Why serious sellers need an agent with experience, knowledge and tenacity in today's property market: Tim Waring
It is an interesting time to be an estate agent. The market does not seem to know where it is going. Indecision and hesitation are creeping into many transactions, sometimes even before a sale has been agreed.
Given negotiating of any description is said to be an art, not a science, this is certainly proving to be the case in the residential property world. And why the knowledge, experience and tenacity of an estate agent is crucial to a successful transaction especially in today's uncertain world.
I have previously used this column to preach the merits of openness and realism on the part of by buyers and sellers alike, notwithstanding any legal obligations relating to disclosure.
In many cases, this seems to have been taken on board, but sadly not by all. As an agent, it helps to understand where each party stands, with twists, turns and complications that are usually property related but not always. So having an agent who can find, and negotiate, workable solutions on your behalf is essential.
It is a skill that is often only developed over many years, honed from previous real-life examples where there will have been both positive and negative outcomes. As a result, your agent needs to have the know-how and experience to hopefully “fight your corner” when you encounter the stresses and strains that inevitably arise during the property sale process.
All of the above does assume you actually have a buyer to negotiate with. What the current marketplace illustrates is this is far from being a given, and why pricing is another key factor to address from the outset of your property journey.
As a chartered surveyor and RICS registered valuer I am supposed to know what I am doing. But of late, there seems to be numerous instances of houses being offered for sale at asking prices that I simply do not understand, despite evidence to the contrary. Only to then see the ominous green “Reduced” banner appearing top right on the duly appointed agents Rightmove listing a few weeks later.
As such correct pricing is critical for you to have a realistic chance of selling your home. Understandably prospective sellers obtain a number of opinions ahead of instructing their estate agent, and they may well receive varying opinions in the process.
My advice backed by more than a few years of experience is not to be seduced by the highest recommendation on price (nor the lowest fee for that matter). What is there to lose? Well maybe a lot more than you might think.
With more sellers than buyers at present, creating downward pressure on prices, purchasers have a lot of choice. The Knight Frank residential research team has recently highlighted in the last quarter, there were 5.9 potential buyers for each new sale instruction compared to nearly 19 at the height of the “escape to the country” boom during the pandemic.
Hence my advice that sellers should carefully consider the facts when deciding who to appoint. We are undoubtedly in a marketplace where an agent with experience, knowledge and tenacity is essential if you are serious about selling.
Tim Waring is a prime residential specialist at GSC Grays estate agents, gscgrays.co.uk