Estate Agents - 10 Simple Methods for Getting the Best Out of Estate Agents

Buying a property requires good research and project management skills and, above all, good acting.

1. Look cool and aloof during viewings. A good estate agent will be able to pick up the signs from you that you really love the property. In that case it will be difficult for you to get much off the asking price. During the viewing never start switching off the lights as you move from room to room, it is a sure sign that you like the property and you are starting to move into it in your mind.
2. Wait to make an offer. You will sound too keen if you make an offer directly after the viewing. If the agent wants you to offer or if you want to make an offer, ask how much do the vendors want. Ninety percent of agents will say "the asking price". Do not butt in when they are talking. Some agents will say "the asking price" and continue talking themselves down by several thousand pounds, a sign that they are under pressure to sell the property. In this case, wait until they have finished talking themselves down and then ask if the vendor would accept $10,000 less. They will possibly keel over horrified. 90% of them will say, "ok I'll ask the vendor" Say, "no, I'm not making an offer " but at least you will know a level that you can start negotiations at if you want to. Go away from the viewing and think clearly about whether you want to get into negotiations to buy.
3. Offer 10-15% below the asking price. It is unbelievable the amount of people who come straight in with an offer at the asking price after seeing a house. The Estate Agent will often be able to achieve in excess of the asking price because of this without necessarily having anyone else interested in the property at the same time. As a general rule, offer between 10-15% below the asking price, although you must alter this depending on the market.
4. Keep your maximum budget to yourself. The major rule of thumb for estate agents is that 90% of their registered buyers will eventually buy a property up to 10% more than the maximum they had registered to. Generally estate agents will ask the buyer fairly early on how many properties they have seen. This gives them a good indication of how close to actually buying a property the buyer is. For example, a young couple starting to buy their first home who have not seen any properties yet will probably be a prospect for buying in say 10-15 viewings. However, a second/third time buyer, under offer to someone keen to get into their house will buy within 2/3 viewings if the agent shows them something which slightly exceeds their expectations and if its within 5% of their registered max.
5. Always buy a property within ten minutes walk from public transport. This is especially relevant when buying for investment. You can always change the presentation of a property with enough investment, but you will never change its proximity to transport. In London, for instance, 90% of short hold tenants want to be within ten minutes walk of tube or train.
6. Think about resale. This is a critical point when deciding to buy. You have really got to put yourself in the shoes of the person who is going to buy the property from you when you are finished with it.
7. Research the rental market when buying to invest. It may seem like common sense, but it is amazing the amount of people who have bought for investment and not researched exactly how much the property would rent for after they have paid for it. Do not just take the word of the estate agent about the local rental market.
8. Look at more than one property. It happens quite often, that, when a buyer fails to find a suitable property in one area after tons of viewings, they go to a slightly different area, find fantastic value for money (in comparison to the last area) and fall for the first one they have seen. Research is crucial in a new area.
9. Stick to your goals. Although everything an estate agent says or shows you about a property is covered under various legislation such as The Property Misdescriptions Act and The Estate Agents Act (UK), in certain circumstances, it is difficult to prove the agent was not truthful to you. Many agents use the "old ploy" that they have someone else very interested in the property and "they are going to offer the asking price in the afternoon" in order to stimulate you into making an offer. This is illegal.
10. Make use of professional advice, websites, local information. It may be that if new to an area it makes sense to pay for the services of a property finder who has established relationships with local estate agents. Their fees are negotiable and they may even save you money in the long run if they are able to negotiate a good deal for you.

Pam Kennett is a business consultant with more than 20 years' experience working with organisations to help them understand the talent of their staff through the implementation of competency models. She has an MBA from City University Business School (London), is a Member of the Chartered Institute of Personnel and Development and is a registered member of the British Psychological Society. She also manages a property portfolio worth over 2 million and is in the process of launching a wealth creation coaching business.

She is the founder and Director of Chiswick Consulting Limited and can be contacted at +44 208747 1886 or http://www.chiswickconsulting.com

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