10 Things Most Estate Agents Won’t Tell You
Watch out for these points when signing an agency agreement with an estate agent.
1. Length of Agreement
At The Norfolk Agents, none of our packages tie our clients into lengthy sole agency contracts. Why would any company who had the confidence and belief in what they offer ask their clients to commit to exclusive terms for 15-20 weeks, or sometimes even longer? We believe that by delivering fantastic service and results the customer will not need to go anywhere else. We back ourselves so much we don't feel the need to tie anyone on to more than a two week notice. Imagine signing up with someone for nearly half a year who then fail to impress on week 1!!!
2. Listing higher doesn’t always mean selling higher
We recently lost an instruction to another agent who valued the property £25,000 higher to justify their 1.5%+vat commission, 5 weeks later the property is still available, the seller has not had a viewing and its probably time for a price reduction! Momentum is key, don't be fooled into an agent inflating their estimation on value to complement unnecessarily high fees. Typically you sell for less in the long run.
3. Cooling off period
The time in which a client has the right to cancel, known as the “cooling-off” period, is 14 days from the day the contract is entered into providing the client is made aware of their right to cancel. It's not too late!!
4. Local Solicitors are a much better choice than online conveyancers
Our local solicitor recommendations are based on positive experiences and not for personal financial gain. We don't take any commission from any conveyancing firm. Our ethos is we only want to deal with fantastic people and only recommend anyone who does a great job for both our customers and us.
5. “We can sell you property for more as we have a link to London and Overseas buyers"
Yes, all agents do! It is called the internet. I am yet to see any business have any advantage over another with the overseas and London buyers. Direct link to a London network? Again, it is called the internet. At The Norfolk Agents we have over 11,000 applicant contacts on our database, but the truth is most properties are more often sold from new enquiries which have been generated from the property listing on the property portals. Yes, some of those will be from London but many are from all over the UK and further afield.
6. Joint Agency
Most agents say this is a bad idea but perhaps they are just afraid of the competition? Is competition not a good way to ensure that you are getting the best price? We will happily back ourselves in competition with any agent. However, only if the commission agreement is 'winner takes all'.
7. Modern Method Of Auction
Modern Method of Auction can be a perfectly good and effective alternative route to sale. However, this works for some properties and situations, but certainly not all. Some agents are pushing Modern Method for every property they try and sell (SELL FOR FREE!!). The reason for this is not to benefit the customer but because they get their commission and sale completed quicker, typically a higher commission (paid for by the buyer). We have a 95% success rate of selling in Modern Method because we fully understand the best and right properties for this route to market.
8. “We have a national network of offices”
Three of our team members have all worked for national estate agencies and quite simply, despite having offices all over the county and country, more often than not, they simply do not communicate with each other. In fact, they often compete against each other and it has been seen where 'hot' buyers for instance have been hidden in fear of the individual losing their commission to another office!
9. Fees and Costs
Has your agent been transparent with all of their fees and costs? We advertise all our services and give the seller the choice of which package suits them. It is not the 1980's and selling a used car. Why is it that agents do not advertise their charges? Are you overpaying for your fees? Are there hidden marketing charges etc?
10 Fees Again.
Why pay more when you can sell with The Norfolk Agents for £1250+vat? Or let for £750+vat?