Changing Agents Advice - Houses For Sale By The Sea

Changing Agents

Check your contract with your Estate agent to see when your contract with them ends. Contracts are usually 3 months long. After that you are free to change agents. Or you may choose to involve another agent and re-negotiate your fee with your existing agent. We do not charge you VAT on top of the Agent fee.

It is true that, apart from the OFT, there is no independent body regulating all Estate Agents, and that Agents do not need any qualifications to practise their profession. The Property Ombudsman (TPOS) has introduced a complaints procedure which should cover most agents and it is also possible to complain to the Office of Fair Trading.
Instructing an Estate Agent can really help you to sell your property, especially if the property is in any way unusual or if it is the first one you have tried to sell. Ideally, an Estate Agent will provide all the following (and more).

· Help and advice - whilst you navigate the selling process and set a price
· Marketing of the property as widely as possible
· Several possible buyers
· A good value service

However, it is worthwhile knowing some basic rules when dealing with Estate Agents.

Estate Agents' Services and trusting Internet Sales.

Firstly, it should be understood, that the Estate Agent does not ever handle your money for the sale of your house as the money passes from Bank account to Bank account. All Legal matters are handled by your solicitors.
Estate Agents can perform the whole selling process from the beginning to the end for you. If, however, you do not just want to sit back and let the Agent handle everything, you should make this clear from the outset. In order to maintain a good working relationship with your Estate Agent, it is important that you decide on how much you want to participate, and let the Agent know about it.

Suggest an Asking Price
The first thing an Estate Agent will do is to suggest an asking price. As mentioned above, you should not take their suggestion at face value but get your own idea of how much your property is worth. Factors that play a role when setting the asking price are the time frame in which you want to sell your house and the strength of the property market. Take your Agent's suggestion into account, but do not rely solely on it!
Presentation and Advertising
This is one of the key functions of an Estate Agent. Your Agent will take pictures of your house and compile a list of property details to put into a standard format for presentation. Make sure to tell your Agent about all the plus points of the property which he might not notice in one visit. Furthermore, confirm that you can check the presentation materials and property description before they are posted on listings and websites.
The form the advertisements take vary from Agent to Agent, but most will list your property in their windows and brochures. Some also place ads in property magazines or local papers, while most have a website with property listings. A good Estate Agent will make sure that the advert reaches the target audience. As most buyers now start their search for a home online it is more important than ever to ensure that your chosen estate agent advertises widely on the web.

Arrange Viewings
If you want your Agent to arrange and perform the viewings, make this clear from the outset, otherwise you might incur additional charges. On the other hand, you might prefer to show potential buyers around your house yourself in order to point out all its advantages. Most Estate Agents are fairly flexible when it comes to this.

Estate Agents are professionals in negotiation. Yet the same problem arises as with property valuations: an Agent's motivations might compromise his performance. He might be more concerned about securing a quick sale and advise you to accept the first offer that comes along. Or he might be so keen on pushing up the price as high as possible that he scares away potential buyers with his negotiation techniques.
We generally recommend you to have a fairly good idea of how much you want to (and can reasonably) get for your house, and to stick to it. If your house really does not sell, you can still make adjustments at a later date.
If you are a hard-nosed haggler who has already beaten down Tunisian cloth vendors and used-car dealers, you might prefer to take care of the negotiations yourself. There is nothing keeping you from it - just let your Estate Agent know!

The Cost
Typically, an Estate Agent will charge you between 2 and 1.5 per cent of the sales price as a commission, ( we charge 0.75% ), but their fees are usually negotiable. One thing to keep in mind is that your Agent might make a lot of profit if you are selling a mansion, but a one-bedroom flat in a shabby building in outer Sheffield won't pay for his children's education. Consider this before you try to push him below 1.5 per cent.
It is not recommended simply to go for the Estate Agent with the lowest fee. Read the small print of the contract and make sure the amount and quality of advertising is sufficient! An Agent's commission is usually based on whether there is one or more Estate Agency instructed with the sale. If the Estate Agent is the sole agency, which means they have the exclusive right to sell your home for about six to eight weeks, the commission will probably be lower than if you have a joint sole agency (you instruct two Agents to work together on your behalf and share the commission) or a multiple agency agreement, in which case several different Estate Agents compete to sell your house and do not share the agreed commission.

The Contract
Some common sense advice: before you sign the contract, read the small print and negotiate any contentious terms. You should make sure the time frame for the agreement is set properly; it does not usually exceed 3 months, after which you are free to switch Agents if you are dissatisfied. However, if you have a sole agency agreement, we recommend you push the term down a bit to approximately 6 weeks.

Estate Agents'
Agreements and Charges

When do agents get paid and by whom?
Estate agents act solely for you the vendor of the property who pays them but they may also work hard liaising with your purchaser so that the sale is drawn to a satisfactory conclusion. Their fees become due at exchange of contracts, but their invoices are generally paid upon your authorization, by your solicitor at completion. All fees are subject to Vat at the current rate of 20% .
Agency agreements are separated into three main categories:

1) Sole Agency:
This agreement is the most common - it is to be recommended in most cases because it is the cheapest option for the vendor and the agent has the incentive to market the property without competition for a given time. Most estate agents will offer you commission rates for this agreement at around 1.5% of the final sale price, i.e. £1500.00 (plus Vat) for a sale price of £100,000. In a sole agency agreement agents will often request that they have a set minimum period in which to sell your property without fear of competition. In fact this minimum time limit is not legally binding, but in fairness it would be reasonable to adhere to this and selling through another agent within this period would be bad practice and possibly extremely costly for you as a multiple agency fee would then be applicable.

2) Joint sole agency: This next step up from a sole agency agreement will cost you more. It means that normally two agents work together to sell your property (not in competition with each other). You can expect them to split the commission you pay either 50/50 or 60/40 in favor of the actual agency who introduced the buyer. Marketing your property like this may be recommended if you want different agencies to complement each other by exposing your home to slightly different audiences. Typical rates for this type of agreement would be in the region of 2.0% or a little more (plus Vat).

3) Multiple Agency: The most expensive way to employ agents to act for you. You can instruct as many agents as you like to sell your home, but this is an unusual tactic. Most would be purchasers will research the market introducing themselves to several agencies at a time. Generally they will find your property whether one or all of the agencies send details of it to them. This 'shot-gun' approach of exposing your home to the market could even back-fire on you as purchasers can interpret such marketing as a sign of desperation! Commission is payable to the successful agent only and could be expected to be in the region of 3.0% (plus Vat) of the sale price. NB If more than one agent markets your property they must all agree to the same guide price.

Tel: 01656 880147 Mob: 0791 0888 763

The Local Scenery of surrounding beaches and sunsets
Southerndown Bay
The View across to Porthcawl from Ogmore by Sea
Sunsets all year round
The Cliif from Ogmore to Southerndown
Morning sun up the Bristol Channel
Walking from Ogmore by Sea to Southerndown
Ogmore by Sea

A beautiful place to live, a beautiful place for life, The Gold coast of Wales.

For Viewing or selling Call on 01656 880147 or 0791 0888 763

Houses For Sale By The Sea