All estate agents are keen to attract your business and, whilst it can be difficult to decide which agent is best for you and your sale, it often comes down to a synergy between you and the individual agent who visits your home and advises on suggested asking price and likely buyer interest.
But beware! A number of sellers have recently fallen into a trap whereby one particular local agent not only suggests an inflated asking price in order to impress you, but also that they have “just the right buyer in mind”. They go on to “recommend” that, rather than waiting to upload the property to the portals, the seller should take advantage of this “rare” opportunity and instruct the agent straight away in order to secure an immediate viewing from that “perfect” purchaser (who may not actually exist).
In our view, this is highly irresponsible for a number of reasons:
1. The agent is clearly putting their own desire to secure your instruction ahead of helping you find the right buyer at the right price.
2. Their overly-ambitious asking price was designed to impress you. It is unlikely to impress buyers, thereby delaying your sale and possibly even causing your property to go stale on the market.
3. (Warning sign) The agent may well want you to sign an unfairly long period of sole agency (nb ours is zero weeks!). During that period of 8,12,16 or even 26 weeks they will exert pressure on you to reduce the price. They don’t actually care what your property sells for – they just want your business!
4. Any agent worth their salt will always “have a buyer (and hopefully many) in mind”. It’s what we do – so nothing new there. Don’t let a false fear of missing out fool you.
5. Most importantly – how can the agent claim to help you sell for the highest price the market will pay? One single buyer is not the market! Our role is to expose your property to many buyers and to build a platform of competition between them. This means we can also select the best buyer, not just the highest figure. What if they have yet to secure a mortgage or have a related sale?
As your agent, our duty is to use every facility at our disposal to expose your property to the maximum number of potential buyers, including pre-marketing, with a sense of urgency, while it is still fresh on the market.
If you feel you may have been unfairly misled, do remember that the law gives you a 14-day cooling off period. During this time, why not sanity-check the “advice” you have been given by calling us on 01234 380360 – and we’ll give it to you straight!
