Hi, my name is Mark King. I have over 20 years of experience within the property industry.
This is part five of my video series on Trade Secrets, featuring how to avoid scams, general insights and tricks of the trade.
In this video I will be looking at and discussing the valuations that estate agents give to properties.
Quite often the priority of the estate agent is getting the property listed, rather than getting the property onto the market for the correct price. Estate agents are aware that they have competition from other agents who are also trying to list the property.
They will try a range of tricks to get the seller to list with them, which (in turn) increases the amount of paying clients the agent receives. A common tactic used by the estate agent, to sway the client towards using them, is pitching the highest price possible for the property to get you to sign up with them and list the property.
The usual agreement is that if the property doesn’t sell at the current price stated it would be reduced at a later date.
One thing to do when you are considering the listing price that the estate agent has provided for your property, is to look on Right move or Zoopla for the number of properties that are for sale in your area and research how many are actually under offer.
If there are a high proportion of properties that are for sale, this generally means that the prices the current properties are listed for are too high for the particular area.
Obviously this varies from area to area.
The other thing you can do is look at sold prices, and how many properties have sold within the last year in your area.
There are a number of websites that have a sold price section, including Right move, and this will be a good indication into the popularity of the area, giving you a better understanding when considering your property pricing.
If you want to avoid the hassle of dealing with an estate agent and you are looking for a quick sale, please contact me via my website www.markkingproperties.co.uk. I would be happy to come and have a look at the property, I will make you a cash offer, and I can complete a sale within 7 days.
Top takeaways from this vlog:
1. The priority of the estate agent is listing the property on the market and getting paid rather than getting the property onto the market for the correct price.
2. Look on Right move or Zoopla for the number of properties that are for sale in your area and research how many are actually under offer.
3. Look at the sold prices sections on different websites such as right move and how many properties have sold in your area within the last year.
4. Try and generate a clearer understanding of the popularity of your area before you sign with an estate agent. If the listing price is too high for your property you will end up loosing money by paying out to an estate agent for a property that isn’t going to sell.