Welcome to firstchoicepropertynet.com Sellers Guide

So you have decided to sell your property.

If you are very lucky you may have someone in mind who would like to buy your property, in this case you could sell your property privately and save money on estate agents commission. This process is quite simple for you all you do is inform your solicitor of all the details of the buyer and their solicitors details and the solicitors will do the rest. However this is really the case and most of us have to us an estate agent so the rest of this guide is devoted to finding the right agent to sell your property.

Where do I find a good estate agent

There are usually a large number of estate agents in every area, some more successful than others. It's now you job to find the best one to sell your property and get the best commission rate. Instead of just picking up the yellow pages or searching yell.com or the local paper, ask your friends to find out the experience they may have had with their estate agent. It is also worth looking at the local agent close to your property, estate agents tent to be geographical and have offices in local areas on large estate and certain areas in the town. Sometimes these agents are more in tune with the correct price of the properties in their area, and attract a large number of potential buyers looking for property in that area.

How much will I have to pay a good Estate Agent in commission to sell my property?

Commission varies from agent to agent in general you will pay between 1 to 1½% for sole agency and 2 to 3% for multiple agency at firstchoicepropertynet.com you will pay only 1% sole agency(min £1200) and 1.75% multiple agency, and remember commission is usually negotiable with most agents.

What is a sole or multiple agency agreement?

Sole Agency

Is the cheapest way to sell your property you will be asked by your chosen agent to sign an agreement for a given period of time to say that they are the only agent that can market and sell your property for the agreed period. Usually the commission rate on sole agency is much lower than multiple agency.

But beware some agents will try to tie you in to an agreement for ridiculous amounts of time such as 22 weeks which means they have 22 weeks to sell your property or do nothing which sometimes is the case.

It is our opinion that if an agent can't sell your property or find out why they can't sell it in 8 weeks there not worth using. If there is a particular reason your property won't sell or the market is poor at that time, and you are happy with what they are doing you can always continue your sole agency agreement with them.

If they tell you that they can give you a reduced commission rate if you sign up for 22 weeks don't use them there are plenty of agents around that will do a better job and in a shorter time.

We at firstchoicepropertynet .com only ever ask for an 8-week sole agency agreement. Remember if you appoint another agent during the sole agency period and they sell your property you may be liable to pay commission to both agents.

Always read the small print of any agreement before you sign it, if you are unsure of any of the clauses in the contract ask questions, if you are still unsure of seek independent advice.

Sole selling rights

Avoid this type of agreement at all cost now days very few agents use this type of agreement. Simply this agreement means that even if the agent does not introduce the buyer to your property you still have to pay them commission.

For example you meet one of your relatives who you haven't seen for some years you happen to tell them you are selling your house. Their reaction is OH I have always loved your house I will buy it, this would be nothing to do with your agent. It would simply be a private sale and in no way was the sale instigated by your agent, under the sole selling rights agreement you would still have to pay your estate agent commission.

Multiple Agency

You will probably pay more in commission with this type of agreement but you will not be restricted by the number of agents you use. You will only pay the agent that introduces a buyer and sells your property remember multiple agency commission rate is usually negotiable.

Beware of the over valuation trap

We are not suggesting that all estate agents are unscrupulous there are some very professional estate agents out there, and some not so professional. If you find that your house has been valued much higher than another agent has valued it, take a look around at the average price of property in your area.

Try to find out why yours should be deferent and get some more valuations from other agents. It's not uncommon for a particular agent to value a house way over the market value, remember the estate agents business is to sell houses. They are also in business against other agents they want your house on their books in order to get your commission.

If they promise to get you more for your house than other agents it is usually a sales ploy to get you sign a long sole agency agreement with them to get your commission.

So What's the point if they can't sell it at that price.

They will sign you up for an agreement of say 12-16-or 22 weeks and gradually over that period they will suggest that the market has changed in your area. and suggest that the price should be reduced. You end up getting the same price for your property as the other agents would have achieved, they get their commission, and it takes longer to sell your property.

It is worth mentioning

Although this practice does go on if you see a property advertised it the local newspaper that you feel is over priced for the area don't immediately think the worst of the estate agent.

When an agent values a house he is giving you the benefit of his experience and the price he feels he can achieve for your house, if you the client want your house marked at a higher price he is faced with a difficult decision.

He either refuses to market your property and looses your business or advises you that the price is to high but agrees advertise your property and test the market and response. He is hope that he either sells it or you will take his advice and adjust the price accordingly.

Under these circumstances it will take longer to sell your property, you only have yourself to blame for not taking the agents advice in the first place so keep an open mind.

Now you have found the best agent to sell your property before you actually put your house on the market It's time to think about how to prepare you property to get the best price.

There are a number of small things you can do to help you get the best price for your property. See our link Prepare Your Property