Is an estate agent worth the money? We may moan about them but when it comes to actually putting our homes up for sale, the vast majority of people still opt for a High Street agent’s services.
Why should you consider paying a professional estate agent to help sell your home?
1. Go online only and you’ll miss out on buyers
Only around 60% of properties are sold from an online enquiry, so you may be missing out on a large part of the market if you only instruct an online agent.
2. Estate agents aren’t ripping people off for thousands of pounds
Your fee is performance related and paid on receipt of the sales proceeds. Given the average UK price is around £180,000, according to the Nationwide and Halifax reports, and the average fee outside the South East is around 1.25%, that’s a fee of perhaps £2,250.
3. You only pay fees on a sale
An online agent can take their fee upfront, often as much as £799 or more, meaning it’s gone whether the property is sold or not. Saving around £1,000 on a fee sounds good but if a good agent gets you £10,000 more, who has proved worth their fee.
4. It’s a local game
Selling property is a local business. Six or seven locally based negotiators, all with buyers they know and have qualified, are likely to get a better result than an online agent with perhaps three or four agents covering the whole country.
5. People don’t like negotiating themselves
Like it or not many people don’t like talking about money and welcome someone doing it for them! Online agents will tell you they do that but it may be difficult for an online agent to understand or know local nuances and have the best armoury of tools to deploy on behalf of the person paying them, the seller.
6. Agents know how to price a property to get people in
How do you gauge the correct value to market at? Local knowledge is paramount here. Historical perspective is no substitute for making a market. Agents can use local knowledge whilst an online agent has to use the former, which may not yield the best price.
7. An estate agent will see the deal through
This is the most important point. Average time from agreed offer to exchange is now in excess of three months. The machinations required to get a deal through are considerable and often involve detailed local knowledge. Having to deal with surveyors, solicitors and mortgage brokers to get a deal done occupies more than half an agent’s time. This part of the service, is the engine room that sells and lets your property.
At Martin & Co, we understand what makes the local housing stock appealing at every price. It might be architectural detail or proximity to transport links; we know what will make your property appeal to buyers. We provide all the services of a traditional Estate Agency but have made them optional, so you only pay for the services you need. Please contact your local Rotherham or Chesterfield branches for more information.
Thanks to the primary author Ed Mead from London estate agent Douglas & Gordon