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Be Illogical when Choosing your Agent!

October 2015

When it comes to entrusting the sale of one of your most important assets – your home – with an estate agent, one needs to be wary of how sometimes your heart can rule your head. This is not necessarily a good thing!

Given the amount of time, money, love and attention you have spent over the years on your property, it will come as no surprise that emotions and expectations run high from the moment you invite an estate agent across the threshold to give you an idea of how much your house is worth and what services they can offer you.

The agent sits down with you, they flatter you about your home and how well the sale will go. The agent has a charming manner about him and is enthusiastic about your prized possession. Your heart is screaming out that this agent is a “really nice guy” and you have made a strong emotional connection.

To top it off, the agent goes on to tell you that the guide price should be right at the top end of your expectations and he can only see the sale going well for you.

Well you are smitten. It’s a no-brainer to give him the instructions to sell your home!

WRONG!!

What turned out in your own mind to be the “logical” reasoning behind instructing the agent – high price, charming agent and loves the property – could actually harm your sale, as the agent has been appointed on the wrong basis.

Estate agents are excellent salespeople and have flattered you. Of course they like your property!

The high guide price can be dropped after several weeks, as they can prove (perhaps not surprisingly) that it is not meeting market expectations. You have signed their terms of business for a 3 month period, which means the agent has little to lose and you are in a corner.

When it comes to appointing an agent, force yourself to be “illogical” for a moment and remember the following:

1) Estate agents are on the most part excellent salespeople and are motivated to secure your instructions. It is a highly competitive market and they will pull out all the stops to get an instruction, which isn’t necessarily always looking in your best interests as the seller.

2) The guide price quoted by the agent should not be the main factor in your decision making. Service, marketing, front of house team, branding, accompanied viewings, past record etc should be more important – afterall anyone can quote a high price! Having a straight-talking, honest agent is essential, therefore consider the agent who quoted the middle range guide price and told you something you didn’t necessarily want to hear.

3) A guide price is phrased as such to encourage viewings and offers – not what you will walk away with from the deal in pounds, shillings and pence. You can always decline an offer if it is too low.

4) Whilst you need to have an element of rapport with your agent, you are not there to be best friends with them and to invite them round for dinner! They are there to sell your home to their best abilities, to be tenacious and a bit of a terrier. Consider the agent who was quite direct with you and sales orientated.

So when the logical option seems best – step back from the situation, take your time and then go through the illogical options, as they may just be the most logical decision you make.