JW’s Handy Tips – Choosing an estate agent
Selecting the Right Estate Agent
A high-quality estate agent does more than just list a property; they manage the chain, negotiate the best price, and drive the sale to completion. When inviting agents for valuations, comparing them on a like-for-like basis is essential.
Beware of Over-Valuation
A common tactic to secure a listing is "flattery valuation"—suggesting a significantly higher price than local market data supports. This can lead to the property stagnating on the market and eventually requiring a price drop, which often puts buyers in a stronger negotiating position. Requesting evidence of "comparable sales" (properties sold in the last 6 months) ensures the valuation is realistic.
Reviewing the Tie-In Period
Estate agent contracts often include a "sole agency" tie-in period, which can range from 4 to 16 weeks. It is advisable to negotiate this down to a shorter term (e.g., 4–8 weeks). This keeps the agent motivated to sell the property quickly and allows for a change in strategy if the service is unsatisfactory.
Commission Structure Clarity
Agent fees are typically a percentage of the final sale price (usually 1% to 2% + VAT). Ensure the contract states that the fee is only payable upon "successful completion." It is also worth verifying if there are any additional costs for professional photography, floorplans, or "premium" listings on property portals.
The Agent Comparison Check
| Criteria | Standard High Street | Online/Hybrid Agent |
|---|---|---|
| Fees | Percentage (No Sale, No Fee) | Fixed Upfront Fee (usually) |
| Viewings | Typically accompanied | Owner-led (unless extra fee) |
| Market Knowledge | Deep local expertise | Broader regional knowledge |
| Sales Progression | In-house management | Often centralised call centres |
Final Question to Ask:
"Who exactly will be handling the negotiation once an offer is received?" Ensuring that an experienced senior negotiator—rather than a junior administrator—is handling the financial discussions can make a significant difference to the final outcome.