What is the role of an estate agent?
Everyone has heard of estate agents, but would you be able to define precisely what their duties are?
In this blog, we sum up the role and how agents could help your property transaction progress smoothly.
1.) Property valuations
Estate agents, particularly High Street ones, use their extensive understanding of a local property sector to provide an accurate view of your home’s value. Clearly, setting the asking price realistically is vital in terms of not missing out yourself, while attracting potential purchasers.
Agents also access the prices of homes similar to yours via the Land Registry for increased accuracy.
There are things you can do yourself, too, including getting three different valuations from three separate agents before choosing one, and doing some of your own online research. Equally, be wary of valuations which seem too good to be true.
2.) Property marketing
This includes professional photography, an accurate floor plan and a great property description.
Ensure all details are correct, and that the imagery is of the standard required. You’ll also need an Energy Performance Certificate (EPC) detailing the house’s energy use and average energy expenses. This document remains valid for 10 years, and ratings are from A to G, with the former being the most efficient. Get a quote from your agent for yours, but shop around yourself, too. (Equally, check first whether your EPC is still valid.)
3.) Conducting viewings
Estate agents arrange property viewings and show people around, answering questions and so on. And there are benefits in having your agent, as a neutral party, do this – plus it saves you time and hassle. A local agent will typically organise viewings as part of their fee; equally, they may organise an open day with multiple viewers.
4.) Managing negotiations
One element of estate agent’s role is to act as go-between for property owners and prospective purchasers. For example, agents will receive offers, pass them on and convey responses. They can also relay a feel for the level of offer that may be considered acceptable, and provide information on the owners’ position.
5.) Weeding out time-wasters
The Property Ombudsman says agents must take reasonable measures to ensure potential buyers are serious, and that they have the necessary funds available, and keep in touch with the seller about this. They’ll find out, for example, whether the prospective purchaser needs to sell a place first, requires a mortgage or is a cash buyer. Often, they’ll ask the would-be new owner to show a mortgage agreement in principle, proving they can afford the house or flat.
Once an offer has been accepted, the agent must keep a close eye on progress and stay in touch with you. Equally, they should help you to assess whether or not to accept an offer, although ultimately that decision is yours.
6.) Keeping things on track
Once you’ve agreed to an offer, the agent typically releases a Memorandum of Sale to interested parties. But their involvement doesn’t end there – agents help move the sale forward to the point of exchange of contracts and an agreed completion date.
If anything goes wrong, or you’re not attracting the number of viewers you’d like, your agent should be able to help with advice and a tweaked strategy for success.
So the best estate agents are involved from start to finish, and you’re unlikely to have the right knowledge or expertise to sell your home yourself. But you don’t have to pay over the odds for this service, or settle for the agent claiming they can sell your property for the highest price, or the one charging the smallest fee.
Talk to Carter & May
At Carter & May, we’re leading estate agents for Salisbury and the surrounding areas, and have a strong physical presence in the city. We’re proud to be independent, and handle sales, purchases, lettings and rentals, thanks to our impeccable local knowledge, experience and use of the latest technology.
Call us today to book a valuation see how our tailored service could help your unique situation.