Setting the price
The price you set will depend on the value of your property (a valuation will be carried out as part of your home report), the current housing market and whether you are setting an 'offers over', 'offers in the region of' or a 'fixed price'. In Scotland an 'offers over' system is most frequently used creating a bidding war, this differs to the rest of the UK where a fixed price is normally stated. However, 'offers in the region of' and 'fixed price' are becoming increasingly common.
- Offers over - this method is usually used to generate interest in the property and will sometimes be set below the actual value. Prospective buyers will then put in offers, of which usually the highest will be accepted. Although you can decide to accept other offers for other reasons, for example if the buyer can move quickly.
- Offers in the region of - this gives buyers a better idea of your expectations but also indicates a willingness to be flexible with the price. Again, the highest offer will usually be accepted.
- Fixed price - you can set a price that you would be willing to accept the first offer at that price. This is often desirable for buyers as it means there is less chance that they will lose out in a bidding war. You may consider accepting lower offers if it means selling more quickly.
You can search our estate agent directory for agents in your area. It's also a good idea to ask friends and family for recommendations and remember to shop around to find the right agent for you.
Estate agents work on a fee basis or a commission basis (normally between 1% and 4% of the selling price). Always make sure you find out about all costs up front so that you don't get a shock when you receive the bill!
The Property Ombudsman has published a guide to important matters to be made aware of when entering into an agreement with an estate agent to sell a property. You can download this here.