Hi, my name is Danny Valencia with My City Nest powered by Keller Williams and today I'm going to share with you the most common questions that I get asked on a daily basis from sellers. So there are many questions I get asked, but I just want to narrow this down to around about five or six questions that I get asked. The very first one, which is a fair one is.
Danny, What kinds of fees are agencies charging at the moment? So this can range anything between 1.5% to 3% and sometimes it will include VAT, sometimes it wont so make sure whether it's plus VAT or includes VAT because you want to make sure what you're netting, what you actually going to be working away with in your pockets. And also make sure that this fee is only payable if they actually are successful in selling your property. Because there are agents out there that will charge you a fee regardless of whether they sell a property or don't. So make sure you're not just paying someone just for trying to sell your property.
The second most common question that I get from sellers is what are costs are involved in selling your property? The very first one I'm gonna share with you is the EPC, the energy performance certificate, which is a legal requirement before you actually go onto market a property, so make sure you have that in place. The cost of that is going to be around about £60 to £80 depending on the size of your property.
The other thing that you want to be asking your estate agent is what kinds of marketing costs do they charge up front? Some agents will do an extensive and aggressive marketing and will charge you a marketing fee, whether that's for professional photos, whether that's a professional videos, drones or copy-writing or anything like that. Some agents may want to charge you up front for that, so make sure you get clarity on that and look at the terms and conditions.
The third most common question that I get asked from vendors is what kinds of contracts are agents using? And this is a very important question because there are around about four or five different contracts they can use. So the very first one I'm going to share with you is sole selling rights. Now this means that whether you actually go onto find a buyer yourself as a seller, you still have to pay the agent a fee because only the agent is allowed to actually market the property and actually go on to complete a sale of the property. So you will have to charge your agent. And equally, if you engage with other agents during the term of your contract of your Sole Selling rights, you will still have to pay a fee to that sole agent.
The other type of contract is Sole Agency and this means that you as a seller can still go on to find the buyer and not be charged the fee from the Sole Agency that you have with your agent. It doesn't mean however, if you're going engage with other agents and another agent goes to sell your property, you still have to pay a fee to that specific agent that you signed the Sole contract on. The other type of contract is a Joint Agency. Now there are two types of Joint Agency. The very first one is where you instruct a couple of agents and the winner take all so, they both marketing the property and making efforts to actually find you a buyer and whoever finds a buyer first, then that's the only agent who you actually pay a fee to. The other type of all joint agencies is that both agencies or free agency, if you like, are all working together to find you the right buyer.
Whoever finds a buyer doesn't matter if one finds them first before the other, it means that they all share the commission upon completion and the last type of contract is Multiple Agency. Now, this is where you have three or four five agents working alongside and they're all marketing the property at the same time and as a bit of a winner takes all kinds of situation, which really ends up being quite messy and gives the total wrong message to buyers, especially when they're going online and sees the property with four or five agents. You know what's the first thing a buyer is going to think? They're going to think that you're desperate and that's the last thing that you want to buy to think before they even go in through to the door and view your property. So those are the types of contracts and if you have any questions around that, feel free to get in touch.
Most common questions that I get asked on a daily basis is how are you going to market my property? Now I'm not going to bore you with all the stuff that we do because there is another video in which we share our 19 point marketing plan. what I can say is that most agents have what I call the 3 P's. A 3 P's is that they post a sign outside of your house, for sale sign they post the property on the online portal such as Rightmove and Zoopla. And the third is they pray and hope that the back of those two activities, they actually get a buyer come in and see the property and buy a home. So we have what we call the 4th P, which is be proactive. We don't pray or hope. We make sure that we execute on a 19 point marketing plan to find you the right buyer so you can watch an entirely a different video for that to find out more how we go about finding the right buyers for you.
The final most common question that I get asked on a daily basis is how long is it going to take you to actually sell my property? Now when you actually sit down and have that consultation with your estate agent, the agent should bring along with them a lot of comms and sharing with you the time on market in that particular neighborhoods. Now that will change every three to six months. So need to make sure that they have up to date data so they can share with you and you can actually make sure how long your property is going to be in the market. One thing that is true is that the longer your property is on the market, in the eyes of the buyer, the less it's worth. So one thing that's going to be critical is you pricing your property correctly and also having an agent that's going to market your property aggressively.
I hope you found this video helpful, and if there are any questions that you have, please feel free to get in touch Danny Valencia, with My City Nest powered by Keller Williams.