Why you should not just choose the agent who tells you the highest price!
It can be so overwhelming when starting the moving process and the most common first port of call is to organise for a Market Appraisal (or valuation) of your home. We are not shy in suggesting you call out more than one agent to ensure their recommendations align, and that gives you the opportunity to choose who you want to work with the most.
Now, to add some context to this before we go into detail, the ‘usual’ structure of a High Street Estate Agents is as follows –
Director
Branch Manager
Valuer
Negotiator
Administrator
Viewings assistant
There will of course be variations depending on the size of the office etc but you get the gist.
What most are unaware of is that the valuer who has been sent to provide you with a Market Appraisal of your home, will likely be targeted on just winning your instruction, and what’s the easiest way to do this? Tell the sellers an overinflated price.
Think about it, if your sole job is to get a client to sign your terms, and you are targeted and rewarded for doing so, whether you sell it or not, it’s so easy to say whatever they believe the client wants to hear.
So, how can we stop this happening?
As mentioned, do invite more than one agent out to your home, and ask for their opinion on an achievable price, not just a price they wish to market at.
Ask them to show you comparable evidence that supports their suggestion, and how they got to the figure they did. Any decent agent will have brought a comparable report with them showcasing recently sold properties in your area, that offer similar accommodation to your home.
Ask if they as an office, have sold any other similar properties and how long it took to secure a buyer.
But, what if you invite three agents out but the one you want to work with, the one you clicked with and trusted the most, gave you a lower price? Of course, if it is drastically different, there may be something going on there, but if its 1-2% less than the others, it may be that they are the ones giving you their honest opinion.
Remember, agents act on behalf of their client, and if you would like to work with them but would first like to understand why their valuation was slightly lower, ask them! Or perhaps you’d like to try the slightly higher price that the other agents recommended, chat to them about it. Lots of people often fear ‘under selling’ their property, but if your chosen agent is advertising on all the available platforms, like we do (little plug there!) it’s just not possible. Every buyer in the market for purchasing a property can see your property advert. We’ve always wanted to list a house on Rightmove for £1 to prove this point…. Think of it like listing a brand new car on Ebay for £1, people searching for that car will see it and will want to put in their bid. House selling is not dissimilar.
Moral of the story, once you have chosen an agent you are (more often than not) signed into using them for at least 20 weeks. Everything can be negotiated, the fee, the terms even your marketing price, but not the person you have entrusted to sell your most valuable asset.
What's most important to you when choosing an Estate Agent?
0%Their track record
0%Their fees
0%Their opinion on price
0%How well you got on at the Market Appraisal
You can vote for more than one answer.
Written by
Abby Wheeler
Director
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