Selling your home can be an emotional and complex process, and choosing the right estate agent is crucial for a smooth and successful sale. Sometimes, despite best efforts, the current agent may not be delivering the results you need. If you find yourself in this situation, switching to a new agent could be the key to reigniting interest in your property. Here’s a comprehensive guide on how to change estate agents when selling your home.
Step 1: Review Your Contract
The first step in changing estate agents is to review the contract you have with your current agent. Pay close attention to the following details:
- Notice Period: Most contracts will require you to give a certain amount of notice before you can terminate the agreement. This period can vary, so check the exact duration specified in your contract.
- Withdrawal Costs: Some agents may charge fees if you decide to withdraw your property from their listing. Understand any financial implications to avoid unexpected costs.
Step 2: Give Notice
Once you are clear about the notice period and any associated costs, formally give notice to your current estate agent. This usually involves writing a letter or email stating your intention to terminate the contract. Make sure to request a confirmation of receipt from the agent to ensure they have acknowledged your notice.
Step 3: Request a List of Potential Buyers
As part of the notice process, ask your current agent for a list of all individuals and parties they introduced to your property. Most estate agents include a clause in their contract whereby they are still entitled to receive a commission for a certain period after the end of the contract. For most, this period is 6 months when selling through another estate agent and up to 2 years when selling privately. This means that if your new agent sells your home to a person introduced by your former estate agent, they are entitled to a fee. Understanding this list helps you avoid any potential commission disputes.
Step 4: Stop Marketing Immediately
Instruct your current agent to stop marketing your property immediately. Taking your property off the market temporarily can be beneficial as it allows the home to “rest” from the market, helping to refresh its appeal when you re-list with a new agent.
Step 5: Choose a New Estate Agent
If you haven’t already done so, now is the time to select a new estate agent. Consider the following when making your choice:
- Reputation and Reviews: Look for agents with strong reputations and positive reviews from previous clients.
- Marketing Strategy: Ensure the new agent has a comprehensive and effective marketing strategy tailored to your property.
- Experience in Your Area: Choose an agent with experience and success in selling properties in your locality.
Step 6: Inform Your New Agent About the Previous Agent
Once you’ve selected a new agent, inform them about your previous agent and provide them with the list of potential buyers given to you. This transparency helps the new agent understand the property’s history on the market and prevents any commission disputes.
Step 7: Complete the Sign-Up Process
Finally, complete all necessary paperwork to officially sign up with your new estate agent. Make sure to understand the terms of the new contract and clarify any questions you might have. A good agent will guide you through their process, setting clear expectations for the marketing and sale of your property.
Changing estate agents can feel daunting, but it’s a straightforward process if you follow these steps. By carefully reviewing your contract, giving proper notice, and choosing a new agent wisely, you can boost your chances of selling your home successfully. Remember, the right estate agent can make all the difference in turning your property sale into a smooth and rewarding experience.
If you are considering changing estate agents in Stamford and would like a free, no-obligation valuation of your property, please contact us. We will be happy to assist you.