Five Reasons Why Using an Estate Agent Can Save You Thousands!

28 Feb 2017

by Helen Thring

The costs associated with buying and selling property can be substantial and sometimes when cash is limited, it can be tempting to skimp on the essentials. Many of us as first-time-buyers will remember having saved much-needed cash by press-ganging reluctant friends and family to help them move home, perhaps saving hundreds of pounds in the process.

That might be a sensible saving when all you are moving consists of a secondhand toaster, your uncle’s hand-me-down sofa and your treasured high-end hifi speakers or Jimmy Choos, but as we accumulate more valuable chattels, trusting the ming vase to little Johnny’s sticky hands starts to seem like a risk not worth taking!

The same principle can be applied to other costs associated with moving home. Most estate agents typically charge between 1.5% and 2% of a property’s sale price for their services, with some offering a lesser service for a reduced commission. Some simply charge an administrative ‘listing fee’, payable whether they sell your property or not.

Before you make a decision on who you use to sell your most valuable possession, your home, it’s important to weigh up what’s at stake if you make the wrong decision. After all, if your property sells for 5% less than its actual market value, that could cost you many thousands of pounds on the average Bracknell home. A sobering thought.

So, how can using the right estate agent save you thousands? Here’s how;

A property’s value is determined by many factors but in basic terms, it will depend upon what a buyer is prepared to pay a seller in an open market. In order to achieve the best selling price, which by definition is likely to be the property’s market value, many factors need to be considered and this is where the right estate agent can save you thousands;

1. Accurately assessing the open market value of a property is a skill that requires professional experience, detailed local knowledge, active participation in the local marketplace, dynamic and imaginative marketing, cost effective advertising and attention to detail. The right estate agent will recognise the difference in value from one street to another and market your property accordingly. This alone could add thousands to your sale price.
2. Recognising latent potential is a skill that some of us are born with, some of us learn and others never achieve. Knowing when that scrap of land is a building plot or conversion of loft space or a cellar has added £60,000 to property 8 doors down is exactly why an established, professional estate agent can save you thousands. We look at what is there – and what might be.
3. Dressing to impress is as important when selling your home as when going on a date. If you want to achieve the best possible price for your home you need to present it properly before you start the process. First impressions count. An experienced estate agent will help you prioritise what you need to do before the property is marketed and, just as importantly, what not to waste time and money addressing.
4. Skilled negotiation is an extremely important talent. When you think about it, why would you trust your most valuable asset to the hands of someone at the end of a phone line or email address unless they had a proven track record of selling property in your local area at the best possible price? Knowing when to push for a higher offer and when to accept the lower bid with a better chance of happening requires a clear understanding of the local market, the buyers active in that market and the mortgage sector.
5. Making it happen is the majority of what a good estate agent does and it’s probably the part of our job least explained. Even if we assume that your property has been properly prepared for market and widely marketed, with several viewings undertaken and a handful of offers having been submitted, considered, negotiated and shortlisted for acceptance, we are still a long way from an actual sale. The professional estate agent will remain in close contact with all parties associated with the sale, perhaps including other buyers and sellers in the chain, your solicitor, the buyer’s solicitor and the mortgagees. Transforming an offer on paper to a completion day requires experience, focus and determination. Recognising the warning signs of a failing deal and knowing what to do to save it is what a good estate agent can do and it’s an important reason why a good estate agent can save you thousands.

Whether we are achieving a higher sale price for your property by recognising potential and marketing it intelligently, or saving you money in abortive costs and delays, the professional estate agent can save you many thousands more than you will ever pay us in commission.

To learn more about what we can do for you and how much we charge, contact us now on 01344 860121.