Questions to ask your estate agent

What you need to know about estate agents

Estate agents are a well-known part of the property market. They provide many homeowners with a simple way to sell their houses or flats, taking on the task of listing and advertising properties and scheduling viewings where potential buyers come to see the place for sale.

They are just one of several ways that you can sell a home, which also include selling it at auction and selling to a fast property buying company. A key difference between the first two options and the third is that quick buyers will never charge you fees for selling.

Important questions you should ask your estate agent

Whilst many estate agents do provide a valuable service, unfortunately there are a few unscrupulous companies doing business. Some estate agents are known to use sneaky tricks when trying to get your business, for example giving you an overestimated value for your home just so you’ll sell through them even though they know they probably won’t be able to find a buyer at that elevated price.

If you are thinking about selling your home via an estate agent, you should ask some or all of the following questions to help you make a final decision:

Are you a member of The Property Ombudsman (TPO)?

TPO is an independent entity that oversees the estate agent industry and sets rules and regulations that companies must follow which are designed to protect homeowners and buyers from disreputable businesses. Ask your estate agent whether they are a registered member of TPO; if their answer is yes then they are required to follow TPO’s rules and you can likely trust them. But if they say that they’re not a member of TPO you should consider carefully whether to do business with them.

What’s your valuation of my house, and how did you decide that amount?

One way that you can avoid the problem of estate agents overvaluing your house is to ask them upfront the price at which they think you should sell the property, and then ask them for a detailed explanation of how they arrived at that figure. Also, shop around and query other estate agents for a valuation. Many will give you them for free with the goal of securing your business, and you can then compare the different valuations.

What will you charge me in fees for selling my home?

Most estate agents will charge fees anywhere between 1.15 percent and 1.40 percent of the final sale price of your home, including value added tax. Some estate agents will charge fees that are much higher, whilst others might be even lower. Ask your estate agent upfront for their fees, and whether they are open to negotiating them. You will find that some estate agents are open to haggling over the final fee amount .

What will you do to keep track of potential buyers for my house?

This is an important question because it will give you an insight into how the estate agent operates and whether they will energetically try to sell your home. You want to have an estate agent who has a solid plan for not only attracting potential buyers but also staying in touch with them after the viewing to try and help you secure a sale.

Will you be selling my house or will it be someone else on your team?

An important part of working with an estate agent when selling your home is building a great relationship with them, so that you are assured they are doing a good job and that they will keep you constantly updated on the status of any potential interested buyers. If you ask this question and the estate agent says someone else will ultimately be handling the sale, it can be a lot harder to build that special relationship.

Do you have experience selling a property like mine?

It’s crucial that you find an estate agent who knows how to sell a house or flat like the one you are selling. There are many different homes of all shapes and sizes on the market, and some estate agents specialise in selling just one type of property. If they don’t have experience selling a house like yours then it’s possible the estate agent will struggle to find a buyer, and that’s why this question is so important.