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Negotiate on asking price and fees When property is scarce, competition between estate agencies can be fierce. Providing a prospective seller with an inflated appraisal of their home has proved a reliable tactic for agents to win business over their rivals. In this area, things can for sure get out of hand. As a seller, this may work for you in a rising market; at the start of the contract, the property may be overpriced but, by the end of the term once the market’s caught up, the price becomes realistic and the property sells. If the market cools, you could be stuck, unsold and with an agent who’s now recommending a price reduction. Get an idea of what your property’s worth before calling in the estate agents. Check the property pages of your local paper as well as the internet. However, bear in mind that websites listing sold prices will not specify if a property agents was in good order or required refurbishment. You need to bear in mind that in effect a property is worth what someone would wish to pay for it - a lot of people do get carried away with creating an inflated price when it comes to property. This is a mistake to be sure to avoid. This is a large and competitive market and you need to make sure you are inline with what the market is doing. Invite a minimum of three estate agents to appraise your property. If one recommends a much higher asking price than the others, ask him why – does he have a special buyer that will pay the higher price? If the commission rates quoted differ, don’t be afraid to negotiate – estate agents are often willing to cut the original rate they ask for. Lastly, do not disclose how much you want for your home or what other agents have quoted until the estate agent in front of you has completed their appraisal and presentation.
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