The latest MORI poll has
But why do estate agents have such a bad name?
It is fair to say that communication is lacking. The fact that agents get a sole agency contract, which can be up to 6 months, means they can relax knowing they have a good chance of earning significant sums without any service level recourse.
Another issue is the listing tactic of the estate agent. Far too many will suggest a sale price that is unrealistic, purely to win the instruction. Only to then work on price reductions, after the client has signed a long term contract. The problem for estate agents who operate in this way is that once a higher valuation is set, it can be challenging to shift the mindset of the seller.
I cannot emphasise how important it is to set a competitive launch price. I value my clients' property by calculating the average SQ FT for both sold and currently listed properties in their location. I then add saleability factors into the equation and, together with the owner, choose the marketing price, ensuring the valuation is fully transparent and is based on maths and market expertise.
If you talk to an estate agent who provides a valuation based on pure opinion without any proof - walk away! - It is either unprofessional or a tactic to gain your business.
The facts are clear. The longer you remain on the market, the less you receive for your home. The most potent weeks are the first eight, with the first four being the best time to achieve a sale. If you price your home too high, you will have to reduce consistently, and buyers will deem these price drops as a desperate measure to sell.
The objective is to capture the most substantial buying audience looking to pay market value. If you price too high, your audience shrinks, and if you price too low, you will risk underselling. In my opinion, it is the estate agent's responsibility to treat every client with integrity and furnish an informed opinion, served with proof that can maximise the sale price in the timeframe that suits the seller.
My mission is to step away from treating sellers as a numbers game. Most estate agents have a policy of "the more I list, the more I sell", but I prefer to work with a smaller client base, serve them well and sell faster for the best price.
If you know of anyone who has any property related questions, I would be delighted to offer advice. Call me on 07446 888856.