Frequently asked questions for our Independent Advice solution.
What makes your advice independent and impartial?
Firstly we work only for you, the owner, which means we are only every paid by you. There is never any conflict of interest as we never accept payment from agents, mortgage providers or anyone else other than vendors and landlords.
Secondly, the whole process is completely transparent. Details of all communication with 3rd parties are forwarded to you via e-mail.
What advice do you provide?
We:
- help you make a short list of estate agents with the necessary resources and experience to find a buyer or tenant for your property;
- run a beauty contest between up to 4 estate agents chosen by you;
- help you formulate a modern marketing strategy by outlining and costing all available agency and non-agency options;
- help you implement your preferred marketing strategy and, if required, negotiate favourable terms with your chosen agent(s).
How do you negotiate favourable terms on my behalf?
Once you decide which agent(s) you would like to use, we contact them to:
- clearly define and set parameters for their role;
- agree levels of commission that are directly linked to the sale price or rental income achieved; and
- make sure you are not bound by overly restrictive conditions.
How can you help me make an informed pricing decision?
We make sure are able to establish an objective market value for your property by providing you with:
- independent knowledge about the state of the housing market, in particular consensus opinion and its key drivers;
- a sound statistical analysis of comparable properties currently offered on the market; and
- support in collecting historic market data on comparable properties recently sold or rented out.
What is your relationship to estate agents?
We act strictly on your behalf to ensure that agents follow best practice and are motivated to achieve the best return.
We have no affiliation with any estate agents. We evaluate each agent on basis of their individual merits and the resources and experience they allocate to finding you a buyer or tenant.
Why do I need you to negotiate on my behalf?
Our many years of working in the residential property sector, our ongoing negotiations with estate agents and our expertise in IT and marketing, give us the experience and insight to identify the best agents, and negotiate terms that reward performance while saving you money and time.
If estate agents do a good job we bring the prospect of more business. As a result they try harder when dealing with us. To estate agents, once you have instructed them, you are a one-off with little prospect of offering them repeat business.
Additionally, you avoid ruining a potentially good relationship with estate agents through petty arguments. Use us and we will sort out the nitty gritty, while you smell of roses, get a good service and return on your asset.
How do you get paid for providing independent advice?
We are paid out of part of the savings we negotiate on your behalf on the terms initially offered by the estate agent in their marketing proposal. This is a success-based commission, which is paid by you upon sale or tenancy being agreed.
What levels of commission do estate agents most commonly ask for?
Currently Estate Agents as for:
- 10% - 12% + VAT of gross rental income for the duration of the tenancy for introducing a tenant.
- 5% + VAT of gross rental income for managing a tenancy.
- 2% - 2.5% + VAT of the sales price while acting as sole agent for introducing a buyer.
- 3% - 3.5% + VAT of the sales price while acting on a multiple agency basis for introducing a buyer.
So is this just a cost thing?
No, although lower marketing costs are one of the main benefits of using immbro.
We monitor estate agents for the duration of the marketing process and make sure they:
- provide you with a statistically backed historical comparable market analysis;
- present a marketing proposal that clearly defines their target market and the resources they will employ to find their target buyer / tenant;
- clearly detail when and how much they will be paid;
- negotiate effectively on your behalf and disclose any potential conflict of interest;
- execute the transaction professionally; and
- provide good client service and allow you to delegate all relevant tasks, however trivial.
So what else are you trying to do? Top six please.
- We minimise the risk of a disappointing sale or rental.
- We help you take and keep control of the marketing process which ensures you have the freedom to safeguard your best interest at any point.
- We give you the greatest opportunity to find a buyer or tenant directly, should you wish to.
- We help you exploit the most recent marketing and technological innovations.