Buying, selling and letting - Market news

What agents want

According to a poll of National Association of Estate Agents (NAEA) members, the average agent wastes up to 30 per cent or even more of their time showing people properties which are either clearly too expensive for their income or simply unsuitable for their obvious requirements (for example a family of four asking to see a one-bedroom flat). In addition, a staggering 50 per cent of sales fall through due to either the buyer or seller suddenly changing their minds. With the UK offering one of the lowest estate agency fees in Europe, the industry calls on the public to reconsider the ways in which they can help their agent achieve what they both want.

Buyers

Ensure you get your finances in order before you look for a property. Find out exactly how much you can borrow: many people organise this after they have had an offer accepted and are surprised by how little they can borrow, and then pull out of the sale.
Discuss what type of property and where you want to live before you start viewing properties. If you desperately want a garden or a third bedroom, do you really want to look at properties without them? Research the area. This sounds straightforward but a lot of sales fall through at a late stage due to a lack of knowledge about the area. Locations, particularly in big cities, vary from one street to the next. It is advisable to visit at different times of the day so you can really get a feel. If you rely on public transport, try out the journey.
Think before making the offer. Although getting an offer accepted does not mean the agreement is legally binding, the property will often be taken off the market and the seller’s expectations will be raised. Do not make an offer on a property unless you are serious.

Sellers

Don’t lie about your home or why you are moving as the buyer will find out at a later date and either pull out or – in a worst-case scenario – take you to court. Don’t ignore the facts. If your home has been on the market for four months and you have had no viewings, it is likely to be overpriced and you must accept this. Agents work on a percentage of the final sale price, so if they tell you its overpriced it is likely to be overpriced!
If you’re unhappy with an agent say so. It is not acceptable to complain about the service you’ve received when it comes to paying the bill – by this point the agent cannot act on it. The Ombudsmen is very clear that complaints should be flagged up at the time.
Give your home a chance. And remember that if you won’t allow sale boards or weekend viewings, your home will take a lot longer to sell.