How to Speed Up Sales and Reduce Fall Throughs as a Self-Employed Estate Agent

When you take on a new property as a self-employed estate agent, you have a ton of stuff to do.

You need to organise photos, develop a marketing strategy, market the property, conduct viewings and of course negotiate offers and tie up the sale.

But that’s not all. Once the sale is agreed, you’re responsible for the entire transaction through to completion. The longer the sale takes to go through the higher the chance of the sale falling through. If the sale does fall through, you won’t get paid. So, you need to be doing everything you can to make sure the sale goes through quickly and smoothly.

As experts in self-employed estate agency, we’ll share our four top tips in this article to help you speed up sales and reduce fall throughs with any property you take on.

1.Get the Seller Legally Prepared

The most important thing you need to do when you take on a new property is to get the seller legally prepared.

Make sure they’ve already found and decided on a good solicitor before you put their property on the market.

Having a proactive solicitor can make all the difference. While you won’t be able to decide which solicitor they use, you can recommend a good solicitor or conveyancer that you’ve used in the past.

As soon as the property goes on the market, get the seller to instruct the solicitor at the same time. Then ensure the following?documents are completed with the seller, and immediately?forward them?to the solicitor or?conveyancer:

·???????PIQ - (Property Information Questionnaire)?The Property Information Questionnaire is crucial as it is a vital tool ensuring all legal obligations are met under the Consumer Protection from Unfair Trading Regulations. It can help reduce fall-throughs in a situation where a buyerfinds an issue that impacts their purchasing decision.

All these other documents can be seen by the buyer in their ‘legal pack’ ensuring they are fully informed about the property prior to making an offer.

·???????TA6 - (Property Information Form)

·???????TA7 - (Leasehold Information Form) - if Leasehold

·???????TA10 - (Fixtures & Fittings Form)

·???????Land Registry Title and Plan. (These can be download from The Land Registry and cost ￡3 each)

Ideally, you want to ensure the sellers’ solicitor is ready to issue a draft contract to the buyer within 24 hours of the sale being agreed. This will take a little more time and effort at the start of the?process, but will save weeks and reduce stress levels and?uncertainly for the buyer, seller and you. It will significantly reduce the?chance of the sale falling through, which could be the difference between you getting paid or not. Another bonus of a speedier?transaction, is you will get paid quicker!??

2.Check the Buyer’s Mortgage in Principle

Any good self-employed estate agent will vet potential buyers before arranging a viewing. It saves time and ensures your seller only gets offers from serious buyers.

When a potential buyer calls up to book a viewing, check if they’re financially qualified and if they have a mortgage agreement in principle first.

If you’re running an open house, try to speak with as many people as you can. Ask interested buyers about their budget and whether they’ve already got a mortgage in principle.

Any offers must be accompanied with a mortgage in principle certificate or proof of funds in cash.

3.Ask Buyers Two Critical Questions Before Offers are Made

When a buyer is ready to make an offer, there are two crucial questions a self-employed estate agent should ask:

·???????How much will you pay?

·???????How quickly can you exchange contracts?

It’s important to go for the best commitment. Achieving a slightly lower price, but a quicker exchange, means a faster process and less chance of a fall through.

4.Set Clear Expectations and Deadlines

Having organised sellers and buyers starts with you. You need to be organised, with a clear understanding of the transaction timescalkes and agreed deadlines, if you want everyone else to do their bit on time.

Once you’re clear on deadlines, set expectations with the buyer and seller for exchange and completion dates. Have deadlines for the solicitors and timeline for when you’re going to follow up.

Remember, the quicker a sale progresses, the less chance there is of a fall through. So, your goal should always be to get to the point of exchange as quickly as possible.

Summary

Any sale can go through quickly and smoothly, but it’s all about planning ahead. As a self-employed estate agent, you need to be on top of the entire process, from start to finish, to ensure everyone does their bit to make the sale go through.

You need to ensure the sellers are organised, the solicitors are ready, and your buyers are serious if you want to avoid long sales and potential fall throughs.

You also need to set clear expectations and deadlines with sellers, buyers, solicitors, and mortgage brokers.

To learn more about how to become a self-employed estate agent, get in touch with Newman Property Experts today.

Already a self-employed estate agent? Check out our expert guides on how to be the best agent around!