PHIL SPENCER, 49, is a presenter and journalist who is well known for presenting shows including Location, Location, Location and Relocation, Relocation. He often shares his property buying tips and revealed the estate agent advice you must beware of when buying a property.
Selling a house is not an easy task and enlisting the help of an estate agent can make the process easier. As the co-founder of Move iQ, Phil Spencer often shares his property expertise and offers advice for those looking to buy or sell a house.
Most people will look to the advice of an estate agent when purchasing a property but sellers should beware if they get a certain piece of advice. Speaking to Express.co.uk, Phil explained why sellers should be careful of estate agents overvaluing their property.
When it comes to selling a house, some estate agents will be quick to give your property a high valuation, but this is not always what it seems. He explained those looking to sell a property should be wary when given a high estimation.
Phil told Express.co.uk: “When you’re selling your home, it’s vital to choose an estate agent you’re happy to work with.
“It’s extremely important to look for someone who is experienced, enthusiastic and helpful. And you don’t automatically choose the agent that suggests the highest asking price.” He explained sellers should not necessarily believe a high valuation if it seems too good to be true.
“I would also be wary of making a decision based purely on the asking price of the property. Quite often I see properties that don’t sell simply because the asking price was too high from the outset,” Phil added. “It’s off-putting to buyers. As time goes by, the house doesn’t sell and buyers assume there’s a problem with the property.
“In these instances, the house is sold for less than if it had been realistically priced in the first place.”
To avoid losing out, vendors should make sure they ask about to get the most accurate valuation for their property before it goes on the market.
He told Express.co.uk: “It’s vital that you get at least three separate asking price estimates from agents before picking one. Beware automatically choosing the one who quotes highest.
“Some agents have been known to quote a high initial asking price, in order to win your business, but will then urge you to start dropping the price soon after you’ve signed up.
“Getting several different valuations will give you a truer picture of the current market value of your home and what potential buyers are likely to pay for it, which will later help you judge whether to accept an offer.”
Sellers should look to other properties in their area to get the most realistic valuation.
Phil added: “It’s important that you trust your instincts. Look at what other similar properties in the area have sold for.
“When you do settle on an estate agent, be sure you aren’t tied into an exclusive marketing period for more than four to six weeks. Most of all, do your research and be realistic.”
Comments by Ryan Morgan (Truuli Property Expert)
Working in the property industry for over six years I have seen it as a regular occurrence for vendors to pick agents due to price and then be left disappointed as the weeks progress. No estate agent can guarantee the exact amount your home will achieve, therefore it is important to ensure your estate agent is able to provide a detailed marketing plan on how they will go about achieving you the best possible price.
Whilst I do not want to pick flaws in direct companies, from my experiences, it is mainly those within a corporate set up whom are encouraged to over price properties in order to win business. Of course a vendor wants to hear the highest price possible for their humble abode/prized asset so impulse will entice vendors to sign up with the belief of achieving the price they have been convincingly told. However, once the manager/lister has promised the world with a high price, fee and a contract which in some instances last for five months, they then delegate to the rest of the sales team to work the price down.
Phil has advised vendors to look at the terms and conditions of how long they are committing to which a lot of vendors don’t do when signing. Once the agent starts insisting a price reduction is the only resolution it is only then a vendor’s conscious kicks in and they wish went with the agent whom came across as experienced, enthusiastic and helpful.
On the other hand, it does not hurt to try the higher price or go for the agent and price that came in higher if it is justified and deployed in the right way. The market has evolved and pricing is vital more now than ever, so it is important that your property has the most exposure. The more people that see your home, the more viewings your agent should conduct which will result in the best possible price.
Here at Truuli we will happily discuss and agree on a flexible agency agreement length with you to coincide with the pricing strategy we agree with you. We are proud to say that we can get your home exposed and seen by more buyers than any other agent and would advise our pricing in line with the market conditions and recent sales achieved.Ryan Morgan (Truuli Property Expert)