What length are reasonable contracts tie in for an Estate Agents?

By: Ian Bates
Submitted: 2008-08-21 16:16:07
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What length are reasonable contracts tie in for an Estate Agents? I want to open this article looking at what you may expect of an Estate Agent in Polegate or of agents around Britain. You will always get regional and city variations but the principles are the same.

I will conjure up a typical property for you. Let us use a semi-detached three bedroom home with a down stairs kitchen, lounge and diner combined. Upstairs you will have the three bedrooms and the family bathroom. The idea of creating this house is to build a story around the type of home or property that an established Estate Agent in Polegate or similar should be fairly comfortable to sell.

Why are contract tie ins such an important part of the negotiation? Well many agents are keen to over inflate the potential sale price of your property. This will then make their high commission rates seem more than reasonable to potentially the agent who might have been more realistic. At this point I would like to say that it is very good practice to have more than one agent come to value your home. Test what they can do to sell your home and also ask around their contract tie ins.

Once you are happy with the service and what they may offer in the form of advertising. You have satisfied yourself with the valuation. It is now onto the length of the contract. It is always fair and reasonable to allow a time period for the agent to sell your home be it sole or joint agency, but how long.

A short answer to this question is around six weeks. It is considered a reasonable amount of time for the agent to prove their ability. What I mean by that is do indeed stay longer with the agent but make them work. An Estate Agent in Polegate should really be doing everything in their power to get viewings, market your home and ensure that it is advertised in the correct and most powerful way.

Another area to watch out for is the notice period. One would say that about two weeks would seem reasonable. This is because the Estate Agent in Polegate may have just committed to advertising in the paper. A costly and  not always profitable area but one that the agent should have the opportunity to see their results.

If an agent is trying to tie you in for too long it could be that their strategy is to flatter you with a high sale price, get their commission up and then tie you into them while they try to barter you down but not their percentage.

So to summarise a six week contract with a two week notice period would seem both fair and reasonable. For an Estate Agent in Polegate I would suggest this is possible, so it should be possible where you live to.

Ian Bates runs a network of Estate Agents in Polegate

Article source: Expert Articles

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