"Selling my number plate through an agent is safe, right?"
Not necessarily, because unfortunately, some agents are more trustworthy and professional than others.
Getting your free number plate valuation
Agents should be able to help sellers like you in many ways. First off, because they are specialists, they should be able to give you a pretty good idea of how much your private number plate is worth. Getting a free number plate valuation online is quite easy, buy don’t be surprised if you get different figures from different firms, because valuing number plates is notoriously tricky. A reputable agent will always consider many factors apart from the obvious ones and give you a range of the value you can expect to achieve on the open market. They will look at how popular your letters and number may be and how active the market is, together with sales of similar marks (if there have been any) and the conditions of those sales. Prices achieved in public auctions will nearly always be higher than single sales, due to competition between buyers, for example.
This is the first place that you may be taken advantage of. Unscrupulous agents have been known to down-value number plates and buy them off unwitting sellers for a pittance, only to re-list them for sale at their true value the following day! They do have to make a profit, and some sellers are desperate for cash, but be aware that some firms take full advantage of the lack of knowledge and experience of the seller.
Also be wary of agents who are telling you ‘What you want to hear’ and are overvaluing your plate just so that they can get it on their website and hammer down the price later on when no offers are forthcoming!
So, do your homework!
To combat this, go online and check independent reviews of any agents that you may be considering. (Trustpilot.com Reviews.io Goggle reviews etc)
Make sure you read their 1-star reviews to get the full picture of how they treat their customers.
Next, take a look at their credentials.
On their website be immediately suspicious if it’s difficult to find important information in their ‘About Us ‘page or their Terms and Conditions of Business. Look for their Information Commissioners’ Office (ICO) listing- vital if they are to hold your personal information and are legal data controllers, as they ought to be. Look for their Vat registration number; any firm of a significant size needs to be vat registered with the government by law. Check their DVLA RNPS (registered number plates supplier) registration number, again a legal requirement if they supply acrylic number plates to the UK public.
Now, take a good look at their sale listings to get an idea of what your private plate is worth, fore-warned is fore-armed!
Try them out to see how good they are!
Try their online number plate sales search to see whether you get what you expect when you enter your search request, or something completely different and unexpected! How good a match is the search result? How easily will a buyer searching for your plate be able to find it?
Remember, ……if you found this agent easily, then your buyer will find them easily too!
Next, see what they are offering as a sales service and what it will cost you
Most reputable agents will nowadays offer you a FREE sales service provided you uphold your end of the bargain and sell your plate once you have agreed to do so. They may even offer FREE valuations for prospective clients. They can do this for free because the buyer pays all their costs.
Take a close look at their Terms and Conditions of business. If you can’t easily find them then be suspicious, as they may not be keen to let you know that by asking for a FREE Valuation you are actually listing your number plate For Sale!
If you can find them then do try to read them to make certain they are fair and that if they are offering FREE advertising, it really is free, provided you uphold your end of the bargain and sell your plate once you have agreed to do so.
The main benefits of using a reputable private number plate sales agent
Apart from getting your price right; agents are specialists and so they devote their whole website and advertising spend to the process of selling private registration marks. They will list millions of registration marks and should have highly trained personnel, skilled at negotiation so that both buyer and seller get a great deal.
They should have plenty of buyers looking at their website every day and Trusted Associates throughout the country who they can enlist to help sell your number plate, for no extra effort on your part.
By law, they are beholden to protect your identity from the buyer and their identity from you, so that you have a safe arms-length transaction, and no comeback.
They should save you the hassle of dealing with time-wasters who like your plate but can’t really afford it and so make silly offers, which you ought not be considering.
They should be able to offer your buyer many ways to pay, including finance, so that they can better afford your plate.
They should have secure systems and procedures that allow them to take full payment before you relinquish control of your private registration mark. That way you know you will definitely get paid, no matter what.
The best private plate dealers or agents will do all this for a small cost that the buyer will pay, meaning that you get the figure you hope for. The not so good ones will ask you to consider low offers for your plate and pocket the difference, so beware!