Tag Archive: sell

Estate Agent Jargon explained…

Estate agents, like many other professionals, are completely guilty of launching into explanations using all the terminology we are used to, and to us, it makes complete sense.

agent

Whilst we are always happy to explain the freely used ‘jargon’, if you are thinking of selling your property the following list of terms used, together with a brief explanation may help you be one step ahead…

 

Terms of Business

This is the contract that an estate agent will ask you to sign in order to formally set out the terms that they will act on. Among other important components, this contract will agree exactly what the agent will and won’t do and what the agent will expect from you. This must be signed by the owner(s) of the property.

 

Vendor

This is another word for seller.

 

Instruction

In summary, this is when you instruct us to start work on marketing your property for you and we are always delighted to hear these words!

 

Take On

This is what we call the visit we make to your house to note down all the information to allow us to prepare a brochure and take the photographs.

 

Particulars

Another name for the sales brochure. We prepare this carefully to present your property in the best light to the market.

 

EPC

We use this acronym because the full name is rather long. It stands for Energy Performance Certificate and every property, though there are some exemptions, requires one before it is marketed. It is a basic survey to determine the energy efficiency of your property. A good estate agent will be able to arrange this for you.

 

Tenure

This relates to whether you own the property and the land it is set upon (freehold – the majority of houses). Or, just the building, effectively renting the land long term (leasehold – the majority of flats). ** Please note there is a huge amount of detail surrounding this topic and we are always happy to answer questions or clarify matters where needed, on a case by case basis.

 

Sealed Bid

Often when there are several offers made on a property an Agent will sometimes suggest that every party is given the same opportunity to come forward with their ‘best and final’ offer. Usually the offers will be submitted together with proof of funds to enable you to make a decision on which offer is the strongest.

 

Chain

This is when your buyer is also selling a property and they need the sale of their property to complete to enable them to use the funds to purchase your property. This appears relatively straight forward until the buyer of your buyer’s property also needs to sell their property. The more people in this so called ‘chain’, the more transactions there are which could potentially slow down the process, or worse still, cause it to fall through completely.

 

Many people have never sold a property before, either that or it was a long time ago. Here at George F. White our mantra is that you don’t just pay us to sell your property but you also pay us to guide you through the process and we are always happy to answer questions even if you are yet to become our client. If you are thinking of buying or selling a property please don’t hesitate to get in touch with our friendly and proactive team at one of our local offices:

Alnwick: 01665 603581
Barnard Castle: 01833 690390
Wolsingham: 01388 529579
Bedale: 01677 425301

How To Successfully Sell Your Farm

Selling your farm can be a daunting and complex experience, requiring a lot of patience, details and documentation. It is nothing like selling a house as you’re selling a business and a home which means many considerations and processes need to be put in place. However, if you approach it in the right way, with enough planning and organisation, the experience can be a lot calmer and, importantly, more profitable.

Sell your farm

 

Plan in advance

Many farmers, including clients we’ve worked with, have greatly underestimated just how long it takes to effectively sell your farm, from beginning to end, which has created a more complicated and less fruitful selling experience.

To reach its true selling value potential, you need to get things moving well in advance of the time you’d like to sell your farm and land. There is a huge amount of legal information, paperwork and documents that need to be prepared and approved such as division of proceeds between owners, partnership issues, outstanding Basic Payment Scheme (BPS) matters, historic planning permissions investigations, confirming accesses and unwritten tenancies which each need addressed properly so that the sale can be completed.

 

Tax preparation

There is also numerous tax implications involved when it comes to selling your farm so it’s important you keep this at the forefront when planning your sale. It’s vital you understand the tax issues and ensure you’ve addressed them properly at the start of the sale process. Last minute realisations of tax liabilities will not only slow down the sale, it might potentially put the entire sale at risk.

 

Get the right advice

Once you have made the decision to sell, it’s important that you seek advice on how to sell your farm effectively, to secure the best value. The right advisor will sit down with you at the very beginning and outline everything you need to do, that they can do on your behalf, and explain the entire process and what the sale of your specific farm will entail. We have worked with a wide range of farmers across the region to help sell their farms – whether that’s an arable, stock, equipped farm or bare land with development potential –  and our team have the experience and skill set to ensure you sell successfully.

George F. White is currently preparing a number of farms for the market in 2018 and 2019, following a busy 2017 in farm and land sales across the North. If you are considering selling next Spring, now is the time to get in touch with a professional, trusted advisor before the Christmas period where most professional offices are closed.

To discuss the sale of your farm, or if you have any questions, please contact your local Rural Practice Surveyor:
Northumberland and Borders: Tim Michie timmichie@georgefwhite.co.uk
Durham and Yorkshire: Matthew Brown matthewbrown@georgefwhite.co.uk

Housing Market: A Fresh Approach to Marketing…

Victoria Linsley, Branch Manager at our Barnard Castle office, looks into the best recipe for success when entering your property onto the Housing Market. 

Most businesses strive to do things differently, or will certainly profess to, but often it is about achieving the perfect blend of an old and new approach that really writes the success stories.

I wholeheartedly stand by the theory that the initial launch to the housing market is the best one. It is the exposure of a fresh new property to buyers who are out there looking, that will, in the majority of cases, achieve the best price in the most reasonable time frame. This is because there are no preconceived ideas about the length of time it has been advertised or assumptions about why a sale may have fallen through and people buying with their hearts are excited by a new offering and the competition this may generate. However, on occasion, a niche property will require a ‘few and far between’ buyer. A cheaper price for a quicker sale is not necessarily the right advice.

Housing Market

Reading through extensive research however, we understand that the modern day buyer will shortlist many properties online before even picking up the phone to a human being (are estate agent’s human I hear you ask!?) in one of our offices. Therefore an effective combination of an ‘old fashioned agent’ making outward bound telephone calls to a ‘hot box’ of people we know are looking in the area together with a state of the art approach to photography and an appealing, informative and interesting listing on a website or property portal will make all of the difference to a client trying to sell or let their home.

A driven and proactive team of people who care about the service they provide, together with the technology behind them to make sure a property is seen in the housing market is absolutely key in delivering the task set by a Seller or Landlord.

With this in mind even properties which have gone unsold with an agent can have the marketing regenerated and be pushed out to a new audience and a sale or let achieved by just using an agent with a fresh and enthusiastic approach following tailored advice to the client.

A blog I read recently quoted that nearly half of the properties advertised will go unsold and sell with a second agent. Therefore, your choice of agent is vital from the outset and it is always good to examine the ratio of properties they list to that of those they have under offer and also to question their means of keeping the property listing and sales approach rejuvenated and fresh.

If you are thinking about selling or letting your property or would like to chat through a new approach feel free to speak to one of our team at Barnard Castle on 01833 690390 with no obligation.

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