoothly.
Timescales
You should allow your self approximately least two months from the time you have decided upon an area and type of property you are after to find the home you want to buy. From the time solicitors are instructed you should allow approximately eight weeks (although some transactions do take longer than this) to get to the point of exchange. From exchange to completion is dependant upon both you and the seller agreeing a mutually acceptable timescale for the transaction to complete. However we would suggest you allow approximately two weeks before the property becomes legally yours. These timescales do change and are dependant upon all parties in the transaction, however the can be shorter than those we have suggested.
Glossary of Terms
Sole Agency: Where one estate agent markets the property.
Joint Sole Agency: Where two agents market the property and split the fee on a pre-agreed arrangement
Multiple Agency: Where several agencies market a property with the successful agent getting the fee
NAEA: National Association Of Estate Agents - a professional body set up to regulate member agents. Not all estate agents are the same so how can you tell the good from the bad? NAEA members have the knowledge and experience to achieve the best deal for you. Professional integrity - all members operate to a professional Code of Practice and Rules of Conduct. Provide Added Value through the NAEA network. Moving home is too important to take risks - make sure you have the reassurance of working with a Professional Estate Agent.
OEA: Ombudsman for Estate Agents: "...the house-buying and selling public deserves to have an independent and impartial body which can listen to their complaints and provide financial compensation if appropriate... I would urge sellers to find out whether an Agent belongs to the Scheme before they decide to do business with them. Any Agent that is in the Scheme can truly be said to be a "good trader" - who has undertaken, not only to abide by a higher level Code, but also to be judged by an independent third party if a complaint is made and to abide by what ever that judgement is."
Mr Stephen Carr-Smith, Ombudsman for Estate Agents.
