Why the price is not always right

BEWARE the agents who over-inflate your home’s value to win your business and then ask you to sign an exclusive contract with a long ‘ball and chain’ tie-in period.

And when it doesn’t sell, there comes the inevitable moment when they ask you to lower it to the ‘correct price’. But crucillay, by this time will have already won your business.

Of course, everyone wants to sell high, and there is always the temptation to test the market and ask that little bit more. However, the majority of west London buyers are too well informed to overpay.

It may seem counter-intuitive but in reality ‘asking for more’ often leads to ‘selling for less’, leads to ‘selling for more’. An unrealistic asking price could leave your property sitting unsold while others homes are selling.

On the other hand, if your agent advertises your property competitively, you will attract more genuine buyers. The more buyers you attract the better as this breeds competition, and competition leads to competitive bidding, which in turn results in higher sale prices.

With what seems to be an ever-growing number of estate agents, there are no barriers for entry into business.

This is to say no qualifications or licence are required to set-up as a residential sales or letting estate agent and because of this some agents, who are both inexperienced and operate without any professional industry qualifications, are giving inaccurate valuations and poor advice.

I would say 95 per cent of complaints I hear about other agents are a result of the above mentioned unqualified and inexperienced staff.

I’m glad to say all of the staff at Horton and Garton are trained and qualified members of the National Association of Estate Agents (NAEA) and the Association of Residential Lettings agents (ARLA), which means we work to the highest professional standards within the industry.

It is our job to get the price right and getting the listing price right from the outset is key.

If you are getting your home valued now or in the near future for either sales or lettings, my advice is to do your homework first. Why not ‘mystery shop’ your preferred choices and ask the agent a few simple questions: Are you NAEA or ARLA qualified? If not – why not?

Valuing properties for sale and rent is not a game show, however when the price is wrong there are often more losers than winners.

Local knowledge is paramount for your agent and a professional approach is essential. So if you are considering sellingor renting, do give us a call.

Or as Leslie Crowther used to say,’ come on down’ to our King Street office and we will get the price right. The first time!