10 things most people aren't aware of when working with estate agents.

Welcome to Butler & Co. 

I am committed to providing the best experience I can when it comes to selling your home.

I pride myself on honest and upfront advice to help you get sold. It's important to me, whether you choose me or not, that you know some important information about putting your home on the market. 

Curious about the hidden aspects of estate agency 🤔

Here are 10 things most people aren't aware of when working with estate agents, so you know what questions to ask so you can make an informed choice

1. Commission rates can be negotiated. Many people assume that the commission rate is fixed. However, you may be able to negotiate this fee, especially if you have a high-value property or are selling multiple properties.

2. The Real Market Value of Your Home.

   Some agents might overvalue your property to secure your business. This can lead to your property sitting on the market for longer periods. It's essential to get a realistic valuation based on thorough market analysis and that they share this research with you.

3. Local Market Conditions

   An agent might not always tell you if the local market is slow. Understanding the current market conditions helps set realistic expectations for the time it will take to sell your property. Don't be afraid to ask this question.

4. Buyer Financing Issues

   Sales can fall through if the buyer’s financing isn’t secure. Ensure your agent thoroughly vets potential buyers to minimize this risk.

5. Transparency About Offers

   Some agents may not disclose all offers to push for a higher commission or hold back offers to try and tie them into a mortgage deal. Make sure your agent is committed to transparency about every offer that comes in, whether it benefits them or not.

   Its is a legal requirement that estate agents submit ALL offers in writing within 48hrs of receipt to both seller and buyer.

6. Length of the Contract

   Long-term contracts can lock you in with an agent who might not be meeting your expectations. Read the terms and conditions, don't be rushed. Negotiate for a shorter contract with the option to renew if you’re satisfied with their performance. A good agent will be confident to have a reduced contract period as they know you will stay with them if you are happy with their service.

7. Marketing Plans

   Not all agents will give you a detailed marketing plan. Ask for specifics about how your property will be promoted, including online listings, social media, and local advertising.

8. Hidden Fees

   Ask for a breakdown of all fees involved in selling your property. Some agents might have hidden costs that only become apparent at the closing stage.

9. Potential for Price Reductions

   If your property doesn’t attract offers, some agents might push for a price reduction, without exploring all marketing avenues first. Make sure they exhaust all options before lowering the price. In certain situation's a price reduction may be required and benefit you. Just make sure your agent has discussed this scenario with you before marketing with them.

10. The Real Reason Behind Recommendations

    Sometimes agents recommend services or professionals (like mortgage brokers or home inspectors) because they get a referral fee, rather than these being the best companies to support you. Make sure the companies have a good reputation before using and ask for some of their reviews. Also, get a few recommendations to ensure you're getting unbiased advice.

    You are not obligated to use these recommended companies.

    
    

    

    
    
    
    

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