Published by: Emma JohnstonWhen a buyer has been found for your property, regular and thorough sales progression plays a huge part in seeing you through to completion. Here are a few reasons why:
Your agent will be in the fortunate position of having direct access to most parties in a chain, for example- all solicitors, all agents, your buyer, any surveyors and contractors, financial/mortgage advisors, and so on.
A good agent will keep in regular contact with your buyer’s solicitor and agent.
A great agent will keep in touch with all solicitors and agents throughout your chain, to provide you with the most thorough update. This means any miscommunication of information from other links in your chain- a ‘Chinese Whispers’ effect- can be avoided.
Understanding the process
An agent with many years’ handling sales progression will learn lots about the conveyancing process. While an agent should never claim to know better than the qualified lawyers involved, an understanding of the law is certainly helpful.
A good agent will know the milestones and will track the progress of each e.g. finding out when a solicitor has submitted searches on a property.
A great agent will ask this, but will also find out from the local authority their current turnaround times for said results, and will see if/how these enquiries can be fast-tracked (something a solicitor may not have time to do).
Tackling uncommunicative Parties
A sale will only go through as quickly as the slowest party in your chain. Whilst you may have a fantastic solicitor acting for your sale- another seller in the chain may not.
A good agent will ask for an update from your buyer’s solicitor and encourage prompt transactions.
A great agent will actively engage in the process for example; helping to answer any of the solicitor’s enquiries (where appropriate), leaning on other agents to engage with any slower buyers, asking solicitors to re-send any enquiries that may not have been received, communicating with all parties on matters such as completion dates and so on.
Avoiding nasty surprises
If an agent is in contact with all parties in a chain, they will be one of the first to learn of any hindrances, which will be brought to your attention as soon as possible. For example, in a long chain, if a buyer at the bottom withdraws, and the selling agent does not inform the rest of the chain (it happens), then it can take weeks before you, the seller, finds out, losing out on valuable re-marketing time.
A good agent should always know what is going on in the chain and what stage each buyer is at.
A great agent will not only know the progress of all links, but they will get to you first, providing you with weekly updates, so that you are always kept in the loop.