Finding a Local Estate Agent
In most large towns there is a bewildering selection of estate agents to choose from. To the casual observer they might appear to be all very much the same. On closer examination you will find that they most certainly are not. The best agent in the town might be able to achieve thousands of pounds more for your property than his least effective competitor. With this sort of money at stake it is worth going to considerable trouble to choose the right agent for the job.
The telltale signs that differentiate an outstanding agent from an average one can be grouped under two categories: the 'marketing campaign' and the 'service standards'.
The Marketing Campaign
The number of potential purchasers that each agent has on his books will be governed by the effectiveness of his marketing campaign. The most effective agent could have three or four times more buyers on his register than his least effective competitor and this gives him a much better chance of achieving a premium price for your property. The effectiveness of each agent 'S marketing campaign can be judged by looking at the three key areas of advertising, board presence and office position.
Newspaper Advertising
Newspaper advertising is the single most important source of potential purchasers and it is, therefore, worth taking some trouble to assess each agent's effectiveness in this area. Collect together all the local newspapers for a three to four week period and look for the following features:
l . Size - the leading agents will nearly always have the largest advertisements. There is a direct correlation between the size of the advertisement and the number of enquiries generated.
2. Choice of publication - advertising costs vary widely between different newspapers and, generally speaking, advertisers get what they pay for. If in doubt you might consider phoning the local newspapers to enquire about advertising rates and circulation figures so that you can make your own assessment of which agent has the highest local advertising budget.
3. Position - certain pages in a newspaper generate far more enquiries than others. Generally speaking:
- the nearer the front the better
- right-hand pages are better than left-hand pages
- the front cover, back cover and centre pages usually
- get a good response.
The leading agents usually book the prime positions on a long-term contract. You should be cautious about using an agent who has a consistently poor position.
4. Frequency - the leading agents will advertise every week throughout the year (with the possible exception of December). You should be cautious about using an agent who advertises only sporadically.
5. Layout - the advertisement should be easy to read with an attractive layout and plenty of space between the properties. Advertisements that cram too many properties into a small space generate fewer enquiries.
6. Colour - full-colour advertisements generate far more enquiries than black-and-white ones. If only two or three agents are advertising in colour, they will have a considerable advantage over their competitors.
7. Variety - beware of the agent who advertises the same houses every week. He may be having trouble attracting new instructions (and there is usually a reason for this).
8. Content - what sort of properties are advertised by each agent? Are they cheaper or more expensive than your own? There is no point putting an ordinary house with an up-market agent or vice versa.
Website
Check out each agent's website. Try searching for a specific property. Is it easy to use? Is it up to date? Would be buyers will be turned off by an ineffective website.
Board Presence
Estate agents' boards are another very important source of enquiries. Do a rough count of which agents have the largest number of boards up in your area. It is likely that each of these boards will have already generated several enquiries from potential purchasers for your property. Pay particular attention to 'Sold' boards. The agent who has recently sold several houses in your road could well be the best agent to handle the sale of your house.
Office Position
A large percentage of potential purchasers like to register their requirements in person. The position and prominence of an estate agent's office is often, therefore, an important factor. The prominent high street office will usually register several times as many potential purchasers as its small backstreet competitor.
