Estate Agent Spin To Watch Out For

Some Estate Agent Spin Really Gets Our Goat

Look out for these common Estate Agent lines designed to draw you in, hook line and sinker:

  • We have buyers waiting for your property

  • We guarantee we can sell your house for 'x' amount

That sounds just the job, you might think. That's why some agents spin these types of lines. But before you get lulled in, it's important to analyse these too-good-to-be-true statements:

Buyers waiting? Impossible. Buyers aren't loyal to agencies, meaning they look online at all agents' properties like anyone else. Limiting themselves to one agent doesn't make sense.

More to the point even if there is someone on the database that has registered interest in properties similar to yours, there is a HUGE difference between someone saying they want a 3-4 bed semi in Outwood, and them saying they want YOUR 3 bed semi in Outwood.

As for guaranteeing they can achieve a certain figure (ususally higher than other agents' valuations) again impossible. Unless the agent is buying the property from you it's factually incorrect as it's not them that are placing the offer. Agents can't make someone pay what you want for your property.

Some agents have a habit of suggesting shall we say optimistic valuation figures and then promising sellers that that figure is achievable. Because there is no recourse if their valuation is off the mark there is little disincentive for agents to pursue this sales strategy. An honest agent will tell you about similar properties they have recently sold in your area, what they actually ended up selling for, AND how long they took to sell.

Overall it's important to not get lulled into what an agent promises you. Our advice would be to trust your judgement, if an agent suggests your property is worth more than another ask them to take some risk too. See if they agree to a fee reduction if they don't sell it for what they promised. Or ask if you can leave with no penalty if they fail to get any viewings or a sale in the first month.

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Published on 15 October 2015

Source Trinity Sales Wakefield

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