The Role of Estate Agents
The vast majority of vendors with a property to sell in the UK use an estate agent to market their property. Choosing an effective and good quality estate agent who can manage the buying & selling process on your behalf brings a huge range of benefits. An estate agent can make arrangements for you to obtain a Home Information Pack and an Energy Performance Certificate, which from the 1st August 2007 are both legal requirements when a property with four or more bedrooms is put on the market. Remember, the fee isn’t the most important factor in choosing an estate agent.
In the United Kingdom residential estate agents are largely unregulated (although legal provision exists to introduce regulation). There is no legal requirement to belong to either organisation in order to trade as an estate agent.
Since around 2000, online estate agents have provided an alternative to the traditional fee structure, claiming cheaper, fixed fee selling packages. These online estate agents claim to give private property sellers the ability to market their property via the major property portals (the preferred medium used by traditional high street estate agents) for a fraction of the cost of traditional estate agency.
The fees charged by a residential letting agent are extremely variable, depending on whether the agent manages the property or simply arranges new tenants. Estate agents selling residential property generally charge between 1/2% to 4% of the sales price plus VAT, depending on the contractual arrangement and whether an individual firm has sole rights to the sale. New types of property portals based in the United Kingdom have started to encourage UK and worldwide estate agents to collaborate by showing all their properties, thus allowing site visitors to see a vast array of UK and overseas properties all on one website.
Here are just some of the advantages of instructing an estate agent:Your home will be appraised by an estate agent who can advise you about local market conditions and provide an accurate assessment of the correct marketing price. You can access a number of other important services through estate agents such as financial advice, conveyancing and other home moving products and help. A good one will also give you great service, keep you informed throughout the process and negotiate the best deal on your behalf.
If you are unsure about which estate agent to use then you should seek out a number of professionally recognised bodies for estate agents in the UK. These can normally be found online and will provide you with lots of details on estate agents in your area.