Essential Steps for Bringing a Property to Market

When taking a property onto the market, most estate agents typically schedule a separate appointment to return to the property and initiate the marketing process. This follow-up appointment might occur the next day or several weeks later, depending on when any necessary work on the property has been completed. However, it is often more advantageous to accomplish as much as possible during the initial visit. Imagine you’ve just completed a market appraisal and the homeowner has agreed to sell their home with you. Would you simply leave and plan to return in a few days? While you could, this approach risks losing the business to another agent who might swoop in and secure the agreement before you return.

Instead, aim to complete as many tasks as possible during this initial appointment. This could include getting your terms and conditions signed and possibly even drawing a floor plan. This proactive approach minimizes the chances of losing the client to a competitor. Even if you skip the contractual part and focus on taking photos, drawing up floor plans, and crafting the property description, the homeowner is unlikely to want another estate agent to come in and repeat the process, especially since it means tidying up the property again.

Consider a scenario where the homeowners want to list their property with you but need to complete some decorating first. Instead of merely checking in periodically to see how the decorating is progressing, it’s more effective to schedule a visit to complete all tasks that are not affected by the ongoing work. This could involve having all compliance paperwork signed, floor plans created, and the property description written. By doing this upfront work, you can ensure that once the decorating is finished, only the photos need to be taken, making the property market-ready more quickly. Additionally, this proactive approach ties the owner to your agency, as they will likely prefer to avoid having another estate agent go through the same process.

For simplicity, let’s assume you have scheduled a follow-up appointment a few days after the market appraisal to complete all necessary tasks. This includes ensuring compliance with legal requirements. As estate agents in the UK, you serve as a frontline defence against financial crimes such as money laundering. Compliance might not be the most thrilling aspect of the job, but it is essential. Always keep up-to-date with the latest regulations and, if in doubt, consult with a specialist compliance company.

When taking a property onto the market, there are two critical questions you need to address: Can you verify the identity of the person selling the property? Do they have the legal right to sell it? Without satisfactory answers to these questions, you cannot proceed.

To confirm the seller's identity, you will need photographic ID from all legal owners of the property, such as passports or driving licences. In cases where the clients do not have these documents, other acceptable forms of ID can be found on the government’s website. Proving ownership is the next step, which involves obtaining land registry documents, mortgage statements, or property deeds. It’s important to differentiate this from proof of address, which can be verified with utility bills. Once you have collected these documents, they should be uploaded to your CRM system for secure storage.

The next crucial step is getting your terms and conditions signed. This document outlines what is expected from you as an agent and specifies your commission and the duration of your agreement. It is essential to get this signed as soon as possible and ensure that all legal owners sign it to avoid any misunderstandings. Many agents use online platforms for document signing, which allows for quick and easy processing. If you prefer paper agreements, ensure they are promptly scanned and uploaded to your CRM system to avoid loss.

Property information forms (PIFs) are another important aspect of the process. These forms, completed by the homeowner before the property goes onto the market, provide detailed information about the property. This allows you to answer potential buyers' questions confidently, which enhances your credibility and professionalism. The PIF also serves as a safeguard for your business. For example, if a buyer later discovers an issue such as Japanese knotweed and claims that you were aware of it, the PIF can help prove that you were not.

To present your properties online effectively and generate interest, focus on highlighting the best features. The goal of a property listing is to generate enquiries, not to sell the home directly. Therefore, your listings should entice potential buyers to call and schedule viewings. Following best practices recommended by property portals can help achieve this. Many agents ignore this advice and rely on outdated methods, but a data-driven approach will yield better results.

By adhering to these guidelines, you can ensure a smooth process for taking a property onto the market, securing the client’s commitment, and generating interest from potential buyers. The key is to be thorough, proactive, and compliant with legal requirements while presenting the property in the best possible light.