TRUST YOUR INSTINCTS!

So often, people go to instruct an estate agent then, at the last minute, they have their minds changed by subtle salesmanship.

This is usually in the form of a 'clever' agent teasing other agents' valuations out of the owner, then adding £50,000 - 100,000 (yes, that much or more) to the suggested asking price. People fall for it as money talks.

Too often, 12 to 24 weeks later, the subject property is still not 'sold' and the agent is suggesting price reductions. Is this you? It's so common!

The Property Ombudsman's advises:

Market Appraisal

When you give advice to someone selling their property, any figure you advise, either as a recommended asking price or as a possible selling price must be given in good faith and must reflect available information about the property and current market conditions and must be supported by comparable evidence. You must never deliberately misrepresent the market value of a property.

Any evidence relating to comparables of similar properties in a similar location must be retained on file for future reference.

You must keep your marketing strategy under regular review with your client.

Ends.

We always say that if the price is in the ballpark (getting that right is part science, part art) you should get regular viewings and offers coming in, without waiting 3 to 6 months for them.

Trust your instincts and then do what you want to do; don't be cajoled or bamboozled.

This is a link to the very useful and little known Property Ombudsman's Rules for Residential Sales Agents: TPOS Rules Of Conduct

Paul Bonett F.N.A.E.A. M.A.R.L.A.