95% of customers find their properties online which means house buyers rarely visit the high street office to search, think about it, do you?
2) Newspaper advertising doesn’t just sell property.
Newspaper adverts are expensive and used, in the main, to promote the estate agents brand, services and marketing messages which explains why agents advertise properties that are already sold. If every property available with an estate was posted in the paper then the higher fees customers pay would be better justified but sadly often customers pay for space that the agent takes for themselves.
3) Finding houses to sell is the most important task of the day.
Selling property is not really an estate agents primary concern anymore as the internet has stepped in as the main marketing platform for property sales. This means the key job and focus is physically getting houses on the books. Different estate agents employ many different and varied tactics to achieve this from subtle branding campaigns to actually knocking on doors or ‘touting’ as it’s known.
4) Discounted fees don’t often save you money.
High street estate agents struggle with fee reduction. If their average commission drops then their business model which is based on a high income from a small number of house sales becomes unsustainable. Agents can get round this problem by either advertising money off deals, for example ‘ £500 of our fee’ but not actually telling you what the starting fee is in the first place or dropping the percentage a little which when translated into actual cash is ‘small change’.
5) Online and low cost agents actually sell just as many properties as high street agents.
There is no difference what so ever in the sale success rate of a low cost agent to a high street because they both do the same job in the same way to the same customers just from a different office location. Whilst it may look like local agents sell more it’s simply because they are concentrated to a specific, set location.
6) Most estate agents are threatened by new technology.
The explosion in the use of mobile devices means your house buyer will want to look at your home using new technology 24/7. The high streets struggle more and more to justify its role in house searching as more people use new technology to find out information.
7) All estate agents do the same tasks.
That’s right, to be an estate agent you must fulfil the tasks outlined by the National Association of Estate Agents (NAEA), from valuation, property listing, mailing lists, viewings, offers, financially checking out your buyer, chasing solicitors, chain checking and key exchange. Many low cost agents are trained members of the same professional bodies as the high street.
8) Dual or multi agency agreements don’t double your marketing spread.
House sellers rarely set out to use two estate agents at the same time. Why would you set out to pay more in fee’s for what is, after all nothing but duplicating your marketing . More likely it’s an estate agent, keen to build stock (see item 3) who will campaign hard to make you see their point of view usually with persuasive words such as ‘ I have buyers waiting to view your house’.
9) Switching agents won’t necessarily increase your chances of selling.
Changing agents is absolutely essential if you feel the relationship is a long way off what you were expecting however, changing because you think the new agent will do ‘extra’ work is very unlikely as all estate agents have the same marketing tools available to them. If you have a good relationship with your agent, work with them and you will sell. Try not to be taken in by the others agents trying to achieve item 3.
10) There is a good reason estate agents do valuations for free.
Helping you to establish the correct property valuation is very important; a valuation should be fully researched and supported using real information of comparable homes. Back to item three I’m afraid as it is amazing how many people are captivated by, what is clearly an over optimistic valuation designed to get the property on the agents books.
At House Revolution we are passionate about changing Estate Agency for the better, we have to understand all of the tricks and trade secrets it in order for us to improve the way things are done and to stop vendors being caught out. If you would like help selling your home then visit HouseRevolution.com or call 01603 679 070 today!