Once you have decided to put your home onto the market to sell as well as considering which estate agent to instruct you also need to think about the length of the contract you will sign. It’s really important to give this some thought and make sure that you know exactly what you are agreeing to as many estate agents will demand anything from an 8 to a 20 week contract period.
Signing up with an estate agent for a set number of weeks means that regardless of how you feel they perform you can’t switch agent until the contract expires. You also need to read the small print as it may be that there are withdrawal penalties should you decide to take your property off of the market during the contract period for any reason.
The idea of signing someone up for a set period has never sat comfortably with me as I’d rather work on the basis that clients are with us because they want to be rather than just because they are not yet able to switch! If you’re looking to sell your home than I would really recommend that you avoid tying yourself in for a set period if at all possible and definitely don’t commit to a contract of 8 weeks or more.
Contracts with tie in periods only benefit the estate agent and do nothing to help you, the customer. If the estate agent delivers all that they promise and are offering you an excellent service than regardless of whether or not you are contracted to you are going to be happy to continue using them. The estate agent only needs a contract to prevent customers who would have otherwise have wanted to switch to a different agent from doing so. If an agent is trying to get you to sign a long contract with them then you should question how confident they are in their service and their ability to deliver on their promises
Unfortunately there are still some estate agents who will deliberately give you an inflated valuation of your home to help try and convince you to use them. They will look to sign you up to a long contract knowing that when your property doesn’t sell they will have plenty of time to persuade you to reduce the price and that as you are tied in if you want to sell you will have little other option.
At AKS Residential we don’t have tie in periods with our contracts and do not charge any withdrawal fees operating entirely on a no sale no fee basis. We believe that if you offer an exceptional service, work hard, offer good advice and stay in regular contact with your customers than you don’t need to tie people into using you.
I hope you have found this article useful and that it will make you really hesitate before signing up to a long contract with any estate agent. Also remember to always read the small print of an estate agents contract and make sure there aren’t any nasty hidden surprises like withdrawal fees!
We’d love to help without any obligation so for any specific advice we’d be delighted to hear from you by phone, email or the chat facility on our website.
Click Here to read 5 Questions You Must Ask Before Choosing an Estate Agent