Having been a High Street estate agent for some years I can tell you that estate agents are dishonest. 'Really?', you say. 'I never knew that'.
Yes we all know that they are slippery and that they would sell their kitten's kidneys if they had a value but get a load of some of the tricks of their trade that you may not yet have come across but that can really hurt you if you're not aware of them.
Signing you up into a sole agency agreement that is so full of very small print that you don't notice the following....
A contract term of several months that prohibits you from using an alternative estate agent in that time. A problem if the first one that you choose turns out to be rubbish, as is likely.....
A percentage fee that applies to the price you marketed the property at originally, often inflated by an over optimistic agent's valuation, rather than the eventual sale price....
A sole selling rights clause that dictates that even of you sell your home to your brother or best friend completely outside of any agency involvement, your agent can still charge you the full fee....
A clause that albeit challengeable in law, seeks to claim a big fee from you even if a buyer that viewed your property many months ago, comes back to buy it much later. You may then be liable to pay your new agent and the old one....
A caveat that even at the end of your period of sole agency you still have to give 14 or even 28 days' notice no matter how long ago the lock in finished. Again, this is potentially challengeable but nonetheless many agents still use it to give themsleves more exclusive time to sell your home when you sack them and to sue you if you instruct another agent that then sells it....
A penalty fee (although they won't call it a penalty for legal reasons) that seeks to charge you as much as THREE PERCENT in emoov.co.uk estate agents fees in respect of your property's selling price if you breach some of their terms and conditions.
When instructing an estate agent to market your home do NOT just sign what they put in front of you. Read it through thoroughly. Oh, and make sure they give you a copy. The National Association of Estate Agents says they must.
If you feel that an estate agency firm has disadvantaged you financially, whether you are a seller or a buyer, you can complain to the Property Ombudsman. He may compensate you for any loss incurred.
Have a look at their website at TPOS.co.uk TPOS.co.uk
Be careful out there;-)
About
Russell Quirk is founder of eMoov.co.uk the online estate agents. Russell has many years of property experience having been Managing Director of a five branch estate agency firm between 1999 and 2009 and which expanded into financial services, property development, land brokerage, recruitment and also specialised in providing project opportunities to social landlords and housing associations. If you are seeking a competent commentator or media subject on all things property, contact Russell on 0845 260 4950
If you are selling a property anywhere in the UK visit eMoov
emoov.co.uk online estate agents for selling fees that will surprise you.
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