Selling a property in the UK and feeling overwhelmed? You’re not alone. This article breaks down how to tackle common issues with estate agents, ensuring you stay in control of selling your home.
1. Agents have a reputation problem
1.1 They are incentivised for listings
Estate agents tend to focus on boosting the number of properties they list rather than the number of successful sales or completions. This is because their commission structure rewards them for acquiring new listings, motivating them to prioritise quantity over quality. What does this mean for you? Your property could be one of many on their books, not receiving the attention it deserves to facilitate a quick and profitable sale.
Pro-tip: Before signing with an agent, ask about their listing-to-completion ratio. This can give you an insight into their focus and success rate. If you need an impartial source for you local area, we offer this information for free – just sign up to Conveyo.
The drive for listing numbers can also lead to unrealistic valuations to win your business. Agents might suggest an inflated price to excite you about potential returns, only for you to need to reduce the price later when the market does not respond positively. This strategy delays the selling process and can ultimately devalue your property in the eyes of potential buyers.
Bullet points for quick advice:
- Check the agent’s track record: Look for reviews and success rates. Use independent market data if possible.
- Ask for evidence: Request comparable sales to justify their valuation.
1.2 They inflate your property value
It’s a common tactic for some less scrupulous agents to overstate the value of your property. They aim to outshine their competition by presenting you with an appealingly high valuation, lacking genuine market backing. This practice not only sets false expectations but can hinder the sale process, as your property lingers on the market, gradually losing its appeal to potential buyers.
To avoid falling into this trap, we recommend getting multiple valuations and questioning the evidence behind each valuation. A trustworthy agent will provide a comprehensive market analysis to support their number, including recent sales of similar properties in your area.
Pro-tip: Use property portals like Rightmove to get a sense of what similar properties in your area are actually selling for. This research will arm you with the knowledge to challenge overstated valuations.
1.3 They promote their friends
A less-discussed issue is the network of referrals between estate agents and solicitors. Many agents recommend solicitors with whom they have a financial arrangement, rather than because they offer the best service or value for you. This could result in you paying higher referral fees for a service that may not be tailored to your needs or in your best interest.
It’s crucial to conduct your own research into solicitors. Look for independent reviews and ask for recommendations from friends or family who have recently moved. Focus on what sets them apart: Is there anything that makes this solicitor unique? A modern conveyancer is key – look for someone who has a track record of handling transactions promptly and efficiently.
Remember, you’re under no obligation to use the solicitor your estate agent suggests.
Bullet points for quick advice:
- Seek independent solicitor quotes: Don’t feel pressured to use the agent’s recommendation. Research what makes each solicitor unique.
- Ask about referrals: If an agent recommends a service, inquire if they receive a referral fee.
2. How to take control of your sale
2.1 Research property prices
Understanding the true value of your property is crucial. Start by scanning property portals such as Rightmove or Zoopla for recent listings and sales in your area that match your home’s characteristics. Look for properties with similar sizes, conditions, and locations. This homework gives you a rough estimate of your property’s market value without blindly trusting an estate agent’s valuation. Remember: it’s normal to want to sell at the highest possible price, but just like other investments, your goals need to align with the reality of the market.
Pro-tip: Consider the sold prices over the current listings, as they reflect the real price properties are fetching in your area. Remember, market conditions change, so focus on sales from the last three to six months.
2.2 Research estate agents
Choosing the right estate agent is as important as pricing your property correctly. Don’t just look at the rating scores on review platforms, dive into the comments for insights into other sellers’ experiences. An agent with a 4-star rating and rave reviews about honesty and communication might serve you better than a 5-star rated one with specific complaints about hidden fees or poor follow-through.
Highlight: Pay special attention to reviews mentioning how close the final selling price was to the initial valuation. This will help you identify agents who are realistic about pricing and can deliver sales. If you would like to see this data for your local agents, we offer it for free – just sign up to Conveyo.
2.3 Take your time
Estate agency contracts can sometimes be a minefield. Read everything carefully before signing and ensure you’re not locked into an agreement for an extended period without a justifiable reason. Agreeing on a break clause, such as the ability to terminate the agreement after 2 months if you’re unsatisfied with their service, gives you flexibility and keeps the agent motivated to sell your property.
Actionable advice: Always ask for a copy of the contract to review in your own time, away from the pressure of a sales pitch.
2.4 Use a home sale manager
Home sale management platforms like Conveyo offer a comprehensive solution for selling your property. By using such platforms, you can benefit from being matched with multiple top local estate agents and also get access to vetted solicitors, ensuring a smoother transaction process. This reduces the hassle of finding and vetting professionals yourself and could save you time and money in the long run.
Remember: With Conveyo, you can compare agents and solicitors based on their actual performance, reviews, and fees, empowering you to make informed decisions.
Navigating the property market and dealing with estate agents can be a challenging process, but by doing your research instead of blindly delegating, you can ensure a better outcome. Whether it’s determining the right property value, choosing the right estate agent, understanding the small print in contracts, make sure you have the tools and information necessary to steer the process in your favour.
Don’t know where to start? Why not try Conveyo. Boost your home sale by listing with multiple estate agents and get a trusted solicitor on your case in less than 24 hours.
Frequently Asked Questions
How to outsmart estate agents and their dirty tricks?
- Always do your research on property values.
- Read all fine print in the contract.
- Maintain your negotiating position by keeping some information to yourself.
- Use third-party platforms for accurate comparisons.
- Trust but verify their recommendations, especially regarding solicitors.
How do you handle an estate agent?
- Be clear about your expectations from the start.
- Keep communication lines open and honest.
- Regularly request updates and provide feedback.
- Know your rights and the agency agreement terms.
- Don’t be afraid to question their advice or decisions.
How to negotiate with an estate agent?
- Know your property’s worth to back up your discussions.
- Be informed about the local market trends.
- Understand the agent’s fees and services to discuss reductions or value-added services.
- Propose a performance-based commission structure.
- Be prepared to walk away if your terms are not met.