Everything you Need to Know about Estate Agents

Have you ever wondered what estate agents do, or considered a career as an Estate Agent? Well, estate agents take up the role of marketing and selling property on behalf of property owners. That is, they monitor the chain of buyers and sellers, liaise with the solicitor, negotiate with sellers and buyers as well as deal with all the paperwork.

Estate agents may also recommend to solicitors, surveyors as well as mortgage brokers to quick house buyers and sellers. Thus, you may talk to them even if you will not use their services. Unlike a popular misconception that estate agents double up as property valuers, this is not true. While some estate agents may give you a valuation of your property, the only valuation that is admissible by financial institutions is that done by professional surveyors.

Estate agents have a way of adding a positive spin on the description of properties, the same way a marketing expert may spin a title tag, or description of a website for seo purposes. This is a great way of selling property without offending clients. However, you need to be cautious because there is a degree of opinion involved in the description of the property.

Estate Agent Regulation

The definition of estate agents is solely the mandate of the Office of Fair Trading (OFT). Further, the Estate Agents and Redress Act 2007 and the Estate Agents Act 1979 regulate the operations and conduct of estate agents.
Additionally, estate agents may also subscribe to certain bodies like the Royal Institution of Chartered Surveyors (RICS). This is the principal body for UK property professionals dealing with commercial, residential as well as agricultural property. In fact, estate agents are legally required to belong to a redress scheme to trade as an agent. Consequently, agents who do not belong to any redress scheme as this governs agents.

Estate Agent Fees

When buying property, you are not required to pay estate agent fee. However, property sellers will pay between 0.75% and 3.5% of their property’s selling price in estate agent fees unless you are selling with a fast house sale agency. This can significantly have an impact on the amount that is due to you at the end of the transaction hence the need to consider negotiating for better rates. It is advisable that you check if the fee is inclusive of VAT, otherwise you may end up adding another 20% of the fee.

Overall, estate agents are an important link between property buyers and sellers. However, you need to understand that they may not always have your interests as heart as they are in business. Therefore, you will do well to research widely and understand the process so that you do not become a victim of estate agent traps.

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Ways to Moneysave, and Save Up

money saving tips

Collaboration with Poppy J.

 

It is becoming increasingly difficult to squirrel away a few extra pounds, or to save towards a bigger essential buy – let alone long term and for the future. With a bit of extra diligence, it is possible to start – and starting is the hardest. We look at small changes you can make to make it happen.

Shift Down A Brand

When grocery shopping, think of the price range of your favourite consumer brands and the next time you go for supplies, look a level lower on the shelf. Supermarkets place the premium brands at eye level and the bargains towards the bottom of the shelf, so try out alternative brands. Words like ‘luxury’ on more copious packaging lure us into shelling out more for the premium range, whereas ‘basics’ offers more no frills packaging and can still even be hiding a better quality product underneath. We are tricked into thinking pricier equals better quality, but it doesn’t always. If you buy brand names (Kellogg’s, McVities, etc.) opt for supermarket own brands next time and see if you can taste any difference in quality.

Put a Money Away for Each Day of the Year

This might take a little effort to remember and you can always tick it off on the calendar, but if you remember the 365 Day Challenge craze, it could come in handy for you. Imagine January 1st is day 1, and December 31st is day 365, then putting the number in pence into a box can save you a total of around £670 a year. There are free downloadable charts to keep you on track. If towards the end of the challenge you are putting away £3. 63, then £3.64, then £3.65 the next day and this proves change you just can’t spare, commit to putting a set affordable amount away each day, for example a pound a day will still save you £365 a year. Of course, day one can be August 31st and day 365 August 30th the following year so you can begin any time.

Spread The Cost Out For a Bigger Purchase

If you just can’t save up for an item you need now, such as a bed, make it affordable in the interim by spreading out payments, so that you are able to budget for other essentials and save more easily. In some cases, like with cars, it can mean paying more long term for an item, but not always. The resources that opting for purchasing goods on finance saves can also help you to end up actually saving money elsewhere in the long run.

Take Advantage Of Online Price Codes

For groceries, make use of the introductory offers from every supermarket offering home delivery. Sainsbury’s off £10 discount for the first five shops and Morrison’s and Ocado off £10 or £20 a first order. Try each supermarket out for each shop, to make the most of these introductory offers. On top of this, periodically, individual products can be added to the basket for free, some several at once. Very often companies have promotional codes can that be used concurrently with other codes, a practise known as code stacking.

For clothes and electricals, keep an eye out for price glitches, where you end up with heavily discounted or even free entire orders. If you spot it early enough, very often providers end up honouring these, and shoppers have ended up in the past with pricey new TV’s for a fraction of the price, or in season fashion buys for pennies.

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