Estate & letting agents have an essential role in today’s property market & serve the majority of their customers exceptionally well. However, there are certain circumstances where the work of an estate or letting agent can be limited & they may not be able to help you. This isn’t because they don’t want to but rather because they don’t offer the service or strategies that would help. During these circumstances an independent property advisor (IPA) can work along side an estate or letting agent to provide the perfect solution for you. Let us explain how….
Buyers
There are several different circumstances when a buyer may not be able to find the solutions or help they need from their local estate agent.
The process of purchasing a property is very daunting. Particularly, when you’re doing it for the first time. There’s lots of new terminology & important processes that need to be followed. That doesn’t even cover the anxiety you’ll feel when agreeing to part with arguably the largest amount of money that will ever leave your bank account.
Estate agents do a great job of supporting first-time buyers through this process but they can be exceptionally busy & at the end of the day they are working for the vendor which means there is a slight conflict of interest when they provide a buyer with “unbiased” advice. There will be times when a buyer needs something explained to them in more detail or they need help understanding a process…. It’s difficult to find this help & relatives/friends won’t necessarily have the experience or expertise needed.
This is where an independent property advisor (IPA) can provide real value. Using their property experience & knowledge of the area, they can help a buyer go through the stages of purchasing their first-home. Their support, explanations & independent advice will alleviate a first-time buyer’s anxiety & enable them to feel fully informed about the decisions they are making.
There are several reasons why buyers may struggle to purchase a property. For example, they might not have enough savings or they might not be able to get a mortgage (e.g. self-employed or insufficient UK residency). These individuals can benefit from purchasing a property using different strategies such as lease options or exchange with delayed completion but an estate agent will rarely sell a property in this way. An estate agent will typically advertise a property on behalf of their vendor as either a property to be purchased with cash or a mortgage. If a buyer wishes to purchase a property using a different strategy they will need to establish if a vendor is prepared to sell their property in this way. This isn’t something many estate agents will offer as it isn’t their area of expertise.
However, an independent property advisor (IPA) who has experience using these strategies will help a buyer purchase a property in this way by working to find a suitable vendor. As a result, an IPA can help individuals get onto the property ladder who were previously unable to.
Sellers
Estate agents have an important role in marketing a property for sale & each estate agent will offer various different levels of service. Depending on which estate agent you are working with, there will be certain circumstances where their role is limited.
Despite property staging being common practice in Australia & America, within the UK properties will often be advertised empty or unfurnished. This will likely have a significant impact on how quickly that property is sold & its sale price. An estate agent in the UK will rarely offer property staging to a vendor despite the benefits this can provide when selling a property. Instead, a vendor will need to organise this themselves which is something an independent property advisor (IPA) who offers property staging will be able to help with. Using their local knowledge & experience, they can ensure a property is furnished to make it as desirable as possible to potential buyers, helping it sell more quickly & often for a higher price.
If a seller is having difficulty selling a property majority of estate agents will not take extra steps to make this property more desirable… often the property will stay on the market for longer OR an estate agent will suggest lowering the asking price. However, there will often be lots of things that could be done to make that property more desirable. These could range from simple steps such as taking better photographs or property staging (as described above) to more extensive renovation works to make the property meet the current market’s needs. An estate agent may suggest these changes but majority won’t be able to help a vendor to carry out these improvements. Instead the vendor can work with an independent property advisor (IPA) who will help them to make these improvements. Depending on a vendor’s circumstances & financial situation, an IPA could do this by offering project management services or through the use of different strategies such as an assisted sale.
Lots of vendors will recognise that the property/plot they are selling has more potential than it currently offers. This may be because the property requires refurbishment or perhaps it has more extensive development potential e.g. the property could be made larger or the plot of land could be used to develop a property(s). They may not have the time or experience to carry out this work themselves. Similarly, an estate agent won’t be able to help them carry out this work but will advertise the property describing this potential. However, a vendor could instead work with an independent property advisor (IPA) who will help them to carry out this work & enable the vendor to benefit from the true potential of their property/plot. Again, depending on a vendor’s circumstances & financial situation, an IPA could do this by offering project management services or through the use of different strategies such as an assisted sale.
Investors
Property investors who are using more traditional investment strategies (such a buy-to-lets particularly single lets) will often work with estate & letting agents. However, as the market has evolved there are now many other ways to invest in property which aren’t currently offered by estate or letting agents. Similarly, investors may not necessarily find the specific help or advice they need from an estate or letting agent.
Traditionally, individuals who owned rental properties (a buy-to-let) would rent their property out using a single-let. This is a rental strategy where the property is let to long-term tenants. However, more & more landlords are looking to rent their properties out using different rental strategies such as multi-lets (also called houses of multiple occupancy) and short-term lets (also called serviced accommodation). Depending on the type of property & its location, these different rental strategies may be more suitable for potential tenants &/or might provide the landlord with better rental returns. If a landlord is looking to get advice or help managing a property using these different strategies they will struggle to find this at a traditional letting agents. Instead, they will need to speak with an independent property advisor (IPA) who is familiar with these different strategies. Using their local knowledge & experience of these different rental strategies, they can provide an investor with either advice, guidance or turn-key solutions.
If an individual would like to invest in property but doesn’t want the hassle of becoming a landlord, there are several different strategies being used which enable individuals to invest in property in a more hands-free way. This can be achieved either through the use of corporate lets or through joint venture investment opportunities. However, these different strategies are rarely offered by estate or letting agents. Instead, these strategies are offered by an independent property advisor (IPA) who will work with them to make their property investments hands-free. An independent property advisor (IPA) who offers corporate lets can make a property investors buy-to-let properties completely hassle free whilst providing them with a guaranteed rent. Alternatively, an independent property advisor (IPA) who offers JV investment opportunities will offer an investor particular returns depending on the project.
There will be occasions when individuals need help investing in property. For example, when individuals don’t have the time or when they aren’t local to their property investments. They may need help in many different aspects from sourcing their next investment property, to managing the renovation of a property, to needing help managing the rental of the property. Alternatively, they may just want advice from someone who has experience owning investment property in a particular area &/or get advice about growing their own portfolio. This type of specific advice can be difficult to find & estate/letting agents may not have the experience or expertise needed to help these individuals. An independent property advisor (IPA) who does have the experience & expertise can help these individuals, providing them again with either advice, guidance or turn-key solutions. This can be invaluable for investors, saving them time & money.
As you can see there are lots of different ways an independent property advisor (IPA) can help an individual to buy, sell or invest in property. The work they do is truly unique, providing their customers with a bespoke and tailored service. For any individual who is struggling to get the help or advice they need from their estate or letting agent, it would be beneficial to speak with an independent property advisor (IPA) local to you. Using Doormarked we can help you find an IPA who matches your property needs & they will work with you to help you reach your property goals!
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