In our bi-weekly series, readers can email in with any questions about property to be answered by our expert, Jonathan Rolande. Jonathan is a professional property-buyer and housing commentator who has bought and sold over 1,000 properties. If you have a question for him, email us at [email protected].
Question: I am trying to sell my property, which is a three-bedroom terrace, at the moment. I’ve had it valued by three estate agencies, each of whom have given me different prices, varying by up to £50,000. How do I decide which to sell with?
Answer: Although you don’t mention the price you’ve been quoted, £50,000 sounds like a lot, so unless you’re up in the millions, it sounds like at least one agent is wrong – the trick is, working out which one!
Taking a step back, it is important to remember that valuing a property is more of an art than a science. That’s because almost every property has unique characteristics and, of course, the property market is constantly shifting.
Right now, the market is at best patchy, and in many areas, decidedly flat. A good agent should price in current conditions and have a feel for where the market may be heading by the time your home launches. That could explain at least some of the disparity in valuations.
As a potential client, you are well within your rights to ask each agent for their methodology – in simple terms, just how did they plump for the price they gave you?
They should be able to justify it with sold and unsold properties nearby, along with data showing what the market is doing and may do in the near future.
By speaking with them, you should get a real sense of which agents know their local patch and which don’t.
The most likely explanation is either a lack of knowledge, meaning they pitched too high or too low, or – and this is perhaps the most annoying thing some agents try – they have told you what they think you want to hear in an effort to win your business.
It is a well-worn tactic, sadly.
An agent who promises the highest price naturally wins more business than their more realistic competitors. By doing so, and then tying their happy new client into a long sole-agency agreement, they have, in effect, trapped them – sometimes for months on end.
At this point they will blame the market for the lack of interest and bring the price down, often to the price that the realistic agent was saying in the first place.
Quizzing the agents and finding out how long they intend to tie you in helps to flush out this tactic. Personally, I try to avoid long sole-agency agreements at all costs. The agent should be able to be judged on their own merits – if things aren’t working a seller should be free to walk away. Sometimes the best agents won’t agree, in which case you should negotiate the timeframe down as low as you can.
I recommend reading reviews online – Google Reviews are best as they cannot be manipulated as easily as some. Ask friends and family for recommendations and take a look around your area, which agent has the most boards – ideally reading ‘SOLD’.
Checking activity on socials is good to do, a surprising amount of an estate agent’s work is done on Facebook and Instagram.
If you want to get an insider’s viewpoint, call them about another property, as a potential buyer. Do they pick up the phone quickly? Do they know about the property? Do they seem interested and try to get your details to follow up with you later? These are all great signs, but many agents fall short.
It is well worth making every effort to choose the best agent. Not only will they be a big part of your life for – I’m sorry to say – at least six months, but the right one can make the difference between selling or not, and will often negotiate a far better deal than their more average competitors.
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