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Strutt & Parker News
Choosing your Agent
2 September 2008
Sector:
Property - For Sale

Let’s begin with some good news. The highest quality houses – that includes a lot of beautifully presented period properties – are still selling, despite all the gloom we keep reading about in our morning newspapers.

The key is a realistic asking price, a well thought out marketing strategy and a strong relationship between seller and agent. In today’s challenging market, choosing the right agent can be the difference between selling your home and moving on with your life or being left with an unsold, over-priced property that has stuck.

It goes without saying that the goal is selling for the best possible price but that doesn’t mean automatically appointing the agent who gives the highest price. More than ever, in the current market, an agent who you trust, who you can work with and who you believe can actually deliver what they say is key to a sale.

So if all your instincts are steering you towards a particular agent and yet that firm weighs in with a slightly disappointing valuation, don’t reject them out of hand. It may well be that this is the firm that really knows what it is doing, has accurately assessed the state of the market for your particular property and priced accordingly. It can make such a difference: get the pricing right from the start and you can still get buyers competing for desirable properties such as the classic Georgian rectory or the delightful and well situated cottage that may not have come on the market for a couple of generations. Get the initial pricing wrong, however, and it can be very difficult to re-galvanise market interest. Once prospective buyers – many of whom now monitor prices on an almost daily basis via the internet - have gained the perception that a property is over-priced it can be a real challenge to disabuse them of that perception

So don’t be over-impressed by a high valuation; be on your guard. It may be that they need your business more urgently than you need theirs. And remember, as long as you are staying in the market – i.e. buying another house in Britain - any easing in your own selling price is almost certain to be repeated in the price of the property you buy.

Have a look at the websites of the agents you are considering and see how they present themselves to the outside world. Look at what they’re selling now and, if possible, what they have sold in the recent past. If you have an unusual or particularly desirable period property, do they really have any experience in selling that sort of property or in that sector of the market? Make sure they are well represented on the big property web-sites – Primelocation, Rightmove and Globrix – because that’s how so many property searches begin these days. But always go back to the agents’ own sites when making a comparison.

How easy is it to use? Try and imagine what your property will look like on their website – an agent that has page after page of retirement bungalows on their site is probably not the right firm for your fine, edge of village, Victorian vicarage.

Once you’ve done your research, a short-list of three agents should be enough to make the all important decision about which firm to appoint. One local and one national firm is obviously sensible, with the third very much dependent on personal preference, geographical location and the type of house you’re selling. If you’re selling any sort of rare or particularly desirable period property, a national agent is almost always going to be the best bet.

Simply going with the agent that offers the highest valuation is never the best answer; go with the agent you feel you can work with and does the best job of justifying their valuation. You will also need to agree commission (typically between 1.5 % and 2% per cent) and the cost of extras such as brochures and national advertising. Don’t, however, be swayed by any agent that immediately offers to cut his commission; if he caves in on that, how quickly will he cave in on your asking price when negotiating with buyers?

In today’s market, a good agent will earn his commission and, of course, he only does that by getting your house sold.

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