Can we share with you the most common thoughts new sellers have?
- “Why is it that 5 estate agents have given me such a huge variation in property prices?”
- “If I set the price higher then I can always come down?”
- “If I put the property on the market at a price I know it will sell, then surely people will still knock me down?”
- “I’m happy to try it for a little more than I think it’s worth because I haven’t found anywhere yet?”
- “I want to sell quickly but I don’t want to give it away.”
- “I don’t want to get into a chain and get messed about because I hear so many horror stories.”
- “I’m really worried about choosing the right agent because I feel I can’t trust anyone.”
Since 1989 most sellers we have acted for have spent hours, weeks and months worrying about how to go about selling, so please don’t be concerned. It’s good to cover all the angles as, after all, this is probably one of your biggest assets so you don’t want to be giving your money away.
The chances are that you probably live in the area of the property you are selling but even if you don’t, there are plenty of tools on the internet you can use to help.
If you don’t have the time then get at least 3 of the local estate agents in – that’s easy, simply Google estate agents in your chosen town or village. I mean local estate agents, not the online agents – that choice is for another day. There is nothing better than a local agent who knows your street and knows your local market. You will able to tell very soon which agents are the best in your area and let’s face it, it is easy to obtain reviews nowadays.
Actually choosing an agent is a whole different exercise. If you would like to read my version of choosing an estate agent then I cover this in a book I published in 2009. You can buy it on Amazon or I’m happy to send you a copy. If you CLICK HERE I’ll get one of my team to grab a copy and send it to you with my compliments.
Ok, so the tools you can use. You can use any estate agent’s online valuation tool. Any forward thinking estate agent has one of these on their website site. If you want to use ours you are more than welcome CLICK HERE – it covers the whole of the UK.
Now please don’t be shocked if the valuation you see is not what you were thinking. None of us have the ability to build software that can see inside your property and honestly tell you what we think, it is only a guide. Clearly if you have a unique property then it will be even more difficult. But it is a start and in any case, the buying public can see what you can see so it’s worth knowing.
My team and I often act and get paid well to negotiate on a property a client is buying so I often use these tools to my advantage – that’s a story for another day but if you are really interested in saving money on a property purchase CLICK HERE
Now, with a buyer’s hat on, have you tried to buy a property similar to yours? I say this because you will need to attract a good buyer’s audience to get the best price so it would make sense to step into the shoes of your buyer just for a few minutes. Just pop onto Rightmove or Zoopla and see what else is for sale or to rent in your area and say a 1-3 mile radius. You will soon get the idea and start making comparables and build confidence. As with every decision, knowledge will help your confidence and decision making.
Once you have established roughly which price bracket your property is in then you have something to work with.
Clearly the lower the price the more attractive you become to your next buyer but be careful.
It would be very tempting at this point to just put your property on the market either by doing it yourself online or using any budget agent.
There is a bit more to it than that and this is where estate agents that seriously know their stuff are worth paying to act for you properly.
Once you have chosen somebody you feel you can trust (please do your homework) then discuss your plans openly – that way they can build you a marketing plan that suits your needs.
Me personally, I like to spend as much time with my clients at this point because not only do I want to get you the best price, I want you to have the best ‘seller’s journey’ and the more I get to know what you want the easier it will be. All of my team have the same ethos so feel free to give any of us a call – even if you don’t live in Northamptonshire or Warwickshire where we are based we can still help as the principles of selling a property are all the same – and no doubt we will know a ‘best estate agent’.
We are considered as one of the best British agents and we are included in the top 20% of the Best Estate Agent’s Guide. We are part of an elite network and it’s been that way for years.
There is a possibility that 3-5 agents have given you such a variation in property values. It happens. Deep down if you have done some research you will know roughly what the fair price is. If you’re still not sure then bring the subject up of value and really dig deep with the estate agents. Ask them for proof and comparisons?
The problem is that often estate agents will over or under value a property quite simply because they don’t know. Or do I dare suggest that some estate agents will over value, assuming you haven’t done your own research, so you choose the estate agent with the highest price. You will be creating all sorts of unnecessary stress if you do that, especially in the next few months as the market tightens its belt.
Talk to an expert.
And can I just put it out there that choosing the agent with the cheapest fee is so often not a good idea either – I cover this in Chapter 3 of SOLD! You Can Sell Your House… Guaranteed.
Setting the price high to enable people to come down is just silly. Buyers become very savvy very quickly – they probably know more about your local market that you do because they have been looking for so long.
Set a price that is fair and then stick to your price for at least 6 weeks.
Use an agent that will protect you. A ‘best agent’ will do exactly that because that is why they have been picked to be in the top 20% in the country. Sellers constantly tell me that they worry so much about ‘people knocking me down’. Well if you have an agent looking after you then let them deal with your buyer.
Many online and budget estate agents don’t spend any time negotiating because they are not paid enough – so be careful. Can I tell you that a proper ‘best estate agent’ will get more for your property which will more than cover the fees. Time and time again we gain more money for a client than they expected and actually the seller has moved for free and received extra cash.
Honestly, we have a method to deal with the buyer that tries it on!
So, be sensible with your asking price, attract quality buyers very quickly and then use a good agent to negotiate a good deal.
If you are definitely moving and you haven’t found anywhere then okay, pitch the price 5% above where you think it should be, but be careful. You don’t want your property to sit there going stale and then when you are ready to move, nobody takes you seriously and actually you end up selling for much less than if you had started the marketing process as I have suggested in the first place.
Trust me please, every property is saleable quickly – you just have to know somebody that knows how to do it!
Is this helping, I hope so?
Don’t get too hung up on chains and other people’s negative stories? If you use an estate agent who knows their stuff and they in turn recommend the right conveyancer then all will be fine – they will fight your corner. Clearly if you have paid an upfront fee to an online agent or you’ve used your local ‘we’ll do it cheap for you’ estate agent then you will be in trouble because you will have to do the sales chasing yourself. I will tell you that most estate agents don’t chase sales because of their cheap fees. They take the view that they have sold your property so what else do you expect.
It’s a potential minefield this selling game isn’t it?
And there is so much more – the benefits of using social media, understanding how the algorithms work with Rightmove and Zoopla etc., for sale boards, open hours, the benefits of video, internet copy, websites and search engines.
You may have read all of this and said … I never knew that. Don’t worry, neither do the majority of property sellers or landlords.
This stuff fascinates me and it been that way since 1989. Well, it is my expertise.
The long and short of it is to take the decision to sell a property seriously, respect your local ‘best estate agent’, pay for a quality service, do your own research, don’t try and cut any corners and work with the experts – we live this stuff 7 days of the week and some of us have been doing it since 1989 he he
Until the next time…