The Role of UK Estate Agents – A perspective from across the pond
I recently went on vacation across the pond to the UK and stayed in Coventry & Warwickshire, in the heart of the UK. While there, I got talking to someone called Peter over dinner who happened to work in real estate locally. I asked if he would guest post an article here to give an insight into how the UK real estate market works.
Over to Peter…
Many people in the UK turn to an estate agent when they want to sell their property and when you decide to choose an agent who offers quality services and one who can manage the buying and selling process for you, then you will find there are many benefits.
In fact, an estate agent will be able to make arrangements for you to get an Energy Performance Certificate and a Home Information Pack.These are legal requirements that need to be meant if a property has four or more bedrooms and it is placed on the market. Also, price shouldn’t be the most important thing when it comes to choosing an estate agent – there are many other factors to consider.
Residential estate agents in Coventry and elsewhere in the UK don’t have to belong to an organisation or governing body in order to trade, and this is in part to being unregulated, for the most part. However, there are legal provisions in place with the aim to introduce regulation.
Online estate agents have been around for a long time now and they tend to claim they have fixed fee selling packages, as well as cheaper ones. Online agents claim that they can market property via various property portals for less money than what a traditional agents charge. Traditional agents tend to use this medium too.
The amount of money you can expect to pay a residential agent depends on various factors, such as whether or not the company arranges new tenants or if they actually manage properties, but you can expect to pay around 2%-4% of the selling price, and you will have to pay VAT too (currently 20%).
It really depends on the contract and whether or not the firm has the right to the sale. Also, there are new portals based in the UK that have encouraged estate agents worldwide and in the UK to work together by showing their properties, which allows people to view properties located in the United Kingdom, as well as overseas properties, and they can do this on one website.
Some of the advantages of using an estate agent include an estate agent who can appraise your home, as well as give you advice in regards to the local market’s condition, and they can perform an assessment in order to price your property.
Not only that, but there are various services offered by an estate agent, and this often includes financial advice, as well as home moving products. A good company will provide you with great service and keep you informed throughout the entire process.
Are you not sure what estate agent you should use? If so, then check out various professional recognised bodies for estate agents located in the country. You can do this by going online and performing a search or visiting authority sites such as RightMove and Zoopla.
A recent update to this article is that we now have a resources section added and in it we’ll be listing useful links and resources which we hope you find helpful.
List of estate agents:
112 Walsgrave Rd
024 7665 220