How to avoid problems with estate agents
First of all, ensure sure your agent is reputable and properly
accredited. Most estate agents should be a member of either The
Property Ombudsman (TPO) or the National Association of Estate
Agents (NAEA), they should also be registered with the Estate
Agents Redress Scheme as approved by the Office of Fair
Trading.
Being accredited means that if a problem were to arise with your
estate agent they would be required to review your complaint
properly according to their relevant codes of practice.
Also be sure to ask what training the estate agent's employees
have undertaken. You do not want your biggest asset in the hands of
someone who doesn't know what they're doing.
Valuation
Be wary of an agent that values your home much higher than you
expected, they may be luring you into giving them sole instruction
to sell only to later suggest that the asking price be reduced.
Trustworthy agents should be members of the Royal Institution of
Chartered Surveyors and adhere to written guidelines. Ask them to
run through the process with you and show you "comparables"- prices
of similar properties in your area that have sold recently.
Details and particulars of your home
Inaccurate details of your home, the slow appearance of
particulars on paper and on the web, and poor-quality photos are
common complaints made against estate agents. If you're not
satisfied with the agent's brochure then hand it back to them and
suggest what they change.
Fees
Double check the agent's fees to see what they cover and if
there are any hidden extras. The Estate Agent's Act 1979 requires
details of all fees and charges, including agency fees to be
disclosed prior to instruction.
Publicity
You may end up paying more for publicity if you don't check what
is included in the basic agent's fee. It can cost £75 for a small
picture in a local paper and you don't want to be stuck with just a
sheet in their branch window and a website entry.
Viewings
Agents' failure to turn up to viewings is a very common
complaint. Specify beforehand if and when you want the agent to
accompany potential buyers on viewings.
Mortgages
Do not be tempted by an estate agent's "in-house" financial
advisers as you could end up paying way over the odds for a
mortgage. Consult a broker or shop around. It is illegal for an
agent to pass your financial details onto any third parties.
Buyers' finances
Estate agents frequently fail to ensure that potential buyers
have the means to pay for sellers' homes. Insist that an agent
presses the buyer to produce evidence that they can afford the
transaction e.g. a letter from a mortgage lender stating that
sufficient funds are in place. This will filter out time-wasters
and avoid sales falling through at a late stage.
"For Sale" boards
Make sure that the estate agent removes their "For Sale" sign
once the transaction is completed, or at least keep it up to date
if a sale has been agreed.
Some estate agents have even been criticised for leaving signs
outside homes on the books of rival agents to steal their
customers. Any such shenanigans may hinder the sale of your
home.
Feedback
Some agents fail to keep sellers up to date with details on the
progress of the sale such as feedback after viewings and whether
any offers have come in, this can cause delays to the sale. Hassle
your estate agent to keep you informed on every aspect of the sale
process.
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