Q9: IF MY PROPERTY ISN’T UNDER OFFER WITHIN THE FIRST 4 WEEKS, WHAT WILL YOU DO?
This is almost certainly the most important question, however I honestly cannot remember anyone ever asking me what I would do in this situation.
Most estate agents will ask you to sign a contract which allows them to act as sole agent for your property, for at least three months (see question 14).
Statistics from rightmove.co.uk however, indicate that 70% of interest in a property comes in the first 2 weeks of marketing.
It’s imperative therefore, that your estate agent has a longer term sales plan and will actively keep your property ‘fresh’, rather than allowing it to stagnate. The longer it sits on the market the less likely you are to get interest. Your agent should have a strategy and a clear plan B from the start, the best agents will have a plan C, D, E ........ you get the picture.
Although you will want your agent to have a plan, this shouldn't be as simple as if it hasn't sold after 2 weeks reduce to X, Y or Z. Your agent should review the performance of your property, using the rightmove property performance report, Zoopla stats, number of viewings, feedback from your viewings, number offers, value of offers, all of this should be compared and contrasted to other properties they are marketing and also the performance of other agents properties in your area. Then during their regular update calls with you they can discuss this and agree on the best plan B for you.