Ask The Agent
Richards is an independent Estate Agents in Corfe Mullen, specialising in residential properties for sale and rent as well as property management in Corfe Mullen, Wimborne and the surrounding areas.
Jason Spiers MNAEA, the owner of Richards Estate Agents, has been an agent for over 25 years.
Let us know any
questions you may have about moving and he’ll answer them for you.
Hello Jason,
Why do some estate agents knowingly over value properties? Steve Lodge (by email)
Hello Steve,
When you ask an estate agent to value your home you are asking them to give you a fi gure to attract the attention of potential purchasers and from there fi nd a suitable buyer. Without the interest there is no chance your property will sell.
Within our industry it’s known that a good number of estate agents are not being honest when telling a potential seller what they can sensibly achieve for their property. All they do is overvalue that home simply to win the business, because estate agents know that most sellers will choose the agent who fl atters them with the highest valuation.
When I started in agency in the early 90s (with a well-known corporate agent) and I was learning my trade, I asked my sales manager “how do I win the instruction to sell someone’s house?” “Make sure you tell them the highest price, give them the best fee and then sign them up for at least 12 weeks” was his reply. He then explained that
nearly every seller wants to believe their home is worth more than it is. “Make sure they believe the price you tell them and because they want to believe it, they’ll sign the paperwork”. Over valuing has always happened in our business and there’s really no way to stop it (what I was told then is still the ‘mantra’ of a lot of estate agents today).
Why do estate agents do it? Firstly, they’ve got you! A ‘for sale’ board outside your property is a cheap form of advertising for the agent concerned. After a few weeks of little or no interest (why would there be, your price is too high) they’ll call you and explain that you need to reduce the price because you haven’t had any viewings. You’re tied in to their contract so you have nowhere to go, and they know you want to sell the property so you agree to reduce the price until eventually the property sells (for the realistic price you were probably told by another agent when you fi rst had your home valued) and the estate agent who’s wasted a month or two of your busy life then cashes in.
There are some ways to make sure the agent is giving you a genuine fi gure. They should show you comparable evidence of properties like yours that have sold. Do your own research (it’s so easy using Rightmove or Zoopla) to see homes like yours and what they are selling for. Ask the agent how many homes they have sold like yours in the last six months. Don’t get trapped by a long agency agreement – a confi dent agent shouldn’t be asking for 12 weeks.
The most important thing is that the property sells, and the owners move on. My advice is choose your agent on their ability to help you move, not just the (infl ated) selling price.
Kind regards Jason
Ask The Agent is brought to you by Richards Estate Agents in Corfe Mullen.
If you have a question for Jason, please email:
jason@richardsestateagents.co.uk or feel free to pick up the phone and call us on (01202) 602121.
22 To advertise, please contact 01202 657317 or email
info@broadstonelink.co.uk
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