Valuation Versus Value

09 Dec 2011

Estate agents’ market valuations are usually free, and because of this, it is very tempting for prospective sellers to invite a number of agents to comment and then select the agent that suggests the highest likely sale price for the property.

However, we advise caution on this issue. Some agency valuers are paid bonus on the number of new instructions they secure, irrespective of the saleability of the property offered for sale at their suggested value. The easiest way for an estate agency valuer to win a seller’s business is simply to suggest a flatteringly high figure, but many people who fall into this trap live to regret it.

One of the problems is that most people have only a cursory idea of what estate agents actually do and, just as importantly, what values they cherish and what service they offer. Ironically, it tends to be the cheaper, untrained or inexperienced agents who quote the highest values, yet it is the well-trained, experienced agents who have the skills to secure the best prices for their clients in the shortest time.

So when selecting your estate agent, by all means invite several to comment on value, but then choose the agent who demonstrates mastery, and who actually has a marketing plan in place, along with superb post-offer follow-up facilities.

Additionally, find an agent that you like! One who has the integrity to offer straight-talking advice and who uses superb communication skills to keep you informed every step of the way, before, during and after the sale, thereby minimising the stress of moving.

In estate agency, a high valuation does not always indicate a high-value service!