Reduce your expectations?

My morning routine starts by logging on to Rightmove. I check what’s newly listed, what’s been sold and get a snapshot of the market before I’ve had my morning cup of coffee. I’m increasingly disturbed to see that up to half of the ‘new listings’ on the first page of properties aren’t new to the market at all – they’re simply price reductions.

 

 

My colleagues in Hammersmith have just sold a house on Brackenbury Village’s Cardross Street for a post-Brexit record breaking £pound per square foot value; this was not achieved by offering the property to the market at an over-inflated price. Research demonstrates that listing homes for their true value is the way to achieve the best price for the property but knowing this true value is the job of an experienced agent. Which? independent research states, “When you want to sell your home, it may be tempting to choose the estate agent that values your property at the highest price. However, the results of our investigation suggest that while it may seem like agents are doing you a favour by trying to get more for your home, the property can end up selling for much less than average.” Their research found three agencies that trade in Chiswick among the worst offenders for over-inflated asking prices – one of them is now defunct. Which? findings demonstrate that properties with inflated asking prices took longer to sell and achieve a lower sale price than their true value.

 

 

How can you maximise your return on investment when selling? My advice is to enlist a local, experienced, independent estate agent – one with no ‘targets’ attached to listing properties, one that will advise with your best interests in mind. Managers are often incentivised to with cash bonuses and will tell you what you want to hear – not what you need to hear – in order to list your property. In Chiswick, we’ve sold seven out of eight properties we’ve brought to the market in 2018. One part of the magic formula is an accurate asking price from the first day of marketing. So when you’re selling, remember the research. If you want to achieve the best result, enlist the right agency for the job and let them work for you.