6 tips from the experts on choosing the right agent for selling on your pub

Pick a specialist​ - Paul Davey, Davey Co

It’s not just a matter of looking for an agent that is a licensed property specialist, I would then say it’s a matter of looking at an agent’s profile in the market and what sort of properties they seem to be selling.

In the residential market, you’ve got agents that tend to concentrate on top-end countryside properties and don’t tend to deal with an awful lot of suburban or city centre properties. The same is true of commercial and business agents.

Within the licensed market, you’ve got to look at whether agents have a certain style of unit that they’re most prevalent in. If that’s most pertinent for you, the chances are that they are going to really hit that part of the market that is appropriate for your business.

When you’ve got a potential agent, you should ask what comparable properties they have that they have recently sold to support what they are saying by demonstrating an ability appropriate to your style, location and price.

Look for an established name​ - Stephen Taylor, Guy Simmonds

Do not be misled by agents claiming that all that is required is an online marketing presence. Ensure you choose an agent that has a high national profile within proven hard-copy trade publications, including The Morning Advertiser, which we have successfully used to maintain a prolific presence for more than 35 years.

The agent must have an excellent pedigree and reputation with proven longevity within the licensed trade; that means demonstrating actual sales, being personable, yet professional and being financially sound. If in any doubt then ask your accountant or solicitor to do a company search to ensure the agent has sufficient reserves or net worth to invest in an effective campaign and strategy to sell your business.

Get on with the agent​ - John Grace, Christie & Co

Selling the pub can be quite stressful with some testing times, so you need to have confidence in the person you’re dealing with and be able to get on with the agent. The pricing and terms can be discussed but if you can’t get on with the agent then you’re not going to have a relationship with them all the way through the process and it’s going to be a very difficult sell.

At the stressful times, you’ve got to have that relationship with them where us as agents can speak honestly with the vendor and they can feel that they’ve got a trusted adviser on the case.

From my experience, I very rarely go and see somebody for the first time and they are ready to sell their business. For me personally, it’s about building relationships with people, so you may see someone five or six times just to give them an update on the market before they’re ready to sell, so the agent has helped them in the process.

In that situation, the initial barriers are taken down because the agent has acted as a friend and consultant helping them to get ready for when they are ready to sell the business.

Use an agent that is pricing the property accordingly​ - Keith Goodwin, Davis Coffer Lyons

You do tend to find that there are some agents, who simply don’t know the value of the property. They will give high prices and then try at a later stage to reduce them. Our philosophy is to get it right from day one to give the owner the best price and rent in the shortest timescale.

In reality, if you’re not being told the right place in the first instance, the property is just going to sit on the market for months.

It comes down to researching that company and seeing that it is a specialist in that area and price range. A ball-park price can be found by doing some research to see what similar businesses have sold for.

Don’t deal with a rogue agent​ - James Davies, Fleurets

Once you meet the person and the business, you’ve got to feel that you can trust them. You must believe what they are telling you and feel that they are doing the right thing for you.

Most vendors will have a rough idea what the property is worth. If what they are being told is completely different to their gut feeling then the alarm bells should start ringing.

When the agent gives the advice verbally, the vendor should want them to explain how they have come to that figure. If I go to a pub and I say that it’s worth £1m, the vendor should be questioning how I have got to that figure.

Asking pointed questions on how the agent has come to the price and what they have sold locally builds up a picture as to whether they are telling you the truth or not.

Find an experienced and established agent​ - Richard Jones, Sidney Phillips

Any vendor should ask the agent how long they’ve been in the industry; how successful they’ve been; and if they can give some evidence of recent transactions to back up their claims.

Lots of agents probably say they’re successfully selling things, but they really ought to put more meat on the bones for their proven track record.

The agent should say what sort of properties they’re selling and where the action in the market is to really give the vendor confidence that they have their finger on the pulse.