👉 Why do nearly half of all UK home sales fall through? 🏡
🤓 Did you know the hard work of selling your house comes after you’ve got your offer. That may be news to many home sellers but with the average sale in the UK taking 125 days to complete there are many buyers and sellers that get frustrated with the process in between. How to mitigate the risk?
Why do only 40% of UK home sales make it to moving day...
👉 Does your estate agent have ‘dedicated’ after sales service?
What many sellers don’t realise is the majority of estate agents do not offer an after sales service dedicated to getting your sale from agreement to completion.
Unfortunately the case is often that once the offer is agreed some agents have done their job and hand it over to very busy and time poor solicitors. As the seller you are unable to talk to your buyers solicitor or mortgage advisor and you don’t really know what should be happening next or how long these things should take. When it some to renegotiating there is a lot of skill involved and simple disagreements or problems that could very easily be sorted become deal breakers and your buyers will walk away.
👉 The art of sales progression is often forgotten, or even worse left to whoever in the office is available to do it. Leaving vulnerable sellers open to inexperienced staff who can’t help.
🏡🏡 😔 When I met sellers Darren and Hazel they were very frustrated, after two advanced sales fell through and no communication from the estate agent they were getting to a point where they thought the house would never sell.
Hazel was frustrated with the fact that it was some weeks after the buyer had withdrawn that she was informed by her solicitor, and it she who told her estate agent that the buyer had withdrawn.
Even though Darren and Hazel were disappointed with the agent they stayed with them as a new buyer was found very quickly they had no choice and they really wanted to sell. Unfortunately they found themselves back in the same cycle as before.
The last time they spoke to their agent was on the day they received the offer and the next time they spoke to their agent was eight weeks later after another sale that had fallen through at week five, and to this day they still don’t know why and again it was them who told their agent!
Darren and Hazel’s house was lovely and sold easily but the problem is that many buyers and sellers are not prepared for their marathon of time and paperwork that is involved in buying a house in this current market, and it is easy for people to get to a point where they don’t want to proceed because they feel so frustrated and like it’s never going to happen
👉 With estate agents currently enjoying the busiest sales market in 40 years they are too busy to worry about sales that have been agreed.
Estate agents at this very moment in time have agreed more sales and have more sales going through that at any point in several decades unless your agent has a dedicated channel that looks after your sale coming through there is a real chance that your sale will exceed the current four month time turnaround if it gets there at all.
👉 The best agents will have a dedicated after sales team, this is someone who has their soul job getting sales through to completion. This is a highly skilled job or a job and it is complicated, time-consuming and requires many years of experience which means it can’t be done by just any one.
If your agent doesn’t have dedicated sales progression in place the after sales will fall to you. Making sure that everything is happening as it should but unless you do this regularly how do you know what should be happening?
The benefit to the after sales being conducted by the agent is that they have the ability to speak to both you and your buyer and you and your buyers solicitors and there is no one else in solved with you sale you can do that.
👉 If you do your own after sales you wont be able to speak to your buyers solicitor or mortgage advisor which means you won’t really know what is happening.
So sellers and buyers that are left to their own devices can only ever deal with half of the problem I’m quite often we find I was sales progression team is a buffer between a frustrated buyer and a frustrated seller who sometimes let the pressure of the situation cloud their judgement, And we know complex sales and complex transactions that if we weren’t or haven’t been involved the sale would not have you got to where it needed to be.
🏡😊 💕 Luckily for Darren and Hazel they decided to change agents and we quickly agreed a sale of £60,000 above their last fall through on their property. We used our buyer interview process to secure them a very committed buyer and started off on the after sales process however this process has not been without its challenges, and we can see why to previous sales have fallen through as without the dedication of our after sales team being able to rectify issues for the buyer there is no possible way it would have gone through.
👉 Some sales will naturally get to moving day with a proactive buyer and seller both pushing for the same thing, but remember just under half are not so lucky. For the ones that have complications the process can be so overwhelmingly stressful that everyone involved swears that there will never move again.
If you want to avoid this level of stress, or you would like a professional team to be involved in the after sales please give love property a call as we would be delighted to give you our advice I talk you through our process.
Maybe you need help will you already have a sale going through and you would like some advice then please call us as we would be delighted to try to offer you some insight and help 01748 834373.
Happy moving :-)
Laura and the Love Property Team