Is choosing an estate agent that important? Surely, they all do the same thing, right? Wrong. Read this article to discover how you could scupper your sale from the beginning if you choose the wrong agent to sell your home.
When we embark on the journey of selling our house and buying a new property, we are full of expectations. After spending ages deep cleaning and decluttering, we get to photoshoot day with staged coffee pots and mugs and endless plumping of cushions.
Putting your home on the market can involve so many elements that it can take over your every thought. It's not until the property is launched to the market that you stop to take a breath and begin to prepare yourself for the next stage—the viewings.
You may already know that the initial 4 weeks your property is on the market are the most crucial. During these weeks, your property is listed and promoted as 'new' to the market. These first weeks are when avid property searchers will be notified about your property coming onto the market, and they will rush to book a viewing before someone else swoops in and makes an offer. A buzz is created around your property; you should see lots of interest early on.
Because of this initial flurry of interest in a property when it's first listed for sale, the best, or rather highest offers will likely come from this initial burst of interest. As time goes on and the property stays on the market, the chances of achieving a high price reduce as the urgency to buy dwindles. There is less competition from other buyers when a property has been on the market for a few months; after all, if someone was going to buy it, they would have done so by now, wouldn't they? So, buyers are in less of a rush and panic, and there is no sense of urgency to view your property over any other property on the market at that time.
But what if you don't have a flurry of interest, a buzz around your property launch, or a stream of potential buyers clamouring to book a viewing?
Some homeowners begin the home-selling process right from the start on the back foot. Your decision about the estate agent who will sell the property for you can significantly impact how this launch to the market goes. And if the first 4 weeks are the most active, important and crucial to the success of your property sale, what happens if you instruct the wrong agent from the outset? You could ruin your launch to the market, scuppering your plans for a quick sale or
Sadly, if you instruct a poor agent, you risk wasting this valuable opportunity. If your agent doesn't understand how to maximise the launch to the market and create interest in your property, you will quickly find that viewings don't even get started. When you reach the time in marketing when the interest levels naturally level out, you are levelling out from zero; there is nowhere else to go. This is a one-way ticket to significant price reductions on your property to try and tempt a buyer or two.
So, more emphasis needs to be put on the choice of estate agent that you select to sell your home for you. Unfortunately, there is no exact science to selling a property and finding the right buyer at the right time, for the right price, with the funds available. There are so many variables that are impossible to control. But, when you have your property valuations, each agent will present how they will find you a buyer. It is at this point that you can make or break your sale.
Believing in false promises: Sadly, because so many variables are out of your and your agents' control, many sellers are given false hopes and promises, whether about the market, the value of their property, or the database of buyers that the agent has access to. While sellers need to know how an agent intends to sell their property, there is no guarantee.
Trusting an inflated valuation: If you have three estate agents to value your home, and one of those agents tells you they can sell for £25k more, it is difficult not to at least want to believe them. £25k is a lot of money by anyone's standards. But, it's important not to overprice your property; otherwise, you might have no interest at the beginning or later in marketing either. Ensure that the agent has evidence to back up their price before you are swayed by the big number.
Choosing based on fees: Your home is most likely the highest value investment you've ever made, and for the most part, estate agents will only charge you a fee if they actually sell your home. So why would you entrust your most expensive asset to someone offering a cheap deal? Yes, they might sell it, and you might save a few hundred pounds, but what if a slightly more expensive agent could have sold your property for thousands more? And, as the fee is only paid on success, wouldn't you be happy to pay a little more to the agent who achieved the outcome of a sale for you? Cheap estate agents' fees are a false economy, and entrusting such a valuable task to a cheap agent is like taking your Ferrari through the local garage carwash - you just wouldn't do it! Instead, you would have an expert car detailer clean and polish the Ferrari with care and attention. Give your house sale the same level of care and attention, and select the best agent for you, not necessarily the cheapest.
Getting the strategy and launch of your property to the market right from the beginning can result in tons of interest and some fantastic offers to negotiate. But if you're on the market and are concerned that you might have gone with the wrong agent, don't panic. Repairing the damage and boosting your marketing with a refreshed approach is possible. Get in touch with our team for more information about how they can help you sell your home.