Top 5 questions you should ask an estate agent on a market appraisal
What to ask on a market appraisal appointment
Market appraisals/valuations can often feel daunting. There is a lot at stake, and moving home isn’t as straightforward as it should be. So, appointing your ‘power team’ of people who are going to make the process as seamless as possible, whilst handling your biggest asset is a big decision to make. This includes the estate agent, conveyancing, handling your finances, and moving you on the day (if you’re not DIY’ing!)
During the moving process, most sellers will be speaking with their estate agent as much as they do their own family, probably more – lucky you. This process will likely take months, while it helps to get along with the person, you also need to be confident the agent you work with has experience in different markets, the ability to communicate with you openly, and is always working in your best interests.
Here are 5 questions we’d recommend asking and what to look out for.
Who will I be working with?
This is a big one. The setup in most companies is the branch manager or valuer will do this initial appointment. Once you’ve appointed them, you’ll usually liaise with more junior staff (negotiators) and they will carry out the viewings, often the offer negotiations and day-to-day updates. Once you’ve got a suitable offer, you’ll usually deal with the person who sold your home, or you’ll be passed over to their sales progressor. If this is the setup, we would strongly recommend you insist on a ‘team visit’ as soon as possible, so they can familiarise themselves with your home, get a clear understanding of your requirements and it will give you the opportunity to check they are the right fit for you.
We’ve worked with this type of setup but felt there was a better way. There will be other companies with a similar setup to Mortlock & Joyce, where you deal directly with the business owner from start to finish. From initial appointment to viewings, offer handling, and passing the keys on the day – you’ll speak with one main point of contact, which sellers usually find comfort in the continuity.
Can you show me how my home will be presented?
You may well already have an idea of how the marketing will look and it could be what attracted you to their business in the first place. If this isn’t the case, check the photography will be done by a professional and there will be floorplan with measurements as a minimum. We’ve found our two video styles are particularly helpful when marketing and selling homes, as it helps reach wider audiences via social media. This includes a presenter-led property & area tour, showcasing the local hotspots to appeal to out-of-area audiences. The second is a walk-through video with a commentary which yields much better results on socials – our best result yet is reaching just over 1,500,000 people for just one house, with offers coming via TikTok. Rightmove also tell us that a property with a video gets 6% more enquiries than one without, so it makes sense to throw everything and the kitchen sink into the marketing of your home.
What is the market like for my home?
Generally, agents are going to be positive and tell you your home will sell quickly, but they are just words. If the agents can tell you, or better yet, show you how quickly homes sell in your area and give you some examples of when that has happened recently, this should give you some confidence that they are well-researched in your market and not just telling you what you want to hear.
How long is your contract?
On average we see contracts between 12-20 weeks long. Genuinely, we think 20 weeks is a joke. The more confident the agent is in their ability to sell your home or in their own service levels, the shorter this term should be. Anything under 6 weeks we would consider reasonable. When starting Mortlock & Joyce we were keen to steer away from the status quo and all our agreements are 0 weeks, with just a 14-day notice period.
What costs are involved?
Each company you speak with may well quote a variety of selling fees for their services. We’re firm believers that you get what you pay for, so don’t be afraid to ask what they are doing to justify their fee that potentially others aren’t. Are they going to help negotiate your purchase? Is it a more premium marketing package? Will I get more exposure with their approach? Often, by cutting these corners, the lowest fee agent can work out the most expensive.
These aren’t the only costs to be mindful of. We often find sellers like to go through it on the initial appointment factoring in the estate agency fees, energy performance certificates, surveys, stamp duty, solicitors, mortgage fees etc.
