Have you ever found yourself wondering what exactly an estate agent does? Most agents will take an agreed fee or payment when a property sells – but how do they earn this money, and do you even need their assistance? The short answer is that estate agents help sell your home. Whilst you certainly can do this yourself, they are experts in achieving the best price within the shortest possible timeframes, with years of experience in the industry. Estate agents also help with the more complex areas of property transactions such as negotiations, checks and contracts. Whether you are selling or buying, read on to discover what estate agents do and if their services could help you.
How do estate agents help sellers?
Estate agents work in multiple roles – helping sellers achieve high prices and quick sales, as well as matching prospective purchasers with homes they love. In the selling process, estate agents are instructed and work on behalf of the seller. So, what are some of the key things estate agents do?
Pricing and Valuations
If you are thinking of putting your home on the market, one of the first things an estate agent can help with is valuing your property. It is a good idea to seek the opinion of a few different agencies. A good estate agent will have a thorough understanding of current market conditions and what buyers are looking for. They are not only able to advise on the worth of your property – but also any improvements (such as a lick of paint or a garden makeover) that will increase your home’s appeal.
Setting the right price is crucial for a quick house sale. Whilst it is a good idea to supplement professional opinions with your own research, do remember that most property views come in the first two weeks of listings going online. Make sure to listen to your estate agent’s advice – ensuring that your home is priced appropriately to achieve the highest possible amount without putting-off prospective purchasers and delaying the sale.
Marketing and Advertising
Marketing your property is one of the most important things an estate agent does for a seller. There are several key aspects to advertising a property, first among which is photography. In addition to supplying top quality images, estate agents write compelling copy to sell your home. Buyers pay careful attention to listing descriptions (looking for key words such as gardens, parking or period features) and knowing what aspects to highlight is vital.
In addition to listing descriptions and photography, estate agents should market your home via their own website as well as leading online property portals such as Rightmove, Zoopla and Prime Location. This isn’t something that owners are often able to do themselves, and a key reason that many sellers enlist the help of an estate agent. Afterall, the more people that see your property listing, the higher the chance you’ll achieve your asking price.
Vetting Buyers
A very important but often underrated role estate agents perform is to make sure that vendors are only dealing with buyers in a position to proceed. If your estate agent is an accredited member of the Property Ombudsman’s Code of Practice, they must take reasonable steps to ensure buyers have appropriate funds to complete their offer. This often includes asking buyers if they are in a property chain, whether they have a mortgage “agreement in principle” and for additional proof of funds. After you have formally accepted an offer, your estate agent should also monitor the buyer’s progress in securing funds and keep you appropriately informed on developments.
Estate agents are legally obliged to put all offers through to vendors – but they can help you assess how serious each offer might be. Should you be in the lucky position of receiving multiple offers on a property, an estate agent might also manage a “Best and Final” offers process. Ultimately, the decision of whether to accept an offer is down to you, but a good estate agent will make this decision-making process easier.
Negotiating Deals
At the later stages of the home selling process, estate agents will help negotiate the best price for your property, field enquiries and see the process through to completion. Many modern agencies are flexible around viewings (i.e. allowing you to perform these yourself) but can still help with seeking honest feedback and taking offers afterwards. The myriad variables of selling a property, including mortgage applications, structural surveys, solicitor’s checks, property chains and contractual talks can be difficult to manage – all things that an estate agent will help you negotiate, dealing with any problems as they arise.
How do estate agents help buyers?
In the property process, estate agents are instructed and act on behalf of sellers – but this doesn’t mean that they can’t assist buyers as well. Estate agents are professional experts in matching people to property and could help you find your dream home.
Purchasing through an agent
Buying a property through an estate agent offers buyers peace of mind, knowing that a home has been professionally valued, as well as that paperwork will be appropriately handled. Estate agents will have many properties on their books (with further knowledge of homes just about to come to market), able to advise on properties that match your needs. They can also answer any questions you have on the property, communicating with the vendor as appropriate.
Once you have made an offer, estate agents will liaise between buyer and seller, explaining your financial situation in a professional and honest manner. Estate agents can often recommend solicitors and surveyors (although appointing such professionals will ultimately be down to the buyer) and can further advise on the progress of the sale. How long purchases take can vary depending on the personal circumstances of both buyers and sellers, but a good estate agent will keep both parties informed throughout, managing expectations on timeframes for completion.
Selling and buying houses can sometimes be a complex process. Navigating the various aspects can take a lot of time and expertise, which is why most buyers and sellers ask estate agents to help. Understanding what an estate agent does and how they can help with preparing homes for sale, marketing and negotiations is key to a stress-free process. Good luck, and happy home moving.
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