When you are selling a property, one of the most important decisions you will make is which estate agents to choose. As well as helping the selling process to go through smoothly, high-quality estate agents should help you to achieve the optimal price for your property.
In central London, where the average semi-detached house price is over £3.5 million, your choice of estate agent could have a significant financial impact. Therefore, you should spend time to consider your options and review the services and experience that each agent offers. Before you choose your estate agent, find out whether they have experience in selling property in the prime, central London market.
For many sellers in areas such as Regents Park, Baker Street and Mayfair, discreet services are a priority and an estate agent who has a contact list of high-value buyers will help ensure a discreet sale.
Read on for a comprehensive guide on how to choose the right estate agent to sell your home in central London.
What does an estate agent do?
In the simplest definition, an estate agent is a professional company or expert agent who sells property. The quality and quantity of services provided by estate agents can differ, so it is important to check which services your potential agent provides, as well as reviewing their reputation and experience.
Typically, when an estate agent is selling a property, they will provide the following services:
1. Valuation
Value the property and recommend an asking price based on their local market knowledge. You can check the Land Registry for recent sale prices in your area to get an idea of what an accurate valuation should be.
2. Market your property
Your estate agent will provide marketing services that will help to find a buyer and achieve a good price for your property. From arranging professional photos and marketing your home on property portals, to contacting high-value buyers for discreet sales, you will need to find the right estate agent for your requirements.
For luxury properties, marketing may include architectural details and other unique property features. The agency may also advertise in high-end media rather than the regular property portals or they may already have a ready, willing and able purchaser they are working with.
3. Arrange an EPC
Before you market your property, it is a legal requirement to have an Energy Performance Certificate (EPC) that can be provided to prospective buyers. If you do not have a valid EPC, your estate agent will be able to arrange one.
4. Manage viewings
A comprehensive estate agent service will also offer to conduct viewings of the property and provide a professional property viewing experience for potential buyers. For high-value properties, estate agents will also pre-qualify viewers to ensure that only serious buyers are accepted for viewings.
5. Managing offers
Your estate agent will also manage the offers for your property and negotiate on your behalf. An experienced and good quality agent will use expert negotiation skills to drive competition to help achieve the highest offers.
Once you have accepted an offer, the estate agent will manage the sale through to completion. This includes keeping in communication with the buyer to ensure the various steps are being completed and deal with any queries. Agents also assist with the agreement of which fixtures will be left in the property and help arrange appointments with conveyancers.
7. Handover
The agent will negotiate a handover date for moving out and moving in, as well as the key exchange and passing on any documents or important details such as security system codes.
The process of choosing an estate agent
When you start the process of trying to find the best estate agent for your property sale, there are many different options to choose from. For example, online estate agents are now available but with very limited services. When you are selling a high-value property, using a high street estate agent who provides a comprehensive set of services that go above and beyond those of a standard agent will usually be a priority.
Contact multiple, local estate agents
To help identify the best option, you should approach several estate agents based in the local area to evaluate their services and get an understanding of what they are like to work with. You should look at their portfolio of sales in your area to check that they are experienced in selling similar types of properties and achieving good sale prices.
Consider joint agency agreements
You may even choose to work with two estate agents under a joint agency agreement. This can help to drive a higher house price and faster sale but this also comes with additional fees and agents often charge a higher rate to agree to this arrangement.
Evaluate the agency’s knowledge & experience
Speak to several local estate agents and ask them questions about the market, how they evaluate properties and what their services include. Once you have an overview of what you will get for your agent fees, you can make the right decision.
What to consider when choosing an estate agent
When you are assessing the value of each agent, consider the following:
1. Overall experience and track record
How long has the agent been established and how many properties have they sold in the area? Do they have experience in selling properties similar to yours?
2. Experience in prime central London
The central London market is unique, with a property portfolio of higher-than-average value homes. From luxury penthouses in Mayfair with high-end amenities to the historic townhouses of Fitzrovia and stunning mansions in Regent’s Park, these prestigious properties require agents with expertise in selling these types of properties.
3. Reputation and reviews
Check online reviews of the estate agents on your list and ask neighbours who have used their services for their opinions. You can also use websites such as nationaltradingstandards.uk to check whether they are in an approved redress scheme and Client Money Protection scheme.
4. Fees and commission
Compare the estate agent fees, including any commission fees. Some agents charge a percentage of the property sale as the fee, while others may offer a fixed fee. Be aware that the cheapest option might not equate to the most cost-effective one, as there can be hidden fees for services, or they may not achieve as high a sale price as agents with a higher fee.
5. Marketing strategy
Ask the agent about their marketing strategy for properties in central London – do they have a list of contacts who will be looking for high-value properties? Do they use property portals and provide services such as professional photography and videography?
6. Professional accreditations
Check which accreditations the estate agents have. Are they members of the National Association of Estate Agents, The Property Ombudsman etc.?
7. Communication skills
When you start speaking to your estate agent you will quickly get a feel for how good they are at communicating. If they are difficult to get hold of and you find they are unable to answer some of your questions, they are probably not the right choice.
8. Personal rapport
You will spend a lot of time communicating with your chosen estate agent, so it is important to choose one that you feel comfortable with. Having a strong personal rapport will make working with your agent easier and you should select the agent that you trust the most to act in your best interests.
9. Success rate
Review the success rate of the estate agent. How many properties have they sold compared to how many they have had on the market? What sale prices are they achieving and how long do properties stay on the market with them?
10. Contract terms
Review the contract terms meticulously to ensure that you don’t encounter any hidden surprises, such as a tie in period, once you enter into an agreement to sell your house. It may be a good idea to ask your solicitor to check the contract terms before you formally appoint an agent.
To help you to evaluate estate agents and compare their services and value for money, here are some of the questions you can ask to identify the best estate agent:
Valuation and Pricing Strategy
What would be your pricing strategy for marketing my home?
One of the key priorities when selling your home will be to achieve the best price. Some agents start with a high price, especially in a hot sellers’ market in areas whether there is high demand and low supply. The pricing strategy should also suit your priorities, for example, if you are looking for as fast a sale as possible, it can be better to price slightly lower to attract more interest. However, if you are happy to wait it out to increase the chance of receiving a higher offer, your agent should be looking to help you to achieve that, if the asking price is realistic in the current market.
How did you arrive at your valuation of my property?
Ask the agent how they have determined the value for your property. They should be able to explain in detail how they arrive at a valuation. They may refer to a comparative market analysis, using examples of similar properties that they have sold for a similar price to the valuation they provide. Other factors such as property condition, age and current levels of demand in the area, should be used in their explanation.
Fees and Contracts
Do you charge extra for services like photography, floorplans, or premium listings?
To understand exactly what you are getting for your money and what won’t be included, ask about which services are included in their fees. Some agents, particularly online agents, will charge additional fees for taking photos, doing floorplans etc.
What is the length of your sole agency contract? Is there a tie-in period or notice period?
If you do your research, you’ll hopefully not need to change agents but in the scenario that things aren’t working out, you might need to use a different agent. Most agents have a tie in period where you can only use their services, so check how long this is and whether there is a notice period you’ll need to give.
Marketing Strategy
How will you market my property?
Ask the agent which channels they use to market properties. For maximum exposure, your property will need to be advertised on the main property portals such as Rightmove and Zoopla. For high-value properties, the agent may list on luxury property portals, or they will already have a list of prospective buyers looking for high-end properties. Check whether they create and share professional property tour videos on social media channels.
Will you conduct viewings, or will I need to?
Ask whether they will conduct all of the viewings or whether you will be required to do some of them. Some agents only offer viewings in set hours, which could mean you’re left to do viewings yourself. If you don’t feel comfortable conducting viewings or you won’t be available, an agent who will do all the viewings for you will be important.
Experience and Local Knowledge
How long have you been operating in this area?
Established estate agents who have been working in the area for many years will have an in-depth local market knowledge and should have plenty of examples of recent properties they have sold in the area.
What’s your success rate for asking price vs. final sale price?
This is a good question to ask to find out how effective their marketing strategies are and whether they are valuing properties at realistic prices. If they don’t have any data to demonstrate their success rate, this could indicate that they either haven’t sold many in the area or have failed to achieve the asking price for a high number of them.
Communication and Support
How often will I receive updates?
Get a feel for how good they are at communicating by asking how regularly they will update you and how they will provide feedback after viewings, offers etc. Find out if you will have one point of contact or will be working with different members of a team. You should feel like the person you will be in contact with is not only knowledgeable but also friendly and easy to work with.
Negotiation and Sale Progression
What is your approach to negotiating offers?
Having an agent who is highly skilled at negotiations could make a significant difference in the price you achieve for your home. The estate agent should have a clear strategy and be able to provide examples of prices that they have successfully negotiated for other sellers.
Do you help with the sales progression process after an offer is accepted?
Find out how active they will be when an offer is accepted and what they will do to ensure that the sale process continues to move swiftly and smoothly.
Track Record and Reputation
Can you provide references or testimonials from recent sellers?
Do they have any testimonials from local clients they can share with you? You can also do your own research by reading online reviews for the agency to see if there are any issues with their services and whether feedback is generally positive.
Legal and Compliance
Are you a member of a professional body like NAEA or The Property Ombudsman?
Agents who are members of professional bodies are required to follow the body’s code of conduct, which will generally mean that they will provide a more professional level of service. If they are members of an ombudsman, this also provides an impartial resolution service in the event that you have a complaint about the agent.
What are the risks of picking the wrong agent?
There are many risks associated with choosing the wrong agent, from overpricing or underpricing your property to unreliable communication and poor-quality marketing. If your agent is not competent, you could risk a sale falling through and in the worst-case scenario, you could even face legal or compliance issues if their knowledge of these areas is not to the required standard. This is why it is so important to do due diligence so you can choose the best estate agent to sell your property.
What about multiple agency agreements?
Multiple agency agreements can be beneficial to motivate your agents through competition, but this will usually come with higher fees compared to using a sole agency. Not all agents will be prepared to enter a multiple agent agreement and this approach can cause more work on your side, as you will need to communicate with both agents throughout the process.
Choosing an estate agent to sell your property who meets all your requirements can be challenging but a high-quality agent with experience of the central London market will help to make sure you achieve a good sale price and that your sale process goes through smoothly.
And Finally
Kubie Gold has many years of experience as specialists in prime property sales. Contact us today to arrange a valuation in central London areas such as Marylebone, Fitzrovia and Mayfair.
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Kevin Gold
Kubie Gold Associates are an independent local firm of estate agents specialising in the Rental, Sale and Property Management of Residential Property in the North-West and Central London market
