Despite mortgage rates rising, the housing market has held steady.
Spring is a popular time to move home, and Rightmove figures show that the number of homes for sale is at an 11-year high for this time of year.
If you’re considering selling your home, choosing the right estate agent can make the process go more smoothly.
Here, we talk to experts to find out the common mistakes estate agents make when selling properties to help you choose the right one for your sale.
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Setting an unrealistic asking price
Watch out for estate agents that inflate the valuation of your property to win you over, as setting an unrealistic asking price can make your home more difficult to sell and lead to a lower sale price.
Colleen Babcock, property expert at Rightmove, explains: ‘In this kind of market, being not only competitive on price, but competitive from the outset when setting an asking price for your home, is critical.
‘Our research shows that relying on later price reductions is a much tougher and less effective strategy when buyers are very price sensitive and have so many alternatives to choose from.’
If you’re about to put your home on the market, researching property prices in your area is crucial, and a good agent can help you do this.
Justin Holder, Hamptons head of sales (Chiswick), advises sellers to focus on evidence-based pricing: ‘Collaborate with an experienced agent who can provide evidence-based pricing advice, supported by recent comparable sales and an in-depth understanding of buyer behaviour in your area.
‘Be wary of agents who offer inflated valuations to win instructions; if they can’t convincingly justify the price to you, they’ll struggle to convince prospective buyers. The first few weeks on the market are crucial; launching too high and reducing later typically results in a lower final sale price.’
- Find out more: how much is your house worth? Use our guide to understand your home’s true value.
Ignoring the paperwork
It’s easy to list your property, but if you don’t have the right documents in place, it can hold up a sale.
For example, if your property has been upgraded with an extension, you will need copies of the planning permission and final building regulation certificates before you complete. It’s also possible to complete certain forms, such as the fixtures and fittings form, in advance.
A good estate agent can help to save time by letting sellers know they should organise these documents early on.
Tony Filice, of estate agent Kelvin Francis in Cardiff, explained: ‘If a vendor obtains this information prior to launching the property on the open market, they save on average three to four weeks, and thereby as soon as a sale has been agreed, a contract can be issued immediately to the purchaser’s solicitor with the vendor pack.’
To help you pick an efficient firm that will move your sale along, consider asking potential agents the steps they will take to ensure a smooth sale.
- Find out more: how to sell your house
Avoiding the survey question
Homebuyers in England, Wales and Northern Ireland may want to arrange a house survey to ensure there are no major issues with the condition of the property (the process differs in Scotland). This is a good idea, but it can delay the process if not organised early on.
As it’s up to the buyer to decide if they want this and instruct a surveyor, a seller’s estate agent may choose not to mention it.
Filice told us the process of booking a chartered surveyor and receiving the report can take around four weeks, and there may be another two to three weeks to factor in if there is damp, rewiring or other issues that need to be renegotiated.
So, to prevent a delay of up to seven weeks, it’s best for an agent to address this question head-on. Filice says he asks that buyers obtain a private survey in the first two weeks of agreeing a sale.
- Find out more: the different types of house surveys
Leaving the chain unattended
When selling your home, there may be a lot of moving parts to keep on top of.
The buyer will need to instruct solicitors, obtain a mortgage, complete various forms and potentially get a survey before they are ready to exchange. Solicitors or conveyancers will need to do searches and check contracts. This list of tasks multiplies many times over if there are several buyers and sellers in your chain.
So, estate agents that leave buyers and solicitors to it could inadvertently cause unnecessary delays, increasing the likelihood of the sale falling through – all of which could cost you. Those who experienced problems or a breakdown in their housing chain spent an extra £2,127 on average, according to Barclays research earlier this year.
Filice explains: ‘Time is a killer in the sense that circumstances change for buyers and vendors, such as becoming redundant, buyers seeing a more attractive alternative property, ill health and other reasons.’
The right estate agent will actively check in with all parts of the chain to ensure everyone is keeping up with what needs to be done each week.
- Find out more: tips to avoid pain in a chain
How to choose the right estate agent
It’s important to look for firms that have experience selling properties like yours in your local area.
You could do this by walking down your local high street, checking online or in local newspapers. Also, speak to friends, family members and neighbours to see if they can recommend an estate agent.
The fee is another important factor. If you would like to prioritise a lower fee and have more time to dedicate to the sale, you could consider an online estate agent.
These are run via websites and call centres, and tend to offer a more basic service than you’d receive from a high street agent (you might need to conduct your own viewings, for example). As a result, they charge lower fees.
Whichever type of agent you go for, make sure to ask how much they will charge and if there are any contractual clauses to know about, such as tie-in periods.
- Find out more: how to find the best estate agent
