The 3 Most Costly Estate Agents Mistakes- and how to avoid them!
Published by Property Saviour
The UK's No.1 Fast House Sale Company
April 29, 2015 - Read time: 3 minutes
Here at Property Saviour we really want you to have the best experience of selling your property. We often hear from customers who have had a bad experience and made mistakes when it comes to dealing with Estate Agents. So here are our tips on the 3 most costly Estate Agents mistakes and how to avoid them!
Mistake 1 – Picking an agent at random!
When asking people how they chose their estate agent, often you hear “Another house on same street is up for sale with them so I gave them mine” or “They were the cheapest” and “I really liked their boards!”
Our first recommendation is to check on Rightmove to see who is selling the most properties in your area. Go with an estate agent who have sold a high number of properties compared to how many properties are available on the market. Learn more on how to select an estate agent that will sell your house click here.
Mistake 2 – Raising your expectations then losing you thousands!
Being ambitious with your asking price is what makes an estate agent win more business. “You can not increase a price but you can always reduce it” is the advice that is given. Or vendors say “We are not in a rush to sell!”
If your price is unrealistic, potential buyers will not bother even looking at it. Your house will not sell in a desired time-frame. Psychologically other buyers will think “What is wrong with this house?” Price your house realistically and it will sell.
On an empty property there are hidden costs. These include mortgage payments, council tax, standing utility charges and extra insurance for an unoccupied property. This can add up to thousands of pounds of extra bills.
Mistake 3 – Not checking the status of your buyer!
“OK. Mrs. Jones we have sold your property!” says an excited estate agent. “You should instruct solicitors today!”. You instruct your solicitors only to find out that the buyer can’t get a mortgage! You may find that out after 2 months of wasted time and expensive abortive solicitors fees.
Always financially qualify your buyer. Do they have a mortgage offer in principle? Have you seen their deposit? Have they instructed and paid their solicitors’ fee? Do not instruct your solicitor until a satisfactory mortgage survey has been completed by your buyer & they are in receipt of a firm mortgage offer.
Remember, we buy houses so just make a quick enquiry if you had enough of your estate agent.
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