What goes through a seller’s mind during valuation visits, and what might make them decide on one agent over another?
The seller who has written the blog below is not, perhaps, typical since they are a small developer in prime central London.
However, they are typical in that a “very significant part of our personal wealth” is tied up in one property.
In this case, no fewer than five agents were asked to value the property.
Looks to us like Agents 2 and 5 will share the instruction.
It would be interesting to see this kind of feedback from sellers on local scales. What do you think?
Comments (17)
The guy who wrote this sounds like one aggressive person! And maybe a failed estate agent with a chip on his shoulder because he didn’t quite make the grade at the coalface…!
I also find it quite “telling” that he hasn’t quite got the courage to put a picture of himself on his own Twit account….!
As for the marketing, what’s the betting that having wasted the time of several agents, he will go with the one who quoted the highest price, closely followed by the one who quoted the lowest fee! But, of course, we will never truthfully get to find out that little nugget of information, will we…??!
In some ways I rather enjoyed the dark days of 2008 when I got to grill a seller as to whether I really wanted their business or could decide they weren't quite right (totally delusional) to add to the raft of others languishing in the drawer 🙂
It looks to me like this serious vendor has a lot opinion's about the different agents he chose to appraise his property and it struck me that he was judging every element of each of the meetings. I suspect all potential vendors do the same. However, we are warned of the impending take over by the on-line agents – how many elements could they be judged on?
"People buy people" I hear this a lot. "Estate agency is a people business", that's another one. Ok, as opposed to what ? a product business ? Sure people buy people or the cheapest BUT only if there is (in their eyes) no other significant difference. You can be an absolute diamond geezer/girl, but, if your product sucks you are goosed, and vice versa. How many agents loath RM with a passion but still stump up their fees ?
Not much of an insight…more a set of pre conceived opinions being borne out in the appraisals. What does "their people can be frighteningly haughty and a touch condescending. Not this time however. Just the right mix of upmarket confidence and intelligent insights means that this enormous global agency brand goes shooting up in my estimation." This sentence, without further explaination, means nothing at all and tells us nothing. I think that the writer had an idea of who he favoured prior to seeing them. Also why, out of 5 agents, none actually gave him a valuation, leaving him waiting for 5? Surely the actual property value is key to a final choice of agency?….If an agent couldn't give a value at the meeting……that would be the main point why I WOULDN'T instruct them!
"Also why, out of 5 agents, none actually gave him a valuation, leaving him waiting for 5? Surely the actual property value is key to a final choice of agency?….If an agent couldn't give a value at the meeting……that would be the main point why I WOULDN'T instruct them!" Hear flippin' hear, wilko! Is the Estate Agency world REALLY that different down 'that there London'? ;o)
If it seemed to be a unique property that was difficult to give an exact price on, then I could understand an Agent saying they needed to do more specific research to give an accurate figure for the Vendor to work his costs out. But as it seems to be a typical family house in a typical family area I can't see why they couldn't give a price then and there. Or are they all the type to ask what the others said and agree?
Well hello, CL – and welcome back! Hope all is super-good with CountryLass, CountryLad and of course the beautiful ickle CountryBaby?
I agree with your comment – however even if the property was "unique" (they all are…ish…) you would expect that at least ONE of the five would have donned the bicycle clips, sucked in their stones and made some effort to have a stab at a figure – even a woolly "…something in the region of…" kinda excuse for a price recommendation. Beggars belief to me – but maybe that's how the Paul H's of this world work… where is he when you need his input?! ;o)
Given the descriptions all were AM Gold members and were working together on a valuation upon which they all agreed.
Hi PeeBee…I'm on my holidays matey. But it does look like agent 2 and 5 has won the business. I'm more of an agent 5 kind a guy:-)
CountryBaby is currently spending lots of time falling over as she is starting to run and kick a ball. Think we may have a future England women's football captain on our hands! Great.
You'd expect a rough price at least though wouldn't you?
Sounds more like hearing there own voice and self opinions! Agent 5 hasn't the clout, yet they proved they can sell this property … they did to the blogger. Loved the bit about what they think of agents and then turn around and comment they want more "bull" from an agent if their property is to sell. Whole thing is a joke. People buy people comes to mind and stead the test of time, its not the fee or the brand name that matters, more the ability of the agents and staff.
Woodentop – these people are beyond belief! " I would love it if they (referring to Agent 5) sold our house, but I'm not convinced they have enough clout to be our sole agent. They will however get their chance alongside a bigger name. Because not only are they hardworking and nice, they also know the streets around here better than anyone else. Nothing (and nobody) moves without them knowing about it. And that's invaluable." Yet you, Blogger, will potentially waste their time and money because you graciously let them come in as, in your eyes, the 'second fiddle' Agent. Muppets. I'd cry with laughter if they refused the instruction.
Instead of doing a weekly photo competition how about a Cliché Blog competition where the prizes are always something useful like moustache bleaching, a selection of seasonal South American Waxings or a ‘till soul mate found’ subscription to a dating service?
I wonder if the blogger would appreciate some real honesty about their Doerupper , fits in nicely around Lunch, ‘career’ from an agent with plastic shoes, an odour problem caused by a determined yeast infection and a shirt that won’t tuck in? Sorry Love, its November, your greedy, know it all attitude, means you have hung on 6 months too long. You have missed the market and are going into Christmas £50-100 K too heavy on the price. I appreciate selling at true market value means a loss but there is only one buyer out there for this place and if you don’t sell it too them the mortgage company will. It’s best if you’re in charge of how much you lose; Asset managers will be over run with places like this in the Spring so do what you can to avoid being repossessed. Probably not what you wanted to hear from a bloke you won’t be boasting about on your self-centred blog or over a glass of premier cru, but that’s the way it is, Love! To be honest this is probably one for Sarah Beeny, She’ll shove it on Rightmove for you, you never know, you might get lucky!
I think in most cases the seller sets out to find the agent most likely to attain the best price in the shortest time. Cost is a secondary consideration.
However, having done the rounds they quickly come to the conclusion that "they are all the same" and if they are all the same, I may as well have the cheapest.
If you find that vendors are fee sensitive, that's why. Because you have failed to differentiate your service sufficiently. There are two sides to value, what you pay in and what you get back.
Agree with Blue – fee cost is secondary. On lettings a good agent may achieve higher fees by pointing out tax offset to the landlord. ………Value of service is first. Cheap can somethimes be very, very expensive.
What also might go through mind is a crazy AVM valuation as calculated by some geek tech who's code equates a property value based on historic data rather than whats really happening today in a local market. Thanks some big portals. ………….