Cheap isn’t always cheerful

by Daniel Thomas

Why paying less isn’t always a good idea

Nobody likes to pay too much, but paying too little can sometimes be worse when it comes to choosing your estate agent. In fact there is evidence that paying a little more for your agent can result in you employing one that will achieve thousands more for you!

Often people think because houses are selling quickly that there is no point investing in the services of an agent and especially not one with slightly higher fees. However in my experience choosing the right agent shouldn’t have much to do with what they are charging and should have more to do with the results they are able to achieve. With the average value of a property in the West Midlands now being £216,398 then the difference in results from one agent to another can be significant. The average price achieved as a percentage of asking price in the UK currently is around 96.7% which would mean accepting over £7,000 below your asking price (based on the current average value in West Midlands). But a good agent equipped with the right marketing, the best systems and procedures and importantly the right attitude will be able to achieve a much better price. Currently the best agents in Stourbridge are achieving around 98% on average (some are achieving more than this with some significantly closer to 100%) which is around £3,000 more than an average agent. While the average price achieved by some of the online cheaper agents is around 95% which is around £4,000 less than an average agent and more than £7,000 less than the best performing agents in Stourbridge.

So when you are choosing your estate agent please don’t just focus on how much they are charging, find out how they are performing and what they are achieving as a percentage of initial asking price

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