Thinking of moving🏡 ? How to decide which kind of estate agent is right for you?
👉 If you think all estate agents are exactly the same you couldn’t be further from the truth. This 4 minute read talks about different types of estate agent and sellers experiences and how picking the wrong one can add to home moving stress! 👇
How to choose the best estate agent for you…
Selling your home may be one of the biggest decisions you ever make, it can be emotional and doesn’t come without some trepidation. Your home is usually your biggest asset and more than that it is your home, maybe where you raised your children or your first home and you have most likely dedicated much of yourself to make it exactly what you wanted and it is time to pass it on to the next owner.
You want to get back what you deserve and feel its worth, so how do you choose which kind of estate agent is right for you?
The national on line agent
Meet Roger who works in contract negotiations and Kim who is a marketing consultant, they chose an on line estate agent as they felt there was no value for them using a high street agent. They were confident to do their own viewings and would prefer to negotiate their own sale and follow through the after sales process. Roger and Kim knew they would be doing most of the work themselves and just needed an online advert and would do the rest and wanted to pay as little as possible.
The only surprise for Roger and Kim was when a property across the road sold for more than theirs and had more viewings than they did, but as they don’t work in the local property market they didn’t know that they had potentially under value (on line agent properties sell for 5-10% less than traditionally sold homes) according to industry research,
Once their sale had been agreed the house was immediately marked as sold but then some 7 weeks later the buyer pulled out, unfortunately Roger had shaken hands with his new buyer and even though the buyer was keen it turned out that this buyer couldn’t get a mortgage after all. Frustrated and disappointed they re advertised the house and found another buyer quickly. The price was less than they got before but now they were under pressure as they had agreed to buy another house and were running out of time to secure their chain.
After a very long and time consuming process they arrived at their new house, vowing to never move again!
Vital info:
PROS
👍 Lower or £0 fees
👍 Control over your sale
👍 You can get your house on the market often within hours
👍 You can negotiate with your buyers directly
👍 You deal with your buyers yourself
👍 National companies
👍 Tv advertising
👍 Choice of services at additional cost
CONS
👉 Sellers do their own viewings
👉 Sellers arrange their viewings
👉 Sellers negotiate directly with their buyer
👉 30% of buyers wont book on line so wont view your home
👉 Less viewings
👉 Less personal service
👉 There is usually no aftersales support
👉 On average you may lose as much as 10% less compared to a local agent represented home
The Traditional High Street Agent
Justin and Josh were selling their parents home after they had passed away. Working on a recommendation they only spoke to one estate agent and though they seemed reasonable enough they instructed them. The agent took some pictures themselves of the house as it was and started advertising almost immediately, within a day it was on the national websites.
Justin started to become concerned when after 3 months they hadn’t viewings, they also had not spoken to their estate agent at all and were wondering what was happening. When their agent did call the agent asked them what they thought they should be doing, Justin was disappointed as he thought they would be advising him on what to do. After another 2 months they decided to change agents for a new approach but they quickly realised that in their area most agents operated that way.
Traditional estate agency has been done the same way for decades and very little has changed. With the focus being on speed and selling to the first buyer to offer with an urgency that really only benefits the agent.
The process usually involves having some photos taken, in some cases even by an untrained agent, and then rushing the details onto a national website like Rightmove as quickly as possible. Sometimes without floorplans or poor / unedited photography. This can damage the sellers potential of achieving the best price as the first 4 weeks are the time when your house value is at its highest.
There is very little consideration given to the presentation or process for the seller, the aim is to sell for what they can as fast as possible, this often leaves the buyers with a good deal and the sellers walking away from thousands in potential lost value.
Vital info:
PROS
👍 Average fees, not as high as some but not cheap either
👍 Often they can get your house on the market very quickly, sometimes within 24 hours
👍 A local office means sellers can call in if they want to
👍 The agents should have knowledge about the area local to your home
👍 They can help finding you a buyer from other local houses for sale
👍 They handle negotiations and offers
👍 They often have mutliple buyers registered waiting for the right house
CONS
👎 Sellers often can do their own viewings
👎 High stock volume means they may be the biggest but that leaves little focus for individual properties
👎 There is usually no dedicated after sales support which increases seller stress and buyers pulling out (UK average is 40%)
👎 Poor / average photography
👎 Potential of over valuing to gain the instruction followed by multiple price reductions
👎 Long contracts that tie you in even if you are unhappy
👎 You may have to pay your agent even if you don’t move (check the contract)
👎 Properties are often sold under value as you may be encouraged to sell quickly to the first buyer
The Complete Service Agent
Julie and Steve had their home on the market for nearly 2 years with 2 different agents. They were disheartened by the lack of interest and communication from their agent and wondered if they would ever move.
Julie was desperate to be nearer her grandchildren and Steve felt like his life was on hold. Julie called Love Property and we went round for a chat to see if we could help. After some suggestions we changed the layout on the floorplan, re-wrote the details and suggested removing their home from the advertising to create a gap to make room for a re launch.
Following a planned launch and marketing strategy that starts with video and social media marketing and an open day the house was under offer, within 30 days and at a great price. The sellers were very happy! It took some strong negotiations but Love Property also increased the initial offer by over £40,0000!
It didn’t stop there, after checking their buyer out to make sure they were very committed we took the the seller all the way to move out day as this is the time that a buyer will get cold feet and change their mind. Having a point of contact at the estate agents that is focused on getting the sale through has reduced the chance of your buyer pulling out by 90%!
The sale completed within 11 weeks and Julie and Steve were so excited to be finally moving on and being able to see more of their grandchildren.
Vital info:
PROS
👍 Strategic marketing aimed at finding the best buyer
👍 Magazine quality photography by specialist photographer
👍 Editorial style write up aimed at the target buyer
👍 Accompanied viewings with immediate feedback
👍 Higher than average sales prices (2-10% more than other agents)
👍 Experienced negotiators dealing with your offers
👍 Personal direct communication with your sales team
👍 Complete after sales service will full advice and support throughout
👍 Limited property clients at any one time to ensure dedicated customer focus
👍 Less than 5% of fall through compared with up to 40% national average
👍 Often can result than a higher sale price
CONS
👎 Fees may be higher than average
👎 You may have to join a wait list before you start marketing
👎 You hand over your property to the agent and have little involvement yourself
👎 You will need to vacate the property during viewings
👎 Contact between buyer and seller is discouraged
You are going on a journey, from house 🏡 A to house 🏡 B. What you need to decide is how you get there and the experience you will go through on the way….
Think of a budget airline ✈️ vs a private jet 🛩, do you want to arrive bedraggled and tired, vowing to never do it again or refreshed and relaxed after a fantastic experience with an exceptional result. How do you want to get to your next home 🏡 ?
Call Love Property to chat about how we join your journey and guide you to an amazing outcome. 01748 834373 or hello@lovepropertyuk.co.uk
From Laura and the Love Property Family x
