When you’re selling your home, it’s crucial to choose an estate agent which is experienced, helpful and honest and that you don’t automatically choose the agent that suggests the highest asking price.
The agent providing the highest valuation won’t necessarily achieve the best price for your property and can often lead to price reductions. Choosing the right agent can make all the difference, enabling you to sell your home quickly and for more money.
Capture Buyer Attention
A good agent will quote a realistic price based on their experience of buying and selling properties in their area, an analysis of local market data and their ability to negotiate. Listings on property portals such as Rightmove, Zoopla and OnTheMarket will get the most exposure in search results within the first week, so it’s vital to set the right price from the outset to maximise interest and viewings.
Some agents will quote a high initial asking price in order to win your business. It’s nice to hear that your home is worth more than you thought, but the reality is that price is ultimately determined by offer and demand. Quite often, what will happen is that your property won’t sell simply because the asking price was too high from the outset and, the longer it doesn’t sell, the more buyers assume there’s a problem with the property. Agents will then urge you to start dropping the price and, in some instances, the property sells for less than if it had been realistically priced in the first place.
There can be many reasons why a property is reduced in price and it is often something that estate agents don’t like to discuss when talking to new potential clients. At PPP we will always believe in offering complete transparency and honest information on the local market conditions. We share this knowledge to help people to progress with their plans and to make decisions based on facts and market evidence.
Fortunately, a number of national property portals allow agents to track not only sales agreed or new listings in specific areas, but also price reductions.
The latest independent data from Rightmove, the UK’s largest property portal, shows:
Price Reductions across all of Perthshire:
1st January – 31st December 2019
Agent 1 – 178
Agent 2 – 95
Agent 3 – 58
Agent 4 – 47
Agent 5 – 43
Premier Properties – 55
Questions To Ask Your Agent
So, when deciding on an agent, you should be prepared to ask the following questions: