Answers To Vendors Most Commonly Asked Questions

At Trinity, and I'm sure any estate agents, there are certain questions from vendors which come up again and again. Here are some of the most common questions that we hear and how we would answer them

What advantages does your method of selling offer over other estate agents?

Estate Agents Trinity Sales Wakefield

Most estate agents tend to market a property for sale at a price higher than the final sales price they expect you to achieve. Their explanation is that buyers are inclined to offer less than asking price. So, by marketing at a price higher than what they think it should sell for, they hope that a buyer will put in a slightly lower offer that meets your valuation.

There is a major problem with this way of marketing your property:

Buyers know what a property is broadly worth and what they'd like to spend, but don't know what the seller will actually sell for. For all they know the seller may not consider offers at its market value, below the asking price. With this added doubt why would a buyer risk wasting time arranging and going to a viewing only to be rejected? This means you get fewer viewings and fewer offers. Or they may sit on their hands until the property has been on the market a while and only then go to view it, by which time you are probably more desperate to sell - this is clearly not the impression you want to give.

Our system turns established methodology on its head. We generate maximum interest for your property by marketing it at an attractive price at "offers in excess of" so buyers know not to offer lower. This method generates extra buyer interest which translates into more viewings and as a consequence increased volume of offers.

What's more when buyers see that there is lots of interest in your property they are driven to act urgently and tend to offer a price at the top of what it's worth to them. Rather than making a low offer to "test the water".

Why has another agent said my house is worth 5 - 15% more that your valuation?

Buyers Pyramid

Other estate agents won't like me for telling you this but I'm going to let you in on how many estate agents go about winning instructions. Every new seller that is signed up by an agent is generally put through the "buyers pyramid" where a property is marketed above value and reduced over time until a seller is found.

Once signed up, you are typically tied in for 12 weeks as a minimum. This may not sound long but is nearly 3 months that you are potentially tied to an agent that you cannot leave without paying penalties.

Agents know once you've signed up you're unlikely to pay to leave and they have just about 3 full months to get your property sold.

If after weeks of your property generating little or no interest you call to query why they may recommend that you consider lowering the price (in actual fact they are probably lowering it to the true valuation figure).

A greater problem to you is that with the availability of tools on Zoopla etc now buyers can see when you lowered the price, and by how much meaning they'll sense you're getting more desperate to sell and are more inclined to put in lower offers. Or they'll think the property's a lemon and no one wants to buy it because there's something wrong with it. Unsurprisingly, we don't believe this approach to selling is in your interest. That's why we don't do it.

How do you guarantee to sell at the full market value?

The market is the only true test of your properties real value and not what we or any other estate agent says. We value property based on a combination of sold prices of recent comparables and our local market knowledge as a guide only. Then by using our system of marketing property in a way that delivers offers above the asking price the market will decide what your property is worth. Much like an auction but without the risks and costs to the buyer, meaning you receive more for your property.

How long will it take to complete the sale after an offer is accepted?

Where the terms of the sale have no requirement for the buyer to sell their own property (no chain) it's possible for buyer and seller to meet completion terms of no more than 28 days for a mortgage purchase. For cash purchases this can be concluded in as little as 14 days. In reality things tend to take longer for various reasons such as poor communication between solicitors or the buyer delaying searches until after the mortgage offer comes in. Where renegotiation is required due to down valuations by the mortgage company you could expect delays as well. Read our blog Property Chains - What can go wrong? for more on this.

Published on 30 September 2015

Source Trinity Sales Wakefield

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