Page 19 - Real estate: a guide for buyers and sellers
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The estate agent’s responsibilities to the seller
If you list a property for sale with an agent, Selecting an agency
you are engaging that agent to help sell
your property. The agent must act in your For the seller, choosing an agency is an
best interests, including following your important part of the selling process.
lawful instructions and engaging in good
estate agency practice. To help you make this decision:
The agent will charge you a fee for this • check the internet and local papers to
service, usually in the form of a commission. find agencies, the services they offer
The commission is negotiable and can and sale price information
either be a percentage of the sale price, a
fixed fee or a combination of both. You can • speak to friends about their experiences
also expect to pay an additional cost for • read promotional material from a
advertising associated with marketing your
property. range of agencies (including local
agents who may be more familiar with
You can expect the agent to: the local market)
• talk to agents.
• advise you about a method of sale
• provide you with a marketing plan Ask the agent to provide written
quotes, clearly detailing the
and market your property rate of commission they charge
• give you an estimated selling price or and any additional charge for marketing
your property. Do not sign anything,
price range based on their experience including an authority, unless you are
and skill prepared to engage their services.
• advertise an up-to-date price for the
property reflecting rejected offers or Points to discuss
changed market conditions (although
it is not compulsory for a price to be When you talk to agents, important
advertised) points to discuss include:
• communicate all verbal and written
offers from prospective buyers to you, • their knowledge of the market and
unless you instruct the agent in writing experience selling homes in the area
not to do so
• organise and attend open house and • comparable sales in the area
other inspections • their marketing plan for your property
• organise and conduct an auction if • preparing your property for sale
applicable • their estimated selling price
• arrange the signing of the contract • their commission or fee
• receive and hold the full deposit. • the cost of advertising and other
outgoings.
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