Looking for a buyer for your home might seem easy, but it is, in fact, a complex process. If you do not have a lot of time to invest in the process, it might make sense for you to hire an estate agent to do it. You might be, at the beginning, put off by the thought of having to pay quite a bit for their services, here are still some advantages of getting an expert to help you out:
1. List of potential buyers
An estate agent will also have a line of buyers who are looking for their dream home. If you are looking to sell quickly, this is a huge benefit, because you will not lose time posting ads and waiting for someone to call for a viewing. Instead, if they know someone who is looking for a property exactly like yours, then you immediately have a potential buyer!
2. Local knowledge
One of the most difficult things about selling a property is to figure out a selling price. If you just recently bought the property and renovated it, then its easier. But otherwise, you need someone who has knowledge of the market, the selling price for similar homes and can adjust it based on the current condition of your house. This is where the skills of a respectable estate agent come into play. It pays to get the advice and support of a quality estate agent with local knowledge.
3. Do the legwork
From measuring the rooms, taking photos to even putting up that sale sign outside your home, you can expect your estate agent to handle everything. This also means taking care of the time-consuming part, showing the property to potential buyers and even the tricky job of negotiating the final price. The last step is crucial especially if you are not well-versed in negotiation. After all, you want to sell your property for a good price!
How much should you expect to pay your estate agent?
The price you pay for their services can vary greatly, depending on the value of your property and how much you negotiate in the end. You can expect it, though, to be between 0.75% to 3% plus 20% VAT on the agreed selling price. However, the national average was found to be somewhere around 1.8% plus VAT.
If you have a high-value property, meaning over £500,000, you will find agents are willing to go even below 1% plus VAT. You should, however, try to start negotiating at 1% plus VAT.
Your estate agent should, according to law, list everything that in included in the fee, like advertising costs, costs of putting a For Sale sign and others. You should not have to pay for these extra. They can also help you get an Energy Performance Certificate (EPC), so you do not have to do it yourself.
The breadth of an estate agents services makes it worthwhile for you to hire them, as they can easily take on a lot of the work for you. Because they earn on commission, they will do their best to also get the best price for your property, making it a win-win situation for everyone.