Navigating the Property Market: A Homemover’s Guide to Estate Agents

Buying a house is a significant life event, and often the first point of contact is an estate agent. They play a crucial role in the property market, acting as a bridge between buyers and sellers. This article explains what an estate agent does, outlines the typical process when buying a house, and offers practical tips for homeowners to reduce delays and stress during the process, leading up to your house move.

What Does an Estate Agent Do?

Estate agents act on behalf of the seller (the vendor) to market and sell their property. Their key responsibilities include:

• Property Valuation: They assess the market value of a property to help the seller determine an appropriate asking price.
• Marketing and Advertising: They create property listings, take photographs, and advertise properties through various channels, including online portals, their website, and sometimes local newspapers.
• Viewings: They arrange and conduct viewings of properties with potential buyers.
• Negotiation: They act as a mediator between the buyer and seller, negotiating offers and counter-offers to reach a mutually agreeable sale price.
• Sales Progression: Once an offer is accepted, they help manage the sales process, liaising with solicitors, surveyors, and mortgage brokers to ensure a smooth transaction. This can vary in how much the agent is involved.
• Communication: They keep both the buyer and seller informed of the progress of the sale.

The Buying Process: A Step-by-Step Guide

The process of buying a house typically involves these stages:

1. Research and Viewings: You’ll start by researching properties online, in estate agent windows, and contacting agents to arrange viewings. 
2. Making an Offer: Once you’ve found a property you like, you’ll make an offer to the seller through the estate agent.
3. Offer Acceptance: If the seller accepts your offer, the estate agent will notify both parties, and the “subject to contract” stage begins.
4. Mortgage Application: If you need a mortgage, you’ll apply for one and receive a mortgage offer in principle, and then the formal offer. 
5. Surveys: You’ll instruct a surveyor to carry out a survey of the property to identify any potential issues. 
6. Conveyancing: You’ll instruct a conveyancer (a solicitor specialising in property law) to handle the legal aspects of the purchase. They’ll conduct searches, raise enquiries, and review the contract. 
7. Exchange of Contracts: Once all searches, enquiries, and mortgage arrangements are finalised, you’ll exchange contracts with the seller. This is a legally binding agreement.
8. Completion: On the agreed completion date, the funds are transferred to the seller, and you take ownership of the property. 

Reducing Delays and Stress: Tips for Homemovers

Buying a house can be stressful, but here are some tips to minimise delays and keep things moving smoothly:

• Get a Mortgage in Principle: Before you start seriously looking at properties, get a mortgage in principle. This will give you an idea of how much you can borrow and demonstrate your seriousness to sellers.
• Be Clear About Your Needs: Be clear with the estate agent about your budget, preferred location, and must-have features in a property. This will save you time and prevent wasted viewings.
• Be Prepared to Act Quickly: In a competitive market, properties can sell quickly. Be prepared to make an offer promptly if you find a property you like.
• Choose a Good Conveyancer: A reliable and efficient conveyancer is essential for a smooth transaction. Research and choose a conveyancer with a good reputation and experience.
• Respond Promptly: Respond promptly to requests for information from your estate agent, conveyancer, and mortgage broker. Delays in communication can hold up the process.
• Book a Removals Company: As soon as the chain has agreed a move date and the solicitor has confirmed its achievable.  Then, book your house removal.  Dont leave it until the last minute as quality house removal companies will get booked up and you may end up in a situation where you can not move with your preferred removal company.
• Organise Your Finances: Have your finances in order and be prepared to pay the deposit and other associated costs when required.
• Be Realistic: Understand that buying a house takes time. Be prepared for potential delays and try not to get too stressed if things don’t happen exactly according to plan.
• Consider a Survey: While not legally required, a survey can identify potential problems with the property before you exchange contracts, saving you from unexpected costs and stress later on. Different levels of survey are available, so consider which type is most suitable for the property you are buying.
• Communicate Effectively: Maintain open communication with your estate agent, conveyancer, and mortgage broker throughout the process. Ask questions if you are unsure of anything.

Working with the Estate Agent:

While the estate agent acts for the seller, they also play a role in facilitating the sale to you. Building a good relationship with the estate agent can be beneficial. They can keep you informed of new properties coming to market, provide valuable insights into the local area, and help negotiate a fair price. However, remember their primary responsibility is to the seller.

In Conclusion:

Estate agents are a key part of the home buying process. By understanding their role, being organised, and communicating effectively, you can navigate the property market with greater confidence and reduce the stress often associated with buying a home. A proactive approach, combined with a good team of professionals (estate agent, conveyancer, mortgage advisor), will significantly increase your chances of a successful and relatively smooth purchase.