I recently read and commented on a property journalist post on LinkedIn as it struck me that our experience is at odds with the premise of the piece. The suggestion was that in the Bristol market specifically, overvaluing was costing clients an average of £4,000 each.
Aside from ensuring top notch presentation, credible pricing is always one of the key factors that determines what price a home will sell for and how long it takes to do so.
Sometimes, as Burton Matthews Surrey Estate Agents, we meet clients who have a clear idea of what they’d like to list their house for. Most sellers don’t seek to impose a view on pricing though and it’s our role as professionals to tactfully guide clients as to what the optimum price is for the prevailing market and time of year. Over-valuing by some agents has been going on since time immemorial and it’s often allied to notably low fees. Many of the larger ‘corporate’ estate agencies tend to utilise a lot of staff targeting and that goes for their ‘listers’ (the valuer who comes to your house). The problem with this is that it means the judgement often gets unknowingly skewed away from the clients’ interests because it’s less certain that the price quoted is what they’ll end up with. The ‘lister’ or valuer will be necessarily focussed on hitting their own targets and too often, clients can get caught in the middle with an overpitched valuation just to secure the initial instruction.
Candidly, even good independent agents can occasionally ‘overcook’ a valuation, either through exuberance or falling for the property too emotionally; without being driven by the same target culture though, we are better placed to make measured, realistic judgements on pricing which feeds into better client outcomes. Ultimately, you honestly cannot fool the market. A good agent will advise swift action on pricing if the initial impact is muted and will be brave enough to have this conversation if it appears necessary – hopefully not though ! When you invite agents to pitch for your instruction, sellers should be encouraged to take an active role in testing any assumptions made on price and should expect to see credible evidence. The Ombudsmans Code requires agents to provide proper evidence of value and it must stand up to scrutiny. Some houses do though simply ‘take a while’, regardless of pricing for a host of other factors and the likelihood of exchanging contracts within a particular timeframe has every bit as much to do with ensuring common motivation between all parties as any other factors.
If you’re looking for an Estate Agent in Surrey to advise you on your home sale, please do get in touch and we’d be happy to assist.
