Five common myths about estate agents

Two children were overheard talking one day.
“My name is Billy. What’s yours?” Asked the first boy.
“Tommy”, replied the second.
“My Daddy’s an accountant. What does your daddy do?” asked Billy.
Tommy replied, “My Daddy’s an estate agent”.
“Honest?” asked Billy.
“No just the regular kind” replied Tommy.
 I was told this joke not long after becoming an estate agent 10 years ago and it has always stuck in my head as being one of the common misconceptions people have about estate agents. The fact of the matter is that when you pick the correct agent this couldn’t be any further from the truth. Here are five common myths about estate egents and why they are completely false.

Myth one – All estate agents are the same
There is a common misconception that as agents we all do the same job. The truth is that although estate agents all have the same rules to follow and can advertise in many of the same places, they all have their own styles of getting the job done. It is important to sit down with a couple of agents to see if you connect and can see yourself working well with them. Selling a property is one of the single biggest decisions you will make, and as it can feel like a long process you need to trust the people that you are going to be dealing with.

Myth two – Going with the lowest priced agent with leave me with more money in the end
In a world centered around the internet and social media, it is easy to see why people are tempted by low cost and internet companies to sell their home; after all as long as the property appears online it will sell for what it is worth, right? This is not always the case. Take time to consider how proactively an agent is going to work for you. Is going with a low cost fixed fee option, which the agent will more than likely ask for upfront, going to get you the best possible price for your home? Or should you consider going with an agent who is working on a commission rate, and on a ‘no sale, no fee’ basis until exchange of contracts? Again, explore your options and be confident in the agent that you choose.

Myth three – Spring is the best time to sell
It is true that all gardens look better in the spring and summer months, and of course a property photograph with a nice blue sky can be eye catching, but why limit yourself you marketing for only 6-8 months of the year? If you are thinking of selling, speak to a few local agents to find out what the market is like; are there many buyers for your property type? You can often be surprised just how busy the market can be on the run up to winter and Christmas, and with many sellers preferring to wait until spring, there is often a lack of properties coming to market at a time when there is steady demand.

Myth four – I should go with the agent who values my property the highest
It is easy to think that a higher asking price is going to get you more for your home, and indeed years ago there was an expectation that sellers would negotiate down to often 10-15% below the asking price. Nowadays buyers seem happy to pay around or about the asking price if they feel that the property is worth it - even if work is required, providing if the property has been priced with that in mind. Arrange two or three valuations to get a feel for where your property sits in the market and don’t be swayed straight away by a high figure. Take time to consider the valuations and price accordingly; a property is likely to get the most interest in the first 4-6 weeks after hitting the market if priced correctly. Going too high may mean that your property is not seen by the right buyers in online searches, and by the time you bring the price down to a more realistic level the damage can often be done, as buyers may think there is a problem with the property or that you are now in a rush to sell.

Myth five – I need to do some work to my home before I sell it
You want your home to look at its best for photographs and viewings and of course it is important to showcase your property as well as you can, but do you really need to redecorate that room or replace that carpet? As a lot of buyers will redecorate to their own tastes when they first move in, all this may actually be doing is costing you unnecessary money which you will more than likely not get back, and will delay you from getting your property on the market - which could cost you a sale. Speak to your agent about what work you are planning to do and ask their opinion. Is it worth doing? Do they think that it will help your property to sell or achieve a higher price? If you are already on the market then ask them to come out to see you - it is often good to get another perspective from someone else in the office, such as a sales negotiator, who may not have had the opportunity to see your home before.

Lesley Waugh – Manager of PFK Estate Agency, Whitehaven.