How to Choose the Right Estate Agent for You (Spoiler Alert – It Might Not Be Us!)

Selling a property is a significant undertaking that requires careful consideration and the support of a trustworthy estate agent. Finding an agent who can secure the highest price and increase your chances of a successful sale is crucial. In this month’s blog guide, we will explore some of the key qualities that make a good estate agent, provide insights on narrowing down your options, discuss the pros and cons of online estate agents, and delve into the considerations of using sole or multiple agents. And we’ll provide some tips and tricks to help make sure you choose the best agent for you.

What makes a good estate agent?

When selecting an estate agent, there are three essential qualities to look for:

1.  A good list of potential buyers for your property

While many agents can list your property on popular platforms like Rightmove, a good agent will proactively identify potential buyers even before your property hits the market. To ensure this, opt for an agency that specialises in selling properties similar to yours. They will likely have an existing database of interested buyers for similar homes, giving you a higher chance of attracting potential buyers quickly. Also look for those agents who support buyers, not just sellers, as these will often take the initiative and not just wait for someone to find your home.

2. A willingness to be proactive and the time to dedicate to your property

While having a list of potential buyers is a starting point, you need to be confident that your chosen estate agent will have enough time to dedicate to your property. The truth is, as with most things in life, you do get what you pay for. Lower cost agents will need to sell a lot of properties, and this is likely to be reflected in the time and service they can dedicate to each one; while higher fee agents can afford to spend more time focusing on your home.

3.  The marketing skills to showcase your home effectively

Of course you should expect your agent to take great pictures, even to shoot good videos. But the ones which really stand out are those who are able to bring the whole thing to life, to paint pictures in buyers’ minds, to enable them to imagine, even feel, what it would be like to live in your property. Whether it’s that feeling of sitting out on your patio sipping drinks with friends in the warm sunshine; or spending a cosy night on the sofa with their favourite person in front of your fire. A great estate agent can conjure up these images through the way they communicate the essence of your home to potential buyers.  

How do I narrow down my choice?

To avoid common mistakes when choosing an estate agent, it's important to focus on the right criteria rather than relying on superficial factors. Here's what you should consider:

1. Find the agent selling the most properties similar to yours

Contrary to popular belief, listing your property among similar homes can increase your chances of attracting potential buyers. Local estate agencies with a significant number of properties similar to yours will likely have a robust network of buyers seeking such properties. Ask yourself, "How much interest can this agent generate for my property?" While customer reviews and recommendations are helpful, relying on sales data and the number of matches for properties similar to yours is a more reliable approach.

2.  Interview the agent

Once you have a shortlist of agents in your area, take the initiative to contact them and conduct interviews. Use this opportunity to gauge their level of enthusiasm and proactiveness. Inquire about interest levels in properties similar to yours and whether they have potential buyers readily available. Additionally, gather information about their advertising strategies, the quality of their photographs, videos, floor plans, and brochures. Listen to how they describe the properties they already have on their books – would they inspire you to want to buy them? This thorough evaluation will help you make an informed decision.

3. Get multiple marketing appraisals

Obtaining appraisals from at least three different estate agents is essential. While opinions may vary, it's crucial not to choose solely based on the highest valuation. An overvalued property can remain on the market for longer, potentially leading to price reductions that might deter buyers. Similarly, a low valuation may result in a quick sale but at the expense of your potential profit. Compare the valuations provided, along with the agents' expertise, marketing strategies, and experience, to make an informed decision.

Should you use an online estate agent?

With the rise of technology, online estate agents have gained popularity as an alternative to traditional high street agencies. Here's what you should consider.

1. Advantages of online estate agents

Online estate agents typically offer lower fees compared to traditional agents. They often provide a wide range of services, including property valuations, listings on popular platforms, professional photography, and floor plans. Moreover, the convenience of managing your property sale online and the potential for cost savings are attractive to many sellers.

2.  Disadvantages of online estate agents

While cost savings can be appealing, online estate agents may not offer the same level of local expertise and personal touch as traditional agents. They may lack the same proactive approach, local market knowledge, and negotiation skills that can significantly impact the outcome of your sale. Additionally, some online agents may charge upfront fees, irrespective of whether your property sells or not, and once they have your money there is little incentive to sell your home. Indeed the most expensive option is paying up front and not selling at all. And while a saving of a couple of hundred pounds is hard to ignore, the truth is that a traditional agent who charges more but then negotiates an extra £10,000 on your sale price is better value in the end.

3. Analysing UK property market data

To make an informed decision, it's helpful to analyse market data on the performance of online and traditional agents, much of which is readily available online. Assess the average time properties listed with online agents take to sell, the percentage of asking price achieved, and customer reviews. Compare this data to traditional agents operating in your local area to understand which option might be more suitable for your needs. Also take a look on websites and local streets at the boards from different agents – do most of their boards say For Sale and not Sold? If so this could be because they are overvaluing properties to win business but then not being able to live up to their promises.

4. Factors to consider when deciding on an online estate agent:

If you decide to use an online estate agent, consider the following factors:

• The level of support and communication they offer throughout the process
• The extent of their marketing reach and the platforms they use
• Their local market knowledge and ability to attract potential buyers in your area
• Any additional costs, such as upfront fees or fees payable regardless of the outcome
• How much time they are willing to spend handling enquiries, conducting viewings, negotiating offers, completing paperwork, progressing the sale and dealing with solicitors enquiries to keep things moving.
• Whether you are confident they will achieve the maximum value for your property through marketing and negotiation.
• The value of having a professional there in person to guide and support you through a journey they have done a hundred times before, so they can help you through what can be a challenging and stressful time.

Sole or multiple estate agents?

The decision between using a sole or multiple estate agents depends on various factors. Consider the following:

1. Sole agency agreement

With a sole agency agreement, you appoint one estate agent exclusively to market and sell your property. This agent will have the sole right to advertise and negotiate on your behalf. The advantage of a sole agency is that the agent can focus their efforts on your property, potentially leading to a quicker sale. However, if they fail to deliver results, you may need to consider alternative options.

2.  Joint sole agency agreement

For unique or high-end properties, a joint sole agency agreement may be suitable. In this arrangement, you appoint two estate agents to work together exclusively on your property. The advantage is that you benefit from the expertise and networks of two agents, potentially reaching a wider pool of potential buyers. However, ensure that both agents have a track record of working well together and that the agreement outlines their respective responsibilities clearly. Also bear in mind that a fee split is often agreed which could result in you paying more. This type of agreement is usually only beneficial when using a local and a national agency in collaboration with specialism in different buyer pools.

3. Multiple agency agreement

A multiple agency agreement allows you to appoint more than one estate agent to sell your property simultaneously. This approach increases the exposure of your property, as multiple agents can actively promote it to their networks of potential buyers. However, keep in mind that you will pay a higher commission rate as each agent involved will expect a share of the final fee. Also, the work which goes into marketing a home is significant for an estate agent, and if the agent sees less likelihood of being paid for this they may reduce the time they are able to put into marketing your home. Because of this some agents won’t agree to multiple agency agreements, and it may be best to only consider trying a multiple agency agreement once you have tried sole agency first.

Conclusion

Choosing the right estate agent is a crucial step in selling your property successfully. The best agents will always act with your best interests at heart. They will tell you what you need to know, and not necessarily what you want to hear.

By prioritising agents with a strong list of potential buyers, proactive behaviour, and effective marketing skills, you increase your chances of a successful sale. Also be wary of agents who consistently overvalue homes to win business, as this benefits no one in the end. Thoroughly evaluate agents, considering their experience with similar properties, local market knowledge, and marketing strategies. Additionally, weigh the advantages and disadvantages of online estate agents, such as cost savings versus potential limitations. Finally, decide whether sole, joint sole, or multiple agency works best for you and your property.

Taking the time to talk to different agents, looking at the properties they have already sold, reading customer reviews and coming to your own view on how they measure up is worth the time and effort it will take. After all, you are trusting them with the most valuable asset you are ever likely to own, so getting it right really matters.