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Picking the Right Estate Agent

Picking the Right Estate Agent

If you’re looking to turn those country weekends into a permanent situation, deciding to sell your home is just the first step. Here’s a few tips on making sure you get the most value out of your property before you escape to the country.

Is There Strength in Numbers? When putting your home on the market, you can decide to work with a sole agency or go with multiple agents, but which option will result in a better final price? The biggest factor to consider when doing this is the increased agency fees you’ll incur, and whether or not this will offset the potential bigger viewer base. If you’re lucky enough to live in a desirable location and there aren’t many similar properties in the area available, you might want to consider sticking with a sole real estate agent. The house should, essentially, sell itself at this point. While having more agencies working on the property may result in a quicker sale, you’re unlikely to see a big difference in the final price. If this sounds similar to your current situation, consider going with a sole agency unless you’re really need the quick sell. The main benefit of going with a multi-agency agreement is it will help you if there a number of similar homes on the market in your area. Agents work on commission, but only the agency that sells your property will see any cash so it’s in their own interest to sell your home. Now that they're also competing with rival firms they’ll be more focused on making sure your home stands out. If lots of owners in your area are trying to take advantage of the London property market, you might need an extra agent or two so your home doesn’t get lost in the crowd. What Kind of Fees Can You Expect? Each agency’s cost will vary but you should expect to pay between 0.75-3.75% of the final value fee plus 20% VAT. If you agree to a multi-agency agreement, firms will demand fees on the higher end of that spectrum to offset the risk of potentially getting nothing. Contrary to the general expectation that London agencies are the highest in the country, surveys showed that the average 1.7% fee is actually just under the nationwide 1.8% average. Because of the soaring house prices in London at the moment, firms are willing to lower their fees just to get a piece of the action. If you’re fortunate enough to be sitting on a property in the higher end of the market, think £500,000 plus, you should push be able to push them down to 1% and possibly even under. Finally leaving the hustle and bustle of city life for the South West countryside is a big step. To make sure you get the best price for your home, you’ll need to do some research and make sure you choose the real estate options that best suit your situation.      

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