Happy Wednesday everyone i hope you are all well,
I have decided to do a post all about my experience as an ex estate agent and wanted to give you some tips and advice on what to do.
- FIRST TIME BUYER; If your a (first time buyer) and have no clue in regards to whats involved when buying a house then i would suggest you research areas you want to live as all areas vary in house prices, Before going to look at houses make sure you have a mortgage in principle (mip) from your lender as this will only last for a maximum of 90 days depending on the mortgage lender you are using, this shows you are in a position to buy a home and can commit to proceed through the sales ladder as if you don’t have one of these you are unable to commit to make an offer on a house you have fell in love with.
- WHAT’S THE DIFFERENCE BETWEEN A HIGH STREET AGENT AND AN ONLINE AGENT? There are lots if not too many high street agents around nowadays and a lot of competition between the agents, there are good and bad points to selling with a high street agent but MY ADVICE is to go with an INDEPENDENT AGENT who aren’t a chain or ran by cooperate company as you end up paying over the top fees for very little work as they brand there name on the board outside of your home and expect you to do all the work yourself after they have charged you a 2.5% fee. An ONLINE AGENT is the new way to sell your home except they take an upfront fee of £750 and do little work for this as you do your own viewings, sale chasing and arrangements for solicitors you think your saving money but in my opinion your wasting money as it doesn’t end up working out with you and the online agents and you have to then use a high street agents.
- RESEARCH OTHER HOUSE’S FOR SALE IN THE AREA; Always do your research before putting your house on the market to what price you can expect to achieve, look at similar house’s to your own in the area i.e (3 bedroom, 1 bath, detached, single garage, long garden etc) as this is clearer to compare yours and determine if your has more to offer or not, don’t expect to get £10k more because your kitchen cost £15k It makes NO DIFFERENCE in the valuation of the house.
- IS THERE A RIGHT TIME TO SELL YOUR HOME? Sales agents LIE when asked this question as they always say NO! but i disagree from my experience i know the summer months when its the school holidays is the slowest time for people wanting to sell or buy as they are mostly on holiday with their families or waiting until September once the children are back at school, THE BEST TIME TO SELL IS AFTER CHRISTMAS AND SPRING.
- GET AT LEAST 3 AGENTS TO VALUE YOUR HOME AND SELL YOU THERE SALES PITCH BEFORE DECIDING WHO TO USE; Agents will tell you what you want to hear they will say we have lots of people looking for a house just like yours or this will sell in no time (THIS IS ALL A SALES PITCH LIE) yes they have people on the system with a criteria matching your home but they have a smaller budget or want a different area, corner plot, closer to a school, not on a main road and so on. MY ADVICE get 3 VALUATIONS along with the fee’s for using them and let them wait until you have made a decision as agents are relentless and will ring you every hour until you pick them.
- KEEP THE AGENTS ON THEIR TOES; Make sure you are getting your monies worth from the agency you decide to use as once you have signed the contract and your house is on the market they wont do anything else for you, you will be chasing them for feedback or viewings, get the agents to do the viewings on your home as this is something you are paying them for unless you want to do your own viewings but i wouldn’t advise this, Tell them you want weekly updates on how many brochures they have sent out to people and once a viewing has taken place get them to give you feedback whether it be good or bad.
- SHOP AROUND FOR MORTGAGE RATES; All estate agents have their own mortgage advisors but they don’t always work out with the best rates for you, ask your bank first and then sit down with the agents broker as the 1st meeting is free there is no harm in shopping around (ALWAYS CHECK THE TERMS, HIDDEN FEE’S AND ANY UPFRONT PAYMENTS).
- PROFESSIONAL PHOTOS WHEN SELLING YOUR HOUSE; Packages are a huge deal with high street agents as they make more money for up selling professional photos and a video tour on Rightmove and Zoopla the company i used to work for wouldn’t sell anyones house if the homeowner didn’t decide they wanted this package which cost you an upfront fee of £250 plus 2.5% on completion of the sale, As good as professional photos look when selling your home the towel draped over the bath and pots and pans in the sink didn’t and this is a big NO NO! CLEAN UP AND TIDY THE HOUSE.
- ASK FRIEND, FAMILY AND NEIGHBOURS; If someone on your street has there home up for sale also knock on there door and ask them would they recommend their agents? The same if you know someone buying a house would they recommend who they are using to buy through (EVERYTHING NOWADAYS COME WITH RECOMMENDATION).
- THE SALES PROCESS; To sell a house there is no time limit on how fast it will sell it all depends on the house, location, the buyer , the time of year and yourselves for how motivated you are to sell, Once you have sold your home depending on who’s bought it will depend on how fast the sales progression will take here are the 3 most common examples;
- FIRST TIME BUYER – They have nothing to sell and have a mortgage in place to commit to the sale this will take 8-10 weeks for the sale to complete.
- MORTGAGED – This is a buyer who is porting there existing mortgage over to the new home and this can take a little longer as they are in a chain with there buyer and this could lead to delays in the chain this will normally take 10-12 weeks (depending on the chain).
- CASH BUYER – This is the quickest out of all sales to complete as there is less work with solicitors involved as theirs no mortgage on the property this can take no longer than 6 weeks.
This concludes my tips and advice on buying and selling your home, I hope it has helped some of you out and i am thinking of doing this blog as a video on my YouTube channel let me know if this is something you would like to see.
Thanks for reading x