Housing Marketplace
Office presence
Most potential purchasers call in to the main agents in any particular town that they have an interest in purchasing in. Therefore it is vital to list your property with an agent that has a presence in the locality. Check that the office is well kept and the reception staff courteous, competent and willing to help.
Web Site
Has your chosen estate agent got their own dedicated web site? If they have not invested in their own web site, disregard them from the reckoning. By directing interested parties, for your home, to a generic site, such as myhome.ie, or daft.ie, they are forcing your property to compete with numerous other properties. They are not capturing enquiries for your specific property, and will not get you a great price.
The purpose of these generic web sites is to obtain interest or enquiries for your property. You do not want your home being used to generate interest in these sites.Your estate agent’s web site should be easy to navigate and properties should be professionally displayed. It should also be updated regularly, and well publicised.
Qualifications
Ensure your agent is a member of the Irish Auctioneers and Valuers Institute (IAVI), or the Institute of Professional Auctioneers and Valuers (IPAV). Are all sales staff who will be dealing with, and showing, your property members of the IPAV or IAVI?
It takes time and dedication to obtain these qualifications. If your estate agents’ staff have not invested in their education, don’t risk the sale of your property to them.
Property Brochure
It is vital to have a professional brochure when selling your home. Ensure that features such as square footage, number of bedrooms, bathrooms etc are included on brochures. Sometimes a brochure must sell a neighbourhood as well as a house. If so, desirable local amenities such as schools, shops, playgrounds and local transport etc. should be included.
Auctioneers licence
Ensure that your chosen estate agent is licenced. To act in the selling of property an auctioneer must be licenced by the district court and hold a valid auctioneers licence. If you have never heard of the firm before, ask to see a copy of their licence.
By law it must be displayed in a prominent position within their office.
Have they got professional indemnity insurance?
This is vital so that they can cover the cost of any claims for negligence etc. A number of Auctioneers go bust every year, and clients have lost out financially. So use a reputable, licenced and insured agent.
National or “Branded Firm” versus strong local firm
Should you place your property with a large auctioneering firm, a national “brand name”, or a strong more local operator? This is a question I am often asked. While there is no right or wrong answer, why not ask yourself, who wants your business, more? Who will get you the most for your home?
Many people are seduced by the lure of the big name, but size can lead to inefficiencies. The management structure of large operators is complicated. It is very difficult for decision makers, in large firms, to keep in touch with the grass roots, as customer contact is remote. This is especially so as Ireland’s four largest auctioneering firms are Dublin or London based. (How can they know about the state of the market in Cork?)
On the other hand, the small to medium sized auctioneering firm can operate from a number of local offices. Communication lines are short. Supervision is in the hands of the owner and decisions are made on the spot. These estate agency firms are locally based and develop close contact with their customers. They know what is happening in the market in which you are selling
Beware, some single office firms are small because they are new (do you want them to be learning at the expense of thousands of euro lost on your sale) or are just bad at their job. Be sure also to avoid the “one man band” auctioneer that operates without the necessary staff to do the job.
The shortlist (sometimes called the “beauty parade”)
Having reviewed all the possible contenders for your business it is now time to become serious about appointing an estate agent. Compile a shortlist of two or three auctioneering firms that you are reasonably comfortable with from preliminary analysis.
The next step is to arrange a valuation appointment or “beauty parade” of the chosen few. Don’t be afraid to tell the invited auctioneers that you are inviting a few agents. This will keep them on their toes, but don’t tell them exactly who else is coming.
Agent Fees
Finally, a brief note on fees. Auctioneers fees in Ireland are the cheapest in Western Europe, if not the world. Estate agents in Cork city and county will charge you somewhere between 1.5% to 2.5% of the sale price (+ VAT at 21%) depending on the price of your property, and their expertise.
While it is possible to negotiate a discount with some agents, beware, and ask yourself why they are willing to give you a discount. Are they cheap because it is the only way they can get the sale of property? Will they give in as easy when it comes to negioating a sales price on your home? There is a saying in the profession that goes, “if somebody cannot negioate a good fee for themselves how can they negioate a good price for your property.” From experience, and hopefully not costly experience, you will realise that this is very true.
Conclusion
Take your time to study this article. Learn what you can and should expect from your auctioneer. This will help you to effectively interview prospective estate agents for your business. Your chances of selling quickly and with least hassle, which is what this mini series is all about, are improved considerably by appointing the right experienced and professional estate agent
A good estate agent, and their firm, will attract many more potential purchasers for your property than an inexperienced rookie, or a lazy estate agent. The decision is yours. Do you want the best price or the cheapest fees?
I hope that you found this chapter helpful.
Our next article will give you tips on how to get your home ready for sale.
