You’ve signed up with an estate agent, listed your house, and now you’re just waiting and hoping. As time passes without any offers, you may be starting to feel discouraged.
Should you switch agents or stay with the one you have and keep your fingers crossed? Here we’ll take a look at what you need to consider.
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How to be sure if your estate agent’s not performing
Is your estate agent not performing?
Are you getting lots of excuses from your estate agent? Common excuses include: “The market is very slow due to the uncertainty”; “It’s not the right time to sell”; “The weather has stopped people from viewing”; and so forth. Sometimes, these explanations may be valid, but it’s essential to not simply accept them.
Has the number of viewings decreased? You should be aiming for a few viewings a week. If this isn’t happening, you need to consider a change.
Are you being advised to reduce the asking price? This is usually the estate agent’s go-to solution. Although it’s irritating when they were the ones who suggested the price in the first place, it doesn’t always have to be the right choice.
Is it difficult to get hold of them? If they are often ‘out of the office’ or not taking their calls, you know something isn’t right. If they seem to be dodging you, chances are that’s exactly what they’re doing.
How to terminate an estate agent's contract?
Follow these steps:
- Read your contract – Before you end the contract, it’s important to thoroughly review the terms and conditions. Doing so will help you to understand the process and any potential penalties.
- Notify the estate agent – Once you’ve decided to terminate the contract, you must send written notice to the estate agent. This can be in the form of an email or letter and must include the date you intend for the contract to end.
- Pay any outstanding agency fees – If there are any fees or commissions due to the estate agent, these must be paid before the contract can be terminated.
- Wait for confirmation – Once you’ve sent written notice and paid any outstanding fees, the estate agent should confirm in writing that the contract has been terminated.
- Seek legal advice – If you’re uncertain about your rights and obligations under the contract or if the estate agent is refusing to end the agreement, you may need to consult a solicitor.
What are the rules for estate agents in the UK?
You must sign a legally binding contract with an estate agent if you want to sell your home. If you don’t adhere to the terms of the contract, you could be taken to court. Estate agents must treat buyers fairly.
They must show any offers promptly and in writing to the seller.
How easy is it to change estate agent?
If your estate agent isn’t meeting your expectations and you’ve decided to switch, how do you go about it?
Before you do anything else, you’ll need to review your terms and conditions. It’s highly likely that when you signed the agreement, you weren’t made aware of an exclusivity clause.
This means that you are not able to list your house with another agent until the end of the exclusive period. Even if you do, you may still be liable to pay your initial agent their fee when the sale goes through.
If you are stuck with an exclusivity clause, there’s not much you can do right away. But make sure you have a plan in place for when the period ends. If you don’t have an exclusivity clause, don’t hesitate – it’s time to make your next move.
Are real estate agents regulated in UK?
Estate agents are primarily governed by the Estate Agents Act 1979 and the Consumer Protection from Unfair Trading Regulations 2008. These regulations ensure that estate agents adhere to fair practices when conducting business with consumers.
So, what should you do to switch agents and get your property sold?
- You need to give proper notice to any estate agent you are contracted with; breaking the terms of your contract could result in being liable to pay fees to both agents if you find a buyer – a costly mistake.
- Choose your new agent wisely – by considering those you met during the initial valuation, trying someone new or asking a friend or family member for a recommendation.
- Review the marketing you have had so far. Your new agent will create new marketing materials, so consider updating the presentation of the property. You could stage the home to show the lifestyle the buyer could have should they purchase it. Staging can create interest and add a vibrant touch to the photographs that can draw the buyer in.
- Think about the feedback you have received. You may not be able to do anything about some of it, such as size not being suitable. But if you have had constructive feedback, take the opportunity to address these issues and attract more buyers.
- If you have had no viewings or feedback, take a step back and look at your property through a stranger’s eyes. Small details that we overlook, such as clutter, can stand out to someone looking to buy.
Change estate agent, but don’t make the same mistake twice
Switching estate agents can be a difficult process; it can be hard to know whether the next one will be any better. You may have been charmed or impressed by the first one, but it didn’t get you the desired outcome. So, how can you tell a good estate agent from a bad one?
Our experience in finding the best agents for home sellers has taught us that you need to be on the lookout for certain phrases and terms. Here’s our understanding of what makes a good estate agent…
A good estate agent:
When looking for an estate agent, it is important to ensure they have a proven track record of selling homes similar to yours.
It is also important to find an agent who is willing to work hard to list your home.
An ideal estate agent will have a great list of prospective buyers and will call them to set up viewings. They should also push hard to get offers, negotiate and sell.
In order to ensure a high level of professionalism and diligence, it is worth looking into trade bodies that agents may be a part of.
Some of the more common trade bodies include the Guild of Property Professionals, the National Association of Estate Agents (NAEA) and the Royal Institution of Chartered Surveyors (RICS).
To get a better idea of the agent’s sales process and how they will market your home, it is important to ask the right questions. It is also a good idea to assess their promptness and responsiveness during meetings.
If you are not sure about an agent, chances are that potential buyers may not be either.
Will switching estate agents cost me more money?
Not necessarily. If you signed up for a ‘no sale, no fee’ contract and you are out of your tie-in period (usually 3 months), then you can give a month’s notice and leave.
Many people are concerned about having to pay double estate agent fees when they decide to switch to a new agent. If you have previously entered into a fixed-price sole selling rights agreement, then you may still be required to pay your old agent even after you move on to a new one.
However, if you have agreed to a fixed-price sole agency agreement, you can move to a new agent once your tie-in period is up.
It is important to note that contracts can differ from agency to agency, so it is essential to thoroughly read your agreement before making the decision to switch.
Sell to us!
If you need a hassle free sale, you can sell to a cash buyer.
You won’t get the full market value but you will get certainty and speed of sale.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
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- If you have another buyer, you can put us in a contracts race to see who completes first.
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