Valuations And Commission

Property Advice - SIX - Valuations And Commission

PROPERTY ADVICE BLOG - Estate agents valuations and Commission

Your home looks its best thanks to a little extra preparation and you’re ready for your property to be valued. If you’re planning to use an estate agent, you should get 3 valuations from separate agencies in order to help you decide which company to go with. However, don’t simply choose the estate agency which offers the highest valuation for your property. Remember that the estate agent wants your business and may therefore give your property a higher value than necessary. If your property is over-priced it may not sell, so make sure you know the property market before visiting an agent.
Online sites such as the ones listed here will help you to compare your property with similar homes in the area. Check out the ‘sold house prices’ service on the sites below before settling on an estate agency. In this way you can feel confident about the housing market before listening to the advice of an agent.

How do Estate Agents Make Valuations? - There are many different ways in which an estate agent may value a property - so don’t be shy so ask about their valuation criteria, credentials and how your property will be judged. We’ve compiled a guide on valuations, commissions, as well as other related property advice below, so that you can understand the process better before signing to an agency.
 
Commission - Estate agents’ fees will generally differ between 1% to 3%. You may be able to negotiate to bring the fee down, but remember if you bring it down too low the estate agent may not feel as motivated to sell. The lowest commission rate is not necessarily going to guarantee the best price for your property, so you’ll need to find a balance in order to get the best deal for both of you. One way to find a reasonable commission rate is by agreeing on a system which allows you both to get something from the situation. For example, if you sell your property for the full price, your estate agent should be entitled to the full fee, or if your property sells for less than expected, the agent gets a smaller fee.