What fees are included in selling your home?

Posted on Mon 26 Nov 2018 by Anu Joshi
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We understand it is important to consider various costs involved when selling your home which include EPC, Conveyancing fees, Removal Costs,Mortgage cost (applicable in certain cases) and Estate Agents fees. We will focus on Estate Agents fees in this article.

What does an Estate Agent offer?

Most Estate Agents charge a percentage of the sale price agreed which varies from 1% to 3%. However, some Estate Agents are offering a fixed fee which can vary from £495 to £1495 some may charge more. While you carry out your research before making any decision, you need to ensure that all activities involved in selling your home are carried out efficiently. In my opinion, Estate Agents are offering different packages and it is important to understand what fee you are paying to the agent and what service you are going to receive. The main services included are:

  1. Preparation for the initial meeting: Before an agent meets you for the initial meeting, they should have prepared beforehand. This would include conducting research about the area, your house and have details of any other properties sold in your area and how it compares with your home.
  2. Initial Meeting: This involves the Estate Agent understanding your personal circumstances, as to why you want to sell your home and to establish what is the timescale, they are working with to sell your home. They should conduct a tour of your house to establish the most realistic valuation of your home based on their research. Both parties will then agree on a mutually acceptable price to market your home.
  3. Pictures and Floorplans: Organise photographs of your home. Pictures should reflect the main features of the home. Floorplans will help any prospective buyer to understand the layout of your home.
  4. Property Description: This will describe your property in beautiful wording and provide measurements of each room.
  5. Marketing of your home: on property portals e.g. Rightmove, Zoopla, on the market. Other forms of marketing will be on social media platforms and their websites.
  6. Property Match: Estate Agents should have an existing database of potential buyers, they should consider the database to see if your home matches their requirements.
  7. Viewings: They will conduct viewings with potential buyers and explain the features and benefits of the home to them.
  8. Feedback: They will collect feedback from the buyers and share this with you. This will help in reviewing the sale to see if any adjustments need to be made.
  9. Dealing with offers: The Estate Agent will deal with offers from buyers. Offers should be presented to you and then you agree a sale price which the Estate Agent will facilitate between both parties.
  10. Managing the Sale: The sale is managed by having weekly contact with the Solicitors of both parties and other Estate Agents in the chain. The Estate Agent will keep both the buyer and you informed at all stages until completion.
  11. Releasing Keys: Arrangements should be made by the estate Agent to have the keys released to the new owner following confirmation from Solicitors that the sale has been completed.

All these tasks need to be completed efficiently to achieve the best possible price along with completing the sale transaction as quickly as possible once the sale price has been agreed.

The cost of selling your house is important along with the peace of mind to establish it will be a smooth transition for you.

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