Top myths about estate agents debunked.
Estate agents play a critical role in the process of moving house, and you will likely deal with them somewhere in the process, whether you are selling or buying a new property. Many homeowners could be harming their property selling experience and, ultimately, their property value, by listening to these myths.
Estate agents play a critical role in the process of moving house, and you will likely deal with them somewhere in the process, whether you are selling or buying a new property.
The art of estate agency is complex, and much of the role is hidden from the public's view. As a result, many myths have developed about moving house. When we tell our friends or family that we are thinking about moving, we often get unsolicited tips or advice from our loved ones about what to look out for when moving. This anecdotal advice offering leads to an increase in inaccurate information, albeit from a well-meaning place. Unfortunately, by listening to this incorrect information, many homeowners could be harming their property selling experience and, ultimately, their property value.
This article debunks some common myths about estate agency and moving home.
You only need to get your property on the Rightmove, and you will sell - FALSE.
Rightmove is a wonderful tool to ensure that your property has exposure to all potential buyers. It is a platform, but it does not guarantee that a buyer will see your property or that they will be interested enough in it to arrange a viewing. However, if your property presentation, photography, floorplans, video tours and description are not excellent, having your property on that website won't make any difference.
All agents are the same, so you may as well go with the cheapest fee - FALSE.
All agents are NOT the same. The marketing and strategy used to sell a property will vary from agent to agent. The access to technology and database management will vary greatly too. But, overall, the day-to-day customer management will vary. Imagine if you sent an email to arrange a viewing for a property, but it was never responded to - you'd be disappointed, right? But what if that was a viewing request for YOUR property? You'd be furious that a potential viewing had been missed. That could've been your buyer, and they were simply ignored. Having a solid team of experienced agents handling enquiries and maximising new buyers leads to increasing the number of viewing appointments on your property and then moving forward to maximise the number of offers. The ability to negotiate those offers is crucial. Good things don't usually come cheap, and cheap isn't usually good. Suppose the agent charges very cheap fees - do they have the staff available to ensure every opportunity to achieve a sale for your home is capitalised upon?
You should go with the agent that values your property the highest - FALSE.
Unfortunately, when pitching for new business at the valuation appointment, some estate agents will suggest a high marketing price to you to try and secure your business. The highest valuation, whilst flattering to you as the homeowner, must be evidence-backed. Otherwise, you may be tied into an agent's contract without any viewings or hope of a sale. The agent with the most realistic valuation who can provide evidence for their valuation is the one that is most likely to sell your home.
Price your property with room left for negotiation - FALSE.
When placing your home on the market, a buyer is almost expected to make an offer on the price rather than simply giving you the amount you are hoping for. This has meant that often, when launching to the market, a homeowner may think they are better off advertising at a slightly higher price to allow some wiggle room, meaning they sell for the price they initially hoped for. However, if you allow yourself too much wiggle room, you risk putting viewers off because the asking price is too high. The agents are expert negotiators. They will be able to maximise any offers that you receive without inflating your marketing price.
Spring is the best time to sell - FALSE.
The property market is not strictly seasonal. But, if you consider that you have a 3-6 month period to sell your property and complete your purchase, many people work backwards from when they would like to move house. Often, particularly with families of younger children, the target move would be during the summer holidays, especially if there is a relocation and a change of schools for the kids. Working back from a September sale, you would be fair to think that putting your home on the market in Spring is a great idea. Not to mention, after a long British winter, everything feels fresh, the days are longer, and our gardens quickly fill with colourful flowers. Properties look much more inviting when surrounded by blue sky and daffodils. However, many buyers aim to move by Christmas, so September is often very busy. And after New Year is also a very busy time in the market. So, many points throughout the year are great times to bring your home to the market. If you want to sell your home, you don't need to wait until the following Spring.
Choose your estate agent wisely and carefully, but absolutely not based entirely on the valuation of your property and fees.
If you are considering a move, get in touch with our team of property experts today.