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How to Avoid the 10 Worst Property Selling Mistakes

Mistake #7

Not Insisting That Estate Agents Justify Their Valuations

(England/Wales)

Now, we’re going to be quite blunt.

Any Estate Agent that does not take the time to explain exactly how they reached their suggested property valuation figure is not worth taking seriously.

When it's time for you to interview Estate Agents choose to invite between 3 – 5 local firms that are experienced at selling property like yours and make sure they bring “comparables”.

“Comparables” are the details of properties like yours that the agent has recently sold (and/or is currently selling).

The value of your property will be inextricably linked to these "comparables".

Because of this, its only right that agents should take the time to explain how they’ve reached their valuation figure & how your home compares to whatever else is on the market (in the price bracket you’re targeting).

When the agents come around, they will first have a wander around your property, and then they’ll give you their sales pitch.

This will take about 45 minutes but there are two important things to remember:

1.     Never tell an Estate Agent what you think your property is worth. Always let them commit to a figure first. This is important because as mentioned before, agents know the easiest way to gaining an instruction is to take the path of least resistance and just tell a vendor the figure he (or she) wants to hear.

2.     Let the Estate Agent know that you’re interviewing (and/or have had valuations from other Estate Agents). Again don’t let slip any specific figures that other agents have mentioned.

Letting the agents know that you’ve sought the opinion of others will make them think harder about the figure they present to you.

Estate Agents make these house calls every day and it's their job to have a highly polished sales patter. 

If you just sit back & let the agent control the interview you'll learn very little from their visit that will meaningfully help you choose between them. 

Because of this we'd like to give you my Top 15 questions for interviewing agents. 

How they answer these questions is important so be on guard for too much hesitation, repetition or any patronising tone.

Above all, be on the look out for the agent that justifies all their answers (any agent can make stuff-up but only good ones can back-up their words with fact). 

There are good agents out there; you just have to have the patience (& the know-how) to sort the wheat from the chaff.

Here are our Top 15 agent interrogation questions:

  1. How much will my property sell for (make sure they commit to a figure and not just give you a spread of 15-30k)?
  1. What figure should we put the property on the market for (i.e. what “asking price” does he/she suggest)?
  1. How long do you think it will take to find a buyer?
  1. What are your selling fees for a “Sole Agency” contract?
  1. Are all advertising costs included in that fee? 
  1. Where will my property be advertised (must be on one of the top 5 portals as a minimum)?
  1. What are your hours of business & are you open on Saturday & Sundays?
  1. How long will I be tied into your “Sole Agency” contract?
  1. How do I terminate the contract if I am not happy with the service (post June 1st 2007 - what will happen to my Home Information Pack if I wish to switch agents, will you charge me a withdrawal fee)?
  1. Who will conduct the viewings (you or me)?
  1. How often will you provide me with feedback on how my sale is progressing?
  1. Who is your closest competitor?
  1. Why are you better than them?
  1. How are you going to make my move go smoother than any other Estate Agent could?
  1. How long have you been an Estate Agent in this area & what qualifications do you have?

Written by Gavin Brazg - www.TheAdvisory.co.uk


Use the links below to see the other mistakes

Mistakes 1 - 2 - 3 - 4 - 5 - 6 - 8 - 9 - 10

 

 

 

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