Selling Privately Breaking The Bad News To Your Estate Agent


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Selling a home can be a frustrating business especially when you feel that an estate agent is not working hard enough for you.  I regularly deal with calls from vendors frustrated by their estate agents. Its sometimes the case that once the agent has deployed all their marketing tools it appears that nothing else is being done.

The fact is that most estate agents will apply the same marketing exposure to all their clients. One of the biggest sources of stress for many vendors is sitting and waiting for buyers. More and more homeowners also reflect on the saving that can be made going it alone with a private house sale

Pricing a home correctly to sell

One of the most significant reasons a home does not sell quickly is over pricing. Its a huge mistake to value a property above whats its actually worth. Buyers will always compare like for like and the internet makes it easy to spot over priced homes.  Unfortunately there are still a few estate agents that may  over price your home to win your business.  They then typically ask you to lower the price after your home does not attract any worthwhile attention. This serves to waste time but also puts a buyer in stronger position.

Estate agent for sale board v Private Sellers for sale board

For sale boards are very effective at attracting local buyers and it’s one of the best used marketing tools for estate agents. When selling privately you can also compete with an agent by ordering your own for sale board. One thing to note that you should not erect two For Sale boards outside your home as you will be in breach of Town and Country planning laws governed by local authorities

Release the stress of a home sale

To release the stress its good to get proactive and selling a home using your own creative marketing ideas can be very effective.  Before advertising your home for sale while under contract with an estate agent you should consider

 

       The type of contract you have signed (Sole Selling Contracts do not allow both private sales and estate agency)

      Informing the estate agent of your intentions

      Pricing your home

      Using your own photos not the estate agents

      Using your own For Sale Board(very effective)

 

By stating that your now taking control of the selling process your existing agent will no doubt feel the pressure of potential loss of business.  

 

Top tip when dealing with estate agent contracts is that you ensure your contract gives you the flexibility to terminate without incurring a penalty, and go elsewhere if your’e unhappy with your agent.

 

Estate agent contracts

 

Which.co.uk breakdown estate agent contracts as follows:

 

Sole selling

This means that the estate agent is the only agent with the right to sell your home during the term of the contract.The estate agent is entitled to payment, even if you find a buyer yourself. We recommend you don’t sign a contract with sole selling rights.

 

Sole agency

Sole agency is the most common estate agent contract. This is the same as sole selling with the exception that, if you find a buyer yourself, you don’t have to pay the estate agent fees.

 

However, if sole agency contracts are open-ended, an agent can still claim commission if it introduced a buyer – even if the offer is made months (or potentially years) after the estate agent stopped marketing your property.

 

Multi agency

This means that several estate agents act for you, but only the agent that sells your property is entitled to receive a commission. The commission rate is usually higher for a multi-agency contract.

 

Ready, willing and able purchaser

If this clause is in your contract, don’t sign it. It means you’ll still have to pay the agent for finding a buyer even if your situation changes and you have to withdraw from the sale.


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