The Role of a Good Estate Agent – Part 2 – Finding a Buyer.

The Role of a Good Estate Agent – Part 2 – Finding a Buyer.

Step 3 – Finding a Buyer

A good Agent is constantly adding buyers to their system with their requirements, their buying position whether they are first time buyers or have a property to sell. Whether they are cash buyers, investors or they are needing a mortgage etc. They match up all the potential buyers who are looking for a property like yours and encourage them to view. A good Agent will accompany as many of the viewings as they can because the buyer will rarely be honest to the owner.

It can be frustrating to get a keen buyer who wants to view a property, but access to the property is difficult or denied. If possible, leave a key with the Agent so they can do viewings at short notice and try to always keep the house tidy and presentable. Some Agents will employ people who only do viewings and often the viewer hasn’t seen the house before. A good Agent will know your property before the viewing and will be able to sell its features. Some agents offer on-line viewing as well, but this method is not to be recommended.

It’s our view that in a buoyant market, if the house is presented well and the selling price is pitched well, you will get viewings in the first week or two and an offer by the end of the first month. If that doesn’t happen, then something is amiss. Have a chat with your Agent to see what can be improved or changed.

Agents can tap into the statistics of each of the Portals with Rightmove being the go-to site. They provide exhaustive statistics on each property so they can see how many people are looking at the property, whether they click through for more details etc. The Agents job is to look at the data and see what can be done to get people to view. A good Agent will encourage all their clients who match the criteria to view your property.

Sometimes the time of year will become a factor. Easter time can be a very slow period for house sales and the lead up to Christmas can be slow as well. Spring is generally busy with sellers and buyers wanting to move house by the summer holidays, particularly with new schools for the children to attend.

However, there is no right and wrong time to market the property with properties selling all year round. Statistically more people search for houses to buy on Boxing Day than any other day and the busiest time of the week to search is 8.48pm on a Wednesday. (who knew?) As I said, Rightmove have all the stats. If the property doesn’t sell in the first 4 months, then there’s really no point in continuing with the marketing and often a board outside a property too long will be detrimental to both seller and Agent.

Step 4 – Agreeing the Sale

So, there’s been some negotiation, you’ve received an offer you’re happy with and you’ve accepted it. What happens next? Firstly, a good Agent will qualify your buyers position as soon as you’ve accepted it by way of proof of a mortgage in principal statement or a bank statement. It’s not wise to continue without being certain that your buyer can go through with the sale.

You’ll be asked to provide details of your solicitor as will the buyer and then the Memorandum of Sale is generated. This is sent with a copy of the sales particulars to you, your buyer, your solicitor, and the buyer’s solicitor. It should contain the terms of the sale and the contact details of all parties. This forms the first part of the terms of sale.

A good Agent will now qualify your chain if there is one. Most CRM systems can add a chain no matter how long and a good Agent will contact all the Agents, in the chain. At this point the Agent is only as good as the information they receive and other Agents acting for buyers and sellers in the chain may not be as thorough as your good Agent. This can be very true when there is an on-line Agent acting in the chain. The shorter the chain, the less risk of you having problems.

So, you’ve chosen your solicitor, each party knows who’s who and how to get hold of them. The process of conveyancing can now begin.  Read our blog Demystifying Conveyancing – Everything you need to know

We cover the legal process and the Agents role in Part 3 out soon.

The Role of a Good Estate Agent – Part 2 – Finding a Buyer.

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