Recently I was helping my girlfriend to sell her house. Three Agents were invited round for a consultation. What an interesting experience it was. The best part was that they all turned up on time. An encouraging start.
Agent 1 was professional until we started to discuss charges, where, without questioning their initial figure, they went from 1.25% to 1%, plus VAT. Until this point, I had sat relatively quietly and they were quite taken aback when I asked why they would do such a thing. Effectively, if they were already negotiating on their fee, how would they be at negotiating a premium price for my girlfriend.
Agent 2 was very clear on their charges. 1% plus VAT. I loved the value they added by suggesting they bring an architect round to the house to see what planning potential the property had for potential buyers.
Agent 3 was ill-prepared, asking why our meeting was so formal. He did not to want to give a marketing price at our meeting but when pressed, he was 20% more that the other Agents.
My girlfriend was clearly aware that this was an overestimated property price at which point he came down by 20%.
So, what lessons can Agents learn?
Lesson 1: A seller wants a skilled negotiator to achieve a premium price in an acceptable timescale for the seller and taking any stress out of the deal. If you’re an Agent, demonstrate to the seller how you are a skilled negotiator. Bear in mind, the cheapest agent is the one who achieves the highest price for your property. Not the one that charges the cheapest fee.
Lesson 2: What can you do to add value to the seller on an initial valuation?
Lesson 3: Prepare before you see the seller. Don’t wing it.
Authored by Stephen Brown,
Agents Together