Fly on the wall about estate agents

Insight about how estate agents value properties

Have you tried speaking to all the local agents?

Over the years estate agents have managed to build up a tarnished reputation for themselves for a variety of reasons. So naturally when meeting estate agents you don’t have a great expectation straight away. Below are just a few examples of why estate agents are generally not trusted.

Please remember that most estate agents get commission just for simply getting your property on the market, you will often hear them say “if I don’t sell you house I don’t earn any money”. In most cases this not true, almost nearly all estate agents have a very good basic salary and earn commission even if they don’t sell you house and yes, if they sell your house they get more commission

Estate agents have a variety of sales targets to achieve. The first target is normally how many properties you can get on the market, the second is how many houses they can sell, the third is how many clients you can transfer to the mortgage department, the fourth being how many people they can get to use their own/recommended solicitors. Normally all of the above, are placed into a financial target, and it is necessary for them to hit certain targets, to prove to ‘the big boss’ they are doing their job properly. Sometimes there is a minimum target in order to keep their job. When they hit their target they earn even more commission.

A lot of agents will value your property very high, more than is actually worth, to entice you to put it on with them. They are not looking out for your interests at all and in most cases they know that it will be impossible to sell your property at this value. They know if you want to move, you will reduce your price at some point and because you are in an agreement/ contract with them you are stuck. Unfortunately like most business it's all about money! So please don’t believe everything you hear and watch out and try to look and read between the lines and then smile.

This is why it is so important to invite 3/4 estate agents to your property because you will see they will vary so much. Remember they want your property on the market, even if it’s at an inflated price and will use any trick in the book to get your business (and believe us there are so many). This business has many people that the sales men/sales women are very good at what they do; most will try to tell you what you want to hear so that you like them and then put the property on the market with them.

Also see:

Quick sale the conventioal way
Get your house valued the right way
Different types of property buyers

Contact us or apply online if you are looking for a quick sale.