Recently our office had an enquiry from someone wanting to sell their property in Bexleyheath. They seemed keen for us to visit and value their home and the appointment was booked for later the same week, but within 36 hours they cancelled without reason. It happens, nothing new there.
Later that week the property popped up on the internet with an online agency.
Nothing wrong with that either - we recognise there is a place for online agents. What is right for one client, is not right for all, and the choice is that of the customer, but to not even consider all viable options before making a decision does continue to frustrate.
Given we have the full contact information and address of this vendor we wished them all the best, and have naturally kept an eye on progress from afar, occasionally getting in touch by phone or email to enquire about general progress.
After a month, just three viewings, no offers.
Maybe something needed to change?
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But what is "expensive" ??
So after four weeks, what was the response to our latest attempted call - "Sorry, you're just too expensive".
Now it wouldn't be the first, and most certainly won't be the last, time someone complained about estate agency fees, and we understand that people don't want to pay more than they have to for any product or service, estate agency or otherwise.
But just what is expensive?
To the best of my knowledge, as the office manager and company owner, the gentleman in question had no idea what we charged. How did we know we were "too expensive"?
And perhaps more importantly, when considering value as opposed to price - what you actually get for your money - how could this be fairly assessed? especially as the current approach didn't appears to be working.
The assumption was that because we were a traditional agent, on a High Street, with a shop, and not an online only company, that we were therefore more money, and more money automatically means too expensive right?
Wrong!
More money is more money. More money is not "too expensive".
Remember, the cheapest agent is the agent who gets you the highest NET price for your property sale, not the one charging you the lowest amount.
And that is before we even consider what you actually get for your money.
As I have quoted my staff, a posh Valentines meal at The Ritz is going to cost a bit more than an evening at the Wetherspoons, and its more expensive, but I think it fair to assume all would recognise you're paying for something better. Try taking the other half out for a slap up Wetherspoons meal and see the reaction.
And the same applies to estate agents. We are not all the same. What one does, the other might not, and if you don't ask, you don't get.
So we left the conversation there, acknowledging a lost cause (for now), and moved on with our work.
Two days later, price reduction time - 25k off of the advertised price by the online agency. Wow. That's some price drop.
I'd argue maybe too much.
My perception of expensive? perhaps now underselling your home by 10/15/20/25k.
Food for thought perhaps - and a reason to talk to a High Street agent and discuss all options, before making any decisions about such a big and potentially expensive decision.
Agent A gets you 490k and charges 1%
Agent B gets you 500k and charges 2%
Which agent would you want to work with?
