
What is an Estate Agent?
Estate agents are a curious mixture of sales, marketing, administration and counsellors. Used right, estate agents can maximise the selling value of your home by marketing it to the widest possible audience. Once buyers have started to enquire about the property, agents switch over to sales skills to make sure any enquiries are handled and offer negotiations are conducted to the benefit of the owner. If an offer is agreed, the agent becomes an administrator and shepherds the transaction through to legal completion. Counselling generally comes in useful when things don’t go as planned.
Types of estate agent
There are three main types of estate agent – corporate, independent and internet based. With the first two types, the obvious differences are size and how senior the agent is that you’ll have contact with. However, there are many more important differences and selling points between agents.
Corporate – in terms of numbers, most of the UK’s estate agents are part of national chains with multiple branches across the country. Many of these chains are owned by several large corporations or financial institutions – it is a little publicised fact that several agents in a town can be owned by the same company but trade under different names. Widespread brand recognition, lots of outlets but high staff turnover and a tendency to heavily target employees to sell mortgages and ancillary services (rather than concentrate on being pure Estate Agents).
Independent – owner/operators, often running one branch or a small network of branches. Usually local people who have worked in estate agency for many years. Smaller brands, less outlets, sometimes less marketing capabilities but a more personal, hands on approach with time to concentrate on each property..
Internet based – little or no High St presence, often charging fees up front and invariably expecting owners to do much of the traditional agent’s work. Considerably cheaper than most estate agents but at a significant loss to marketing or service – you pay for what you get.
Do I need to use an estate agent?
No – you can sell your home privately and attract buyers by using some of the techniques an agent would use (for sale board, advertising etc). If you have time, you can organise and conduct viewings, negotiate with your buyer without an intermediary and deal with solicitors. However, you won’t be able to use most of the larger property websites to advertise your home, newspaper advertising will cost you considerably more than it does for the agents and you will have to devote a lot of your own time to the sale. Research from buyers also indicates that the majority would prefer owners not to do viewings.
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