BEWARE of Estate Agents contracts
Selling a home can be a stressful time for all of us and it’s not helped by an estate agent contract that may not be as clear as it should be. If you want to pull out of your house sale or simply don’t feel that your estate agent is getting the job done, what you can do will depend on your original contract.
When it comes to selling your house, there is already so much to think about. To complicate matters, each estate agent will have a different contract which we feel our clients (you) should understand before signing.
We have had several customers get in touch the past few months who are dissatisfied with their chosen agent but who are unable to switch as they are tied into a law biding contract.
Tie-in periods
Lots of estate agents, even the big high street brands, include a tie in period. But if you end up not getting on with your chosen estate agent or become unhappy with their service you will want to terminate the contract. Unfortunately, some agents can tie you into a contract up to 20 weeks after notice of termination.
Why do agents tie you into a contract?
Being "locked in" is probably the biggest single source of complaints that we get from clients. Although these contracts stop the other agents from selling your home, but it makes the home selling experience much more fraught than it should be.
Who does the contract benefit? The client (you) or the agent?
It is argued that when clients try to terminate a contract, the tie in strategy gives the agents the motivation to sell it quickly as you want to leave their services and use someone else. Although the threat switching can spur new motivation, this is usually where the "numbers game" strategy begins. This is where viewings start to increase more often but again do not add up to anything.
We have seen cases where a home owner’s life is on hold for months until they can safely switch from one estate agent to another one. The question is, why do agents keep you tied in with them, when you are unhappy?
Hidden fees
Check the contract for extra fees, such as marketing (which should be included in the commission fee!) or penalties for ending the contract early. This can sometimes be missed so please read the small print carefully to avoid extra charges.
Why we keep it plain and simple
We do not have any timescale tie-in contracts or any hidden fees. By doing our job well you will want to stay with us. The only person who benefits from locking you in is the agent. Our contracts have no lock-ins, tie-ups or sub-clauses, so if we are not performing, you can simply move to another agent.
All our marketing expenses are included in the fee we charge. We will only charge you a percentage fee on the successful sale of your property. We will always do the best we can for you and that included the fee we charge.
With us you can be assured of our utmost attention.
If you would like any advice on selling your property or if you would like advice on your current contract. Please get in touch. We are here to help.
Best wishes,
The Alexanders Team.