The question of whether you can change estate agents is asked relatively often – and in a word, “yes”, you can change your estate agent. But some remedial steps should be considered first.
In this article, I will be breaking down what steps need to be taken and what potential costs could be incurred and how best to proceed with a change of estate agent.
Will switching estate agents cost me more money?
This depends on so many factors, but ordinarily, if an estate agent has begun marketing the property, they will want to recoup any spendings they have incurred. This has to be weighed against the cost of your time proceeding with an estate agent who does not have the skills or willingness to sell your property.
Suppose you attempted to sell the property through an estate agent who does not meet your expectations. In that case, reviewing your Letter of Engagement is essential to ensure you know precisely what the financial liability will be before changing agents.
When should you change estate agents?
The first thing to consider is whether or not the estate agent you selected failed to discharge their responsibilities or whether it is more of broken communication.
The first step should always be to sit down with your estate agent and find out precisely what is happening if a particular resolvable issue prevents the property from selling.
A few good indicators that your estate agent is not as invested in the sale of your property as you are:
- Ignoring communication
- Making excuses for there being no viewings
- Asking to drop the asking price
- A small volume of viewings
A good course of action to take is your due diligence, visit all the leading property websites and make sure your property is visible, ensure the pictures are used to display your asset in the best possible way and check for general exposure both offline and online.
But if, after exhausting this and all other options, you are still wanting to change companies, then we have written the steps you should follow below.
Check Your Contract / Letter of Engagement
When you first agreed to the sale of your property, both you and the real estate agent you selected would have had to sign an LOE (Letter of engagement). This letter would have laid out all the terms set forth by the PRSA (Property Services Regulatory Authority)
The LOE will also layout:
- The agreed costs for marketing the property could include the estate agent’s brochure and windows signs but also encompasses any expenses attached to the aggregator website, such as daft.ie
- The length of time you mutually agreed to work for one other
- A detailed summary of the complaints procedure and process of termination if either party decided they did not wish to work with one another
- To exit/terminate the agreement, the party terminating the agreement will be liable for any costs incurred; these costs must be settled before the formal termination of the sale agreement.
- It’s also noteworthy to add that you may have paid an upfront fee for marketing; it’s essential to check your contract to see if you are entitled to a rebate.
- Details of any complaints procedure and how the agency will be terminated if the seller or the estate agent decides they no longer wish to be part of the original agreement.
To end the agreement you have in place, you need to check the letter of engagement and detail what areas have not been fulfilled.
Period of Notice
The amount of notice required is down to what has been agreed in the LOE, but for the most part, a good rule of thumb is two weeks. This allows the incumbent agent to give one last push, which hopefully results in a sale.
Instructing a new estate agent
Suppose you’re changing agents or choosing for the first time. In that case, it’s essential that you select a real estate agent with the right price point and who you’re also confident can sell the property in your required timeframes. Here are our top ten trips on metrics to consider when employing a new estate agent to sell your property.
- Look for recommendations/testimonials and review
- Receive multiple valuations
- Ask the estate agent lots of questions
- Read the terms and conditions/letter of engagement thoroughly before signing.
- Ask your agents for advice on ready the house for sale and increasing kerb appeal.
Sell my home in Dublin.
Selling a house can be a stressful experience. Whether you’re upsizing or downsizing, you need an estate agent on your side. At LWK, we strive to offer support and advice on everything from Valuing your property to kerb appeal.
LWK has helped countless property owners sell their property at the best possible market rate. LWK offers a comprehensive and full free valuation of your property.
If you would like to speak to us here at LWK about your property, get in touch today, and a staff member will be happy to help!