Most people who are planning to buy or sell property will engage the services of an estate agency. However, many people have no idea what they should be looking for in an estate agent and so will latch on to the very first agency they come across. This is an approach that inevitably ends in disaster.
Instead, look for an agency that embodies the following characteristics.
They Are Upfront About Estate Agent Fees London
There are a whole host of fees associated with buying or selling a property. If you are planning on selling your home through an estate agent, you will need to be prepared to pay them a cut of the proceeds. This fee is known as a commission, and estate agents calculate it as a percentage of the final sale value. The commission rate will vary from estate agent to estate agent.
The average commission rate for estate agents in London is 1.42% of the final sale price. When calculating the commission rate, estate agents will include the rate of VAT.
But the commission rate can vary considerably among real estate agencies. Some charge less than 1% of the final sale price as a commission, whereas others will charge 3.5% or more. Numerous factors determine the commission rate you are going to pay. For example, the number of estate agents who are selling your property will have a significant impact on their commission rate.
If the last time you purchased a new property was before 2016, you might be expecting to see a bill for estate agents fees that doesn’t include the 20% VAT rate. However, 2016 saw the introduction of new regulations by The Property Ombudsman, which stated that any quotes for estate agent’s fees should include VAT. Despite this, you should always double-check whether the quote that estate agents give you includes the costs of VAT or not.
Is The Best Estate Agent West London The Cheapest Option?
Whenever you are spending money, it makes sense to try and minimise your costs. In some cases, the value of the fees that an estate agent is charging can seem astronomical. In the face of seemingly unjustifiable fees, many people opt to go with the estate agent that is going to offer them the cheapest possible rate. However, while this might make sense intuitively, it is a false economy.
The cheapest estate agent on offer might seem like an attractive choice. However, you get what you pay for. Whether you are hiring an estate agent or buying a new toaster, the more money you are willing to spend, the more likely you are to end up satisfied with your purchase. The best estate agents will charge more for their services, but there are good reasons for them to do so.
If you want to make sure that you are getting your money’s worth, compare any estate agency that you are considering hiring to their rivals to ascertain whether they are worth it or not. Have a look at who has been buying and selling the kind of property that you are dealing with. In most cases, it will make more sense to pay a little bit more for a better quality service. Paradoxically, spending more money on your estate agent could mean that you finish the process with more money than you otherwise would have.
Is The Best Estate Agent In West London Online Or Offline?
Whenever you are in the market for products or services in the 21st century, one of the first decisions you need to make is whether you opt to purchase online or offline. Choosing an estate agent is no different. There are advantages and drawbacks to both online and offline options. You should consider both before you make a final decision.
Should you opt for a conventional real estate agency that operates out of physical premises, you will be able to take advantage of them having an actual office. For many people, just knowing that such an office is there is a great comfort and gives them much more confidence when dealing with an estate agency. Most offline estate agencies will charge users a fee when the sale is finalised and won’t charge any fees unless they are successful in facilitating a transaction.
On the other hand, online real estate agencies tend to operate without an office that you can visit. In many cases, online real estate agencies will charge a fee for their services upfront, meaning that you will have to pay them irrespective of whether your property sells or not. There may also be additional fees and charges if a sale does take place. However, the main selling point of an online agency is simplicity and convenience. For example, if you are going to be travelling and will find it difficult to visit an estate agent’s office, an online agency can handle any queries you might have remotely.
The More Prior Experience They Have, The Better
You can’t put a price on experience. There is no amount of training or instruction that can compare with direct experience. The more experience an estate agent has, the more valuable they are. The best real estate agencies are the ones that have the most experienced agents. This experience is about more than just having agents who have a certain number of hours under their belt. It is also important that these agents bring a broad range of experiences to the table.
Finding an estate agency that has experience handling transactions involving the kind of property that you are trying to sell is always going to be beneficial. Prior experience will enable them to connect you with potential buyers as quickly as possible and ensure that you are able to sell your property as soon as you can. If you are dealing with a specialist type of property, you may well need a specialist estate agency to help you sell it.
When you are vetting potential estate agencies, their past experience is one of the most critical factors for you to consider. Their prior record will give you a good idea of what to expect as the sale process proceeds.
They Work For You
It might seem like an obvious point, but the estate agency that you hire will work for you, and they need to behave as such. They might know more than you do about the process of selling property, but that doesn’t mean that you shouldn’t be able to give your input when appropriate.
The best estate agencies will make an effort to accommodate you and let you know that you are an essential part of the process. In many cases, estate agencies will only get paid if they manage to facilitate a sale. If they aren’t able to sell your property, they won’t get paid. This motivation is part of the reason that you should be prepared to shop around to find the right agency. The best estate agencies tend to be the most confident. An estate agency that is willing to offer their services on a ‘no sale, no fee’ basis is usually one that you can trust to work in your best interests.
They Relish Competition
When you are in the market for estate agent services, you shouldn’t settle on the first estate agency that you come across. Instead, you should be prepared to take the time to accurately assess your options and decide on the best business for your specific needs. Any estate agency worth their salt will appreciate that their clients are looking for the best deal possible and will be considering other options, including competitors.
Don’t be afraid to tell estate agencies that you are talking to their competitors as part of your negotiations. If they are the kind of outfit that you want representing you in your property sale, they won’t be afraid to show their worth and demonstrate their superiority.
If you are looking for an estate agency with experience in a specific niche, there may only be a handful of viable agencies for you to choose from. In these cases, the estate agencies in question will likely be used to competing with one another, and they should have no trouble explaining to you why they are a better choice than their competitors.
Buying and selling a property can be a complicated process. For those that have never navigated these waters before, it can be hard even to know where to begin. Fortunately, there are businesses on hand to help you with your next property trade. Having the right real estate agency on your side can make an enormous difference to the experience that you have, whether you are buying or selling property. Choosing the right agency won’t just ensure that the entire process proceeds as smoothly as possible, but it will also ensure that you minimise your fees and walk away with as much money as possible.
Greater London Properties has years of experience representing both buyers and sellers. Our record speaks for itself. You can find allAgents Client Reviews on our website attesting to the level of service that we provide.