It goes without saying that instructing an estate agent is the done thing when selling your property. Even with the rise of online agents, traditional estate agents still have a whopping 94% market share. But what do they actually do, and is an estate agent always the right option when selling your home?
Here, we look at the actions estate agents perform for both sellers and buyers and if you should instruct one.
The key responsibilities of a good estate agent
Estate agents wear many hats throughout a property transaction. Their main job is to facilitate sales, but this involves a range of tasks:
- Understanding the local property market and current trends
- Accurately valuing properties
- Marketing properties effectively to attract buyers
- Arranging and conducting viewings
- Negotiating offers between buyers and sellers
- Liaising with solicitors, surveyors and other professionals
- Keeping sales on track and resolving any issues
A skilled agent acts as an expert guide, looking out for their client’s best interests every step of the way.
Helping sellers: What an estate agent does when selling a property
For sellers, an estate agent’s work starts with valuing the property. They assess its worth by analysing recent sales of similar homes nearby, considering unique features and gauging current market conditions. As a result, they can set a competitive asking price.
Agents also advise if any improvements could boost saleability. For instance, a fresh coat of paint or decluttering might help secure a quicker sale at a better price.
Marketing is an important part of an agent’s role. They’ll arrange professional photos, write a property description and list the home on major property portals. Many agents also have databases of potential buyers they can contact directly.
Managing viewings is another task. Agents handle enquiries, arrange appointments and show potential buyers around the property. They can answer questions knowledgeably and highlight a home’s best features.
Throughout the sales process, a good agent keeps things moving. They chase solicitors when needed, gather feedback after viewings and negotiate offers to get the best price for their client.
Helping buyers: What an estate agent does for property buyers
While estate agents primarily work for sellers, they can also be invaluable to buyers. They help match house hunters with suitable properties, often knowing about homes before they hit the market.
When it comes to making an offer, agents guide buyers on what’s reasonable based on local market conditions. They then present offers to sellers and negotiate on the buyer’s behalf.
Once an offer is accepted, agents support buyers through the conveyancing process. They liaise with solicitors and help resolve any issues that crop up, working to keep the sale on track.
Why hiring an estate agent can save you time and money
You might think selling without an agent will save you money. But often, the opposite is true.
Market expertise
Agents price homes accurately based on in-depth local knowledge. This helps achieve a faster sale at the best possible price. Overpriced homes can languish on the market indefinitely, while underpriced ones leave money on the table.
Negotiation skills
Experienced agents know how to negotiate effectively. It may be possible they can secure a higher sale price for sellers or help smooth negotiations when the buyer and seller aren’t on the same page.
Avoiding pitfalls
Property transactions involve complex paperwork and potential legal issues. Agents guide clients through this minefield, helping prevent costly mistakes.
Time-saving
Selling or buying a home is a time-consuming process. Agents handle time-intensive tasks like fielding enquiries, arranging viewings and chasing solicitors. This frees you up to focus on other priorities.
Marketing
Estate agents often have large lists of hot buyers that they can instantly market to. They will often send these buyers and email with new properties to hot the market, which can help secure an offer quickly.
The hidden work estate agents do behind the scenes
Much of an agent’s work happens behind the scenes. They coordinate with other professionals involved in the transaction, including mortgage lenders, surveyors and conveyancing solicitors.
Agents also manage the overall timeline, making sure that everyone meets necessary deadlines. When unexpected issues arise—like a low valuation or problems flagged in a survey—agents work to find solutions and keep the sale on track.
How to tell if you’ve found a good estate agent
Not all agents offer the same level of service. Here’s what to look for:
- Experience and local knowledge. Choose an agent with a strong track record in your area. They should know the local market inside out.
- Client testimonials. Look for reviews from past clients. These offer insights into an agent’s effectiveness and customer service.
- Communication skills. A good agent keeps clients informed at every stage. They should be responsive and set realistic expectations from the start.
It’s also worth checking to see if estate agents belong to a professional body, like PropertyMark or National Association of Estate Agents (NAEA). It means they’re regulated and must adhere to a strict code of conduct.
Are estate agents worth the commission?
Estate agent fees typically range from 1% to 3% of the sale price, plus VAT. On a £300,000 home, that’s £3,600 to £10,800. It’s a significant sum, but many sellers find it’s money well spent.
Agents often achieve higher sale prices than homeowners selling privately. Even a 1% to 2% boost in the final price can offset their fee. Plus, their expertise helps avoid costly mistakes and reduces stress throughout the process.
For buyers, using an agent is usually free. The seller pays the commission, so buyers benefit from an agent’s services without any upfront cost. You have the option to work with a buying agent, though this role differs from a traditional estate agent and typically involves a fee.
Online estate agents offer a cheaper alternative, with some charging fixed fees under £1,000. They often provide a more limited service however. You may need to conduct viewings yourself and might miss out on the local expertise of a traditional high-street agent.
Check out our estate agent fees calculator
When might you not need an estate agent?
There are some scenarios where you might consider selling without an agent:
- You’re an experienced property investor familiar with the process
- You’re selling to a family member or friend in a straightforward transaction
- You’re in a very hot sellers’ market where homes are snapped up instantly
Even in these cases, an agent’s expertise can still add value. Weigh up the potential savings against the risks of going it alone. The last thing you want is a legal dispute with a family member because of different interpretations over a sale.
The risk-free way to sell without an estate agent
Estate agents are your best bet if you’re selling on the traditional property market. After all, they manage the process and provide more exposure by listing on property portals like Rightmove and Zoopla. You don’t always need them however.
If you’re looking for a quick sale and don’t have time to wait months for the sale to go through, selling directly to a cash buyer like Property Rescue offers a risk-free alternative and could be your best bet.
Here’s why:
- No need for marketing or finding a buyer because we are the buyer
- We provide top UK solicitors to you free of charge
- We pay for necessary surveys and certificates
- Sales are guaranteed with no chain involved. We are cash buyers.
- Transactions can complete in as little as 48 hours or according to your wishes.
- No need to stage or improve the property beforehand
This option suits sellers looking for a quick, hassle-free sale. You can get a free, no-obligation cash offer from Property Rescue today to explore this route.
Common misconceptions about estate agents
Let’s address some common myths about estate agents:
“All agents are the same”: The quality of service varies hugely between agents. Some go above and beyond, while others do the bare minimum. It pays to choose carefully.
“They only care about commission”: While agents do work on commission, their reputation plays a central role in attracting future clients. Good agents prioritise client satisfaction, not just quick sales.
“You can easily do it all yourself”: The rise of online property portals has made DIY selling more feasible. But most people underestimate the time, effort and expertise involved in managing a sale. There’s a reason most sellers still opt for full-service agents.
Is an estate agent right for you?
Ultimately, whether to use an estate agent depends on your situation. If you’re time-poor, unfamiliar with the property market or want to maximise your sale price, an agent’s expertise is invaluable. Their fees can be offset by achieving a higher sale price and a smoother transaction.
If, however, you’re confident in your knowledge of the local market, and understand all stages of the property sale process, and have time to manage the process, selling via an online estate agent might work. Just be prepared for the workload and potential pitfalls involved.
For a truly hands-off approach, selling directly to a cash buying company eliminates the need for an agent altogether while guaranteeing a quick sale. The speed and simplicity can be attractive in certain circumstances.
Weigh up your priorities, time availability and property market knowledge. This will help you decide whether an estate agent’s services are worth the investment for your particular situation.