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What does an estate agent do?
Estate agents work on behalf of the seller to:
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Value a property.
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Market it to potential buyers.
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Arrange and conduct viewings.
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Arrange or provide ancillary services such as surveys, valuations, etc
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Manage offers.
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Liaise with other professionals involved in the process mortgage providers, solicitors, surveyors, etc
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Hand over the keys on completion day.
How to find a good estate agent
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Word of mouth: Sellers should check that the agent has a good reputation. It is worth asking family, friends and neighbours who’ve sold property recently about their experiences and recommendation: word of mouth is very valuable.
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Sale boards: Estate agents with a lot of For Sale boards in your area may be dynamic and successful, but don't make a decision based on that alone.
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Check the local press: Do they advertise in the local press and in local magazines?
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Pretend to be a buyer: Visit their office pretending to be a buyer. The seller should be looking to see if the branch is busy, if they receive a good service from a buyers’ point of view and the types of properties that are suggested to them. The question really is: do I trust these people to sell my house and do a great job of it?
Questions a seller should ask an estate agent
Real estate agents are experts in selling properties, so it’s important to choose the right agent for your property sale process.
Here are our tips to assist you:
Once you've checked them out, choose three or four who look promising and start asking some tough questions. Here are the main issues that every good estate agent should be able to explain to a prospective client:
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Well established? How long have they been in business? Experience and local knowledge can be very valuable.
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Experience with similar properties? Do they have experience of selling properties like yours? If not, you may want to look elsewhere. What similar properties have they sold recently? How long did it take to sell and what price was achieved?
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Buyers on books: Do they have many buyers in their books looking for properties like yours? Any estate agent worth their salt should have a selection of potential viewers they can contact.
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Advertising: How will they advertise your property? Which publications, which property portals? Do they have examples of property details - online and in print. How well are the properties presented? If you were a potential buyer would you be impressed?
Understand your online advertising options:
Research shows that 6 out of 10 people search for properties to buy on the internet. Make sure you understand the different online advertising options available – for example, using Featured Business or Featured Property spots will help you to attract more buyers.
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Personal contact: Who in their company will handle your sale, one person, or several? How experienced are they?
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Viewings: How will they handle viewings? Will they accompany people to view the property? Do they work in the evening and at weekends?
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Managing The Sales Process: A good estate agent will regularly check up and down the property chain, and with the solicitors, to make sure everything is running smoothly for the sale of your property. By instructing an estate agent to sell your home, you are employing a company to manage as much of the process as you are comfortable with, taking away many of the stresses and strains of the task.
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Professional Affiliations: Many agents are members of professional bodies like the NIESV(Nigerian Institute Of Estate Surveyors And Valuers) ESVRABON(Estate Surveyors and Valuers Registration Board of Nigeria) And others. This means they have to abide by a code of conduct and can be subject to sanctions from their governing bodies. If your agent is a member of these organisations you can pursue a complaint through their internal processes.
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Property Valuations: How have they arrived at their valuation? Ask to see similar properties that they have recently sold. Ask them about the current market and what can be done to secure a sale. Sellers should be immediately wary by an agent who over-values their property. Don't trust an agent who always tells you what you want to hear.
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Estate Agent Fees: The key issues are: how much do they charge, how do they charge, and are they willing to negotiate on the fee? Are there any additional charges on top of the fees, and what are they for?
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Contracts: Ask to see their terms and conditions.How binding is the agreement, and how easy will it be to leave them if they're not delivering results?
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Gut Instinct: Do you like them and feel comfortable giving them your home to sell? If not, find someone else.
Please note, that guides and advices have been culled from various sources and are subject to change, www.propertiesng.com is not liable for the information you get from this website as it is subject to verification from a professional. Be aware of scams, there are a lot of unscrupulous people out there who pose to be Estate Agents, but are just out to swindle innocent people of their hard earned money, kindly deal with someone that offers legal services and advice like a lawyer when dealing with any Estate Agent, you can also check out our Forums and Ask a Question sections, where you can ask questions about any real estate agent and be sure of its existence and credibilty.
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