Quite often the last thing an Estate Agent would choose to do in their own spare time would be to watch a television series about Estate Agents but “Under Offer: Estate Agents On The Job” was a different beast. I suppose the voyeuristic nature of the docudrama spiked a sense of impending dread. I better watch it so I know what I’m faced with tomorrow! Would we Estate Agents be further tarnished? Would we be mocked? I was pretty confident that the show wouldn’t instigate a surge of job applications but I hoped for the best and I think we got it.
First and foremost it was fun. We are great fun you once you get to know us.
Secondly the show was littered with classic quotations that that Messrs Scorcese and Tarantino would have been proud of. “Mass Murderers would be greeted with a better response”, “If you want to be an Estate Agent, you just open a shop”, “Most Estate Agents are Posh and Blond and I’m Irish and a Redhead”. It was great. The show on a more serious note clearly highlighted the canyon between London and the rest of the country something that we certainly have written about before. What clearly works in one region won’t necessarily work in another but certainly what shone through is that energy and enthusiasm go along way. Together with a moral compass pointing North, Estate Agents should come out of this smelling of roses rather than manure! Still, we are only on Episode Two!
What a week that was!
A record level of instructions and a record level of sales agreed. It seems that the Coventry buyer really has grown in confidence and together with Mortgage lending we are seeing sensible purchases facilitated by sensible lending. Let’s hope it stays that way. Last week three quarters of the new stock was sold with either asking price offers or above. Most importantly this completely satisfied our clients but it also reinforced the mentality that ” if you don’t overprice a house it will have enough interest to reach it’s own natural level”. That natural level will always be above the asking price (or as the London market now exemplifies,” The Guide Price”!).
From satisfied clients to the shocked and offended . “All fair in Love and War” and “We’ve all got mouths to feed” are just not justifiable hyperbole for ignorance and misleading information.
A potential seller requests multiple valuations or appraisals. Each agent presents their research, their service, the costs and the figure they would like to market the property for. This is how the process works. If you do the job correctly then in far more cases than not you receive the instruction to sell your clients home. We have been witness this week to our clients being approached by agents they haven’t instructed to a) “Dual Market” from day one, b) dis-instruct the chosen agent and c) be told they have made the wrong choice. These same clients have all sold through us within a few days of instruction, we have achieved a superb volume of viewings and the offers have been asking price or above. With our Click Through Rate consistently number 1 in the region and our speed of sale equal to it, I would suggest that some of these “established agents” get their own ships in order to avoid this sort of embarrassment being launched upon them. Extraordinary Practices like this only enhance the poor reputation that many Estate Agents have and that others are, unfairly, often tarnished with.
Every House Will Sell. Put quite simply, every property has a market value and can be sold in a matter of days or weeks. This may sound incredible, especially if you have been on the market for months (or even years) but it is absolutely true.
On Saturday this week we agreed a sale on another property that had been unsuccessfully marketed for many months with another agent. It was a lovely home. Definitely a property worth more than the square footage it presented, the house was certainly a difficult one to value. Many are. If they are then the key is to not let them “sit” on the agents books. The agent can’t be allowed to forget your property and just wait for interest. That interest won’t come. Proactive agents have the ability to engage new interest and they need to be on the ball to do this. We sold the house for a price the owners were happy with and the buyers were also delighted.
If a property is stuck on the market then it is for one of three reasons. Firstly, the vendor is not motivated to sell, secondly the property has not been marketed correctly (i.e poor marketing, brochures, presentation, lack of information etc) or thirdly the property is not being advertised at the right price. There is no other reason why a home will not sell.
Bad neighbours, busy roads, railway lines through the garden, poor decoration, old fashioned kitchens, not enough bedrooms, pink bathroom suites, unfinished extensions, holes in roofs, lack of parking, too many bedrooms, no heating system, poor location……………………….. THESE ARE NOT VALID REASONS FOR A PROPERTY TO BE STUCK ON THE MARKET. They are simply factors that negatively affect the value of a property.
So if you have a property that has been stuck on sale for a long time and you think it’s not selling because of the motorway at the bottom of the garden, think again. Look at the three reasons and work through them. Your property will sell with an agent who cares.
Sometimes when you meet the right people opportunities arise that enable your business to move in a direction quicker than you anticipated! George and I met Ian Shaw, an experienced financial consultant and we got on even before he explained the full capacity and opportunities his business offered. Ian has the ability to independently search over 5000 mortgage products for potential clients, many of which, due to his companies partnership with Legal and General are unique to their company.
Crystal Clear Financial Planning can meet our customers and those we introduce, at our clients convenience, whatever the time or location. The research and proposal of a suitable mortgage for our clients will cost nothing. Ian, together with Graeme Lewis and the director Darren Burdis all follow our companies “Client and Customer First” ethos. Buying a house is not about us and it’s not about them. Buying a house is about the customer and selling a house is about our client. We don’t want to push a mortgage in front of our customers.
We are Estate Agents (I tried to think of another title but I suppose I can’t completely reinvent the wheel!) and we have no interest in which mortgage product you choose. We simply want what is best for you. The way to do that is to offer you the ability to discuss financial matters with a truly independent expert who can listen, advise and satisfy your needs.
A common discussion with absolutely no rights or wrongs is the value of a “For Sale” or “To Let Board” at your home. “To Let” Boards are more straightforward as the emotional factor of telling your neighbours and the passing public that your house or a house you own is “available” is far less relevant. The percentage of owner occupiers renting there own home is obviously less than the number of investment properties on the market. The issue regarding security though may still be a relevant one. If the property you own is empty then does a board signal “Empty! Easy Opportunity”. Well, Ne’er-do-wells don’t burgle empty houses. So a Board does not a burglary make. These security issues are the most common negatives that a seller or buyer will concerned about, and quite fairly too.
The positives though can of course can be great. Desirable areas will lead potential buyers to drive around and research where they hope to live. If there is no “For Sale” board then they may not see your house. No matter how impressive the brochures and web details, no one should buy a home without seeing it in the light of day. A “For Sale” Board isn’t just helpful for the seller of course. It’s an immensely powerful marketing tool for the Estate Agent too. If your agents For Sale boards are faded, in bad repair or remain fallen down or broken, what does this say about them as well?
Some clients this week have raised the issue that previous Estate Agents did not undertake their own viewings and instead relied on the owners to perform them instead. On paper this opinion looks a fair one. Certainly when Estate Agents fee’s are as considerable as they are, the Agent should be doing everything possible to sell there Vendors home’s as effectively. There is no hard and fast rule in this regard though. I had a chat with my Mum about this as well and although they have always used Estate Agents to sell their houses, Mum always undertook her own viewings by choice (I’d like to state they haven’t moved since I have been in the business but watch this space!). Not only did she do this but my parents homes always sold very quickly.
You see sometimes, but not always, the owner can make an impression that the Estate Agent cannot. The Estate Agent can present in the third person how a family “could” feel in a house or what fun “could” be enjoyed in such a lovely home where the owner, if confident and willing, can present a “do feel” and “do enjoy” sensibility. This, allied with the fact that the applicant may well have viewed countless other houses by Estate Agents who simply opened a door and let you look, would present a much more attractive proposition to them. So the answer here is that if the seller is confident, comfortable and able, they can do as good a job if not a better one than even a good Estate Agent. If they are not, then the viewing representative employed by the Estate Agent must be knowledgeable, courteous, understanding and as good a listener as possible. This is how relationships develop and when your first meeting with an Estate Agent is through a viewing appointment, the Estate Agent is certainly responsible for making it a positive one.
A potential Client dropped into our Office yesterday and we had a pleasant chat. As a home owner and developer he certainly knew the trials and tribulations of the industry and offered an interesting perspective on the services many Estate Agents provide in the City. He was frank which made the conversation easy. The subject of Estate Agent Fee’s and the justification of them was his main area of concern. He expressed no loyalty to any Estate Agent in particular. As the service levels fluctuated so wildly and the fees they charged, even for below stamp duty properties, were often excessive, he kept trying new agents.
I explained, clearly I hope, how every business has a point which they cannot reduce fees or services below and the question to ask is not “How Much Do You Charge?” but “What Do I Get for My Fee’s”. It was certainly obvious to my guest that “Service” was his issue, not just “Fee”.
I showed him an array of sold properties, in our office and also the fees we charged. I showed him the brochures and floor plans that we invest in for each property, I discussed the way we undertake feedback whilst the viewings are taking place and he made it obvious that the fees we charged were way below the image we portray. “I’ll be certain to tell my family and friends”, he stated, “We just presumed you’d be a lot more expensive”.
What we offer is the very best presentation and sale of your home at a price that others may charge for a nonchalant service. When instructing an agent, ask not “What Price?” but “What Do I Get for The Price I Pay?”. We’d be delighted to show you and think you’ll be pleasantly surprised!
For want of paraphrasing Roy Bartell, a marketing author and influential sales speaker of note, “Most people think “selling” is the same as “talking”. The most effective salespeople know that listening is the most important part of their job”. Well, this week, I think I’ve been victim of possibly
“listening” more than “talking”. Twice, potential sellers have been let down from securing there ideal home because they are not yet on the market. Twice, despite polite advice, have two vendors expressed there disappointment that the home they wanted to buy has been sold to proceed able purchasers.
At the valuation stage of my job and having explained and offered examples of why this scenario was likely to occur the client presumably thought “He would say that, he wants to sell my house!”. I think the mistake we see here is that of “generalization”.
The reality in retail, whether it be an Estate Agent selling a house, a Sales Advisor selling a Car or my Father selling Bedroom Furniture, is that the “seller” must overcome the customers preconception that all they want to do is “Sell!”. The “seller”, in this instance the seller of a service, must be aware that the customer (vendor) does not initially trust their intentions. Sometimes this is clearly valid. Many Estate Agents have targets to meet and bonus’s to earn whether they sell a house or not. At Elizabeth Davenport we do not earn individual commissions, we are not driven to achieve a high level of instructions to please the “management” or achieve a “target”. The only way we can earn is by selling our clients properties. The advise we give is genuine advice but on rare occasions it only reveals itself as truthful when what could happen, unfortunately does happen.
So yourself and your partner, husband, wife, goldfish or dog think it’s time for a change of scenery. You’ve outgrown your apartment. Your children’s feet are touching the wall in the box room. The neighbours heated debates have graduated to a verbose equivalent of guerilla warfare!
Whatever the reason, the decision is made and it’s time to place a value on your property. This value or appraisal could determine, in part, the choices of new home available to you. If the information you receive is misleading in the extreme and your home is overpriced then your property could remain unsold for a considerable time. You have to watch, powerless, as the Smiths move into what, by rights should be your dream home. If the information you receive is misleading and your home is under valued then it could be sold for less than it’s true worth and your dream home could be just another stop gap. If it’s priced correctly and you understand the way your home has been valued then you will have a fast or steady flow of viewings and your property will sell for the asking price, very close to it, or as in the case of a recent example , slightly higher.
We offer you our opinion based upon facts (there’s a multitude of denominators here connected to your home, area, market conditions e.t.c) and will back these up. To prove how effectively we can work for you let us show you why we sell houses, on average, faster than any other agent in Coventry, Kenilworth and the surrounding villages We don’t employ “Listers“, as “Valuers” are referred to by many Estate Agents. We don’t want to List your home. We want to sell it.
Again our speed of sale has put us in the number 1 spot in Coventry with a current average of just 7 weeks from promotion to sale!
After agreeing a sale on a large four bedroom Semi Detached house on Baginton Road, the owner, already very happy with the volume of offers received, was understandably delighted. This led me to value another property on Baginton Road and in doing so my research drew me to review asking prices and actual sale prices in the surrounding areas as well.
Armorial Road, where a recent sale of ours became one of the highest sold on the road in many years provided the Smoking Gun I needed. Since 2010 there have been 8 sales on the road with a mean average price of almost £375,000. In the same period the mean average asking price has been £420,000. At present there are properties for sale for £475,000 and £465,000. Not since October 2006 has a house sold on the road for over £450,000 and in the last three years sales have ranged between £280,000 and £440,000. The property we sold had been on the market with other agents for over 6 months at an asking price that was nowhere near correct. It was poorly marketed and overpriced. That is why it didn’t sell. The asking price was simply too high.
As purchasers you have the same access to property records on www.landregistry.gov.uk , www.rightmove.co.uk and www.nethouseprices.com as we do. Possibly more importantly, so do mortgage lenders! So when an agents wow’s you with a price that is above your expectations do a little research yourself too. You’d be amazed how may agents have a punt figure just to make you say yes. You’d also be amazed how many agents can earn commission’s without even selling your house and just listing them. It’s a bad trait and one that gives the industry a poor reputation. It will also lead to your house sitting on the market without interest whilst others may sell around you. Our website www.elizabethdavenport.co.uk carries google + reviews and www.allagents.co.uk also features really positive feedback form our venders and purchasers. We’d be delighted if you have the time to read a few!