In the UK the majority of properties are sold with the services provided by estate agents. In the media they do not receive the best press although to be fair the people who work as estate agents are a reasonable cross section of society. Fundamentally there are both good and bad agents operating in the UK, with current market conditions however it is the good agents that will prosper, as recession hits, those poor agents are likely to receive less business, to use a proverb it is like cutting the wheat from the chaff. But how can consumers, in this case buyers make the most of estate agents? What are the key questions to ask an agent before employing their services?
Fundamentally the agent is there to act for the vendor of property, it is their job to obtain the asking price for a property, or to get as close to the asking price as possible. It is worth remembering this at all stages of the process, that ultimately estate agents are sales people, there to sell a commodity to a buyer. Hopefully the following information will give buyers an idea of the right questions that should be asked when viewing properties and placing offers.
First and foremost it is advisable to ask estate agents why the property owner is selling their property. While some agents may hold their cards close to their chest, some may give the buyer essential information that will give an idea of the seller's situation. It is unlikely however that the buyer will tell you that the seller is desperate to move, after all, their fee is calculated as a percentage of the eventual sale price so it is not in their interests to sell the property for a low price. That said, any information gained at this stage can help the buyer put forward a realistic and attractive offer for the property.
It is always worth asking agents how long the property has been on the market, once again this will affect the offer the buyers put in as a house that has sat on the market for an extended period of time will typically attract a lower price. Additionally, a property that has sat on the market for an age may have something wrong with it, either way; this question is a worthwhile one to ask.
The buyer can also gain valuable information by asking how soon the buyer needs to move; by obtaining an idea of the urgency of the move the buyer can gain an idea of how rapidly they must pursue the sales process. It is also usually worth asking estate agents who was involved in calculating the asking price, often this occurs after deliberation between seller and agent although some sellers choose to market their property at a price that they think it is worth, if this is the case, it is sometimes possible to gain the backing of the estate should they think the asking price is too high.
If the price for the property is not negotiable it can be productive to ask estate agents what other properties they have on the market for a similar price. Ultimately they are there to sell you a property and if the process for this particular house has stagnated, they will often be happy to offer another property in that area of the UK that is a similar price. Additionally, this can help in making a seller reduce their asking price, especially if it is too high.
It is hoped this article has given those buying property an idea of how to extract the most relevant and useful information from estate agents in the UK. An agent will work with you to secure a deal; in most cases they will be happy to answer these questions if it increases their chances of securing a deal.
Author Resource:
Property specialist Thomas Pretty gives buyers some of the key questions the should ask UK estate agents agents if they want to secure a great deal.
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