Time to sell up?

In our new monthly series we answer licensees' questions on a number of property-related issues.

Industry specialists are on hand to provide advice on a range of questions and this month we look at selling your pub.

If you have queries on any subject, from how to go about buying a pub, to what to look for in a property agent or how to increase the value of your property, please email zvpuryyrc@gurchoyvpna.pbz​.

Selling scenarios​

Yaser Martini, director of property agent Fleurets, answers your questions on selling your pub.

• I am looking at selling my pub but am not sure what to do. Should I put it on the market with a property agent or sell it at auction? What are the different approaches I can take?​

As with selling your house, you'll be keen to realise the best price for your pub in the quickest time possible. The best way of doing this is by letting as many potentially interested parties know about the sale as possible. Specialist agents spend the whole time managing databases of interested parties, so are likely to have a number of potential buyers already on the books.

Agents would then look to build even greater interest through their own news publication, the pages of the trade press such as The Publican and, where appropriate, making contact with pub companies that they already know are interested in acquiring pubs in the area.

This said, exposure is one thing, but in an agent you need to look for the experience and ability to strike a deal in the right and timely fashion. People often just look at selling the pub, but they also need to look at who's buying it, as you want the deal to go through smoothly.

So rely on expert advice from experienced agents as the highest offer may not always be the best. Auctions are fine and work in some cases, but a more strategic approach to selling your property allows agents to work with you to achieve the best price possible from the right buyer.

If I decide to go with an agent should I look for a local estate agent or a specialist?​

At all times work with professionals currently operating in the licensed trade. This applies to all involved, from solicitors to agents. If there is one thing that slows a sale down, it's the involvement of a company that is not experienced in our trade.

This has been even more prevalent since the introduction of the new Licensing Act, because such people are, unsurprisingly, confused and hampered by first having to understand the impact of the changes.

Without taking anything away from local agents, in a recent study we found that 20 per cent of those who bought pubs through Fleurets came from over 50 miles away from the property.

I am looking to get a few agents round to value my property. Should I take on the one that gives me the highest valuation?​

This is a very interesting point and one which does our trade the greatest harm. Let's picture it: you've been told that you can get £50,000 more for your leasehold property by an agent and they seem genuine enough. The other agents you saw were also fine, but the extra money seems appealing. Well, my advice would be to sell your property with an even pulse - ask for examples of other pubs in the area the agent has sold and gain testimonials.

Remember, your pub is only worth what someone is prepared to pay for it - don't get sucked into following the biggest price or you will risk your property being perceived as a failure when it doesn't sell, select the agent that is most likely to sell your pub.

I have had my pub valued and one agent said that if I pay an upfront fee they promise to sell my pub quickly and at the best price. Is this standard procedure for an agent?​

Agents should always be promising their best efforts towards selling your property. Anyone who tells you that if a fee is paid upfront the resulting sale will be enhanced should be viewed with caution.

Some agents will charge an upfront fee to cover advertising and among these there are some reputable firms, but make sure you're not falling victim to companies that financially reward staff to win instructions. We have heard of some firms that incentivise their staff on fees collected upfront, not on the sale of the pub and I personally question this - surely they need to earn their fee and ask yourself, would you pay someone to market your house?

Should I only use an agent that has Royal Institute of Chartered Surveyors (RICS)-qualified staff to handle the sale of my pub?​

Yes, our advice would be to seek a firm that is recognised by RICS. As with all services provided to you during your life, what you're entering into is a "promise" to deliver a standard of service. Organisations such as RICS are there to ensure standards are met and that our industry is regulated - no different from your gas engineer's company needing to be CORGI-registered.

The association with the RICS adds a certain security to your decision. That said, you should still make sure the promises made are realistic, that you can seek assurances from previous clients. Once under contract, make sure they keep their promises.

For more information contact visit www.fleurets.com​.​