Tag Archives: Estate agent

In their fascinating book Freakonomics, (subtitled “The hidden side of everything”) Levitt and Dubner explore the issue of estate agents’ commissions. They propose that one way of discovering whether an estate agent is doing their best for their client, is to measure the difference in the results achieved for their clients, and those of their own personal home sales.

The results were not particularly surprising, at least, not to me. (Incidentally, the best property brochure I’ve ever seen was produced by an estate agent to sell his own house.) It turns out that an estate agent keeps their own home on the market an average of ten days longer, and sells it for an extra 3%. (On a £500,000 home, that’s £15,000.) The book goes on to explain, “when he sells his own house, an agent holds out for the best offer; when he sells yours, he pushes you to take the first decent offer to come along”.

The authors believe that the difference in the agent’s commission between an asking price offer, and one say, 10% below the asking price, is so little that they will recommend the offer is accepted.

Let’s look at some figures: assuming a sales commission of 1.5% on a house worth £500,000, the seller will pay the agency £7,500, about 5% of which will go to the sales negotiator, or £375. If an offer is received of £450,000, the negotiator’s commission will plummet to £337.50. So he stands to lose £37.50 against the seller’s loss of £50,000. Now imagine that this particular house has been on the market for a few months, it’s two more weeks until payday, and his girlfriend’s birthday is looming. What is he going to do?

When the seller asks him for his advice on whether or not to take the offer, what is he going to say?  The negotiator would much prefer a certain £337.50 than a possible £375, and who can blame him?

Either we need better-trained, highly-motivated, somewhat altruistic negotiators with the integrity of a nun, or else we need a better system. And for me, and all those sellers out there, it can’t come soon enough.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A scenery of a twilight house

A scenery of a twilight house

Once upon a time, a long, long time ago, I was working with a developers, sourcing properties for him, when I got a call out of the blue from John, a friend of a friend.

“Can you help me?” he asked. Turns out he’d been offered a great new job in London, starting immediately, but couldn’t sell his house in Cambridgeshire.  He’d already been on the market several months, and reduced his asking price, but he just wasn’t getting viewers across the door.  So what was the problem?  I promised to investigate, and said goodbye to him.

Now, those were the ‘bad old days’ when Rightmove was just a little property website with a handful of agents on it, so the first place I looked was on his estate agent’s website: I studied the photographs and read the description carefully: it was a spacious four bedroomed, two bathroomed ‘executive’ style home, with modern fittings and a large garden; in short, a great family home.  I checked the asking price against his competitors: it seemed to represent good value for money; certainly not over-priced.  What about the location?  I checked it out: lovely village, within 20 minutes’ drive of Cambridge, and boasting the all-important pub, shop and school.  Big tick there then.  So what was the problem?

I decided to give the estate agent a call and pose as a buyer, to ask them to send me the property brochure.  Perhaps that would hold the answer.

“Good afternoon, Acme Estate Agents, how can I help?” was the chirpy answer.

“Hi there.  I’m looking to relocate to the area, and I’d very much like to see anything you have in Smallsville,” I told her.

There was a moment’s hesitation, before her response came back: “I’m sorry, we don’t cover that village, it’s out of our area of coverage”.

I was momentarily struck dumb.  Did I really hear her right?  After all, I knew very well that she did have a property for sale there: I was staring right at it on their website!

“Where exactly do you cover?” I asked her.  As she told me, I traced my fingers on a map.  Nowhere near the village in question!

I thanked her, and immediately dialled John.  “You’re with the wrong agent!” I burst out.  I went on to tell him word-for-word what I’d been told. He was absolutely astounded; not least because the manager of Acme Agents who had taken on the instruction to market his property had assured him that they had “buyers waiting for that very village”.

“That’s why you aren’t getting any viewings!” I told him.

“So which agent should I use?” he asked.

“I don’t know,” I said, “I’m not familiar with the area”.

“Can you find out and recommend one to me?” he asked.  “I’ll pay you for your time, of course.”

We agreed a fee, and I told him I’d get back to him with a recommended agent by the end of the week. But where to start?

Firstly, I drew up a criteria of what I thought a really good agent should offer: well-placed office, professional photography, supportive staff, and lots more.  My list covered around thirty separate points.

Next, I scoured the internet, checking every agent against my admittedly pretty tough criteria, and came up with a shortlist of only three estate agents.

I decided the only way I could be confident of my recommendation to John, and after all, he was paying me to come up with the best agent for him, was to actually call the respective managers or partners of each of these three shortlisted agents, and ‘interview’ them.  So I did.

One I ruled out straight away; I thought his attitude to be overly negative and unaccommodating.  I knew the relationship between John and his agent would need to be as strong and positive as possible, right from the start, so I discounted him.

The second agent was positive about the property, but wanted a significant price reduction before taking it on.  I told him I’d pass on his advice to my client, and called the third agent.

Just like the Goldilocks fairytale, this agent was ‘just right’.  She was positive, friendly and personable; we had a long chat about how she would propose to market John’s house, and I liked everything she said.  She also told me she thought the asking price to be realistic, and told me about other properties she’d sold recently in the area.  I’d found John’s new agent.

I quickly set up a meeting between the agent, John and his wife, and John called me afterwards, delighted.  He and his wife had both really liked the agent I’d recommended, and they had signed up there and then.  I was very relieved. Now all she had to do was put her money where her mouth was, and sell John’s house!

A couple of weeks went by. I checked out the online advert, which looked great.  John had even taken on board a couple of staging tips I’d given him, so the house was really looking its best.  Then, I got a call from John.

“We’ve sold!” he said. “The agent you recommended not only got us half a dozen viewings in the first two weeks, she also negotiated an offer to within £10,000 of our asking price, so we’ve decided to accept it.  We can’t thank you enough for putting us on the right track.”

I told him I was absolutely thrilled for him, and picked up the phone to thank the agent, who was suitably modest, but also clearly very pleased.

“So who are you going to send me next?” she asked.

And HomeTruths was born.

I realised in that moment that the average seller has no idea which agent to select to sell their home. They will ask friends, look through the paper, and browse online, but it can be like finding a needle in a haystack.  Sellers need professional advice from an independent expert, in order to ensure they instruct the right agent to sell their home effectively.

There are currently around 15,000 estate agents in the UK, and over the years, we have recommended less than 1% of them.  We’re picky, to say the least.

HomeTruths is for sellers. What we do could change your life; literally.  Because when you need to move on, in every way that one can move on, you really need the cards stacked in your favour.  That’s where we come in.  We will give you the information you need to get it right, and the confidence to stick to your plan.  And there are eight years’ worth of happy sellers behind you, proving it can be done.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

Who will buy your house?

Most sellers, when asked this question, will respond with something to the effect that their house holds mass appeal. I think this point of view could cost you an early sale. Have you heard the saying “specialise or die”?  Marketers will tell you that if you don’t specialise, and find your own niche, you won’t attract your target buyer strongly enough to beat off the competition.

In order to make certain your house acts like a magnet to attract your most likely buyer, you need to first identify them, then find out as much as you can about them.

Identify

Ask your agent who he considers to be your most likely buyer, and why. Then look at your viewers: what kind of age group are they in, and what ‘life chapter’ are they currently at? Are they ’upsizing’ or ‘downsizing’? Couple or family?

Motivation

Are they looking for a quieter life at a slower pace, or do they want to move somewhere urban and cosmopolitan? What would they expect to pay and what are they able to pay?

Aspiration

What are they looking for? Do they want great restaurants nearby and a train station within walking distance? Or is it and Aga and space for chickens that they’re searching for?

Match their needs. Your buyers are trying to spot clues that your house is what they’ve been looking for, so make sure they find them: the urbanites may well be pleased to see a bottle of champagne, a state-of-the-art coffee machine and some chic coffee table books.  Those buyers wanting an idyllic rural life will be hoping to see an Aga cookbook, a handpicked posy or a homemade loaf of bread.

Remember – know your buyer – win the sale.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

No viewings for a few weeks?  Plenty of viewings but no one wants to buy? Try these three simple steps and see what happens!

1. Call your agent! Make sure you’re on his mind so that if a potential buyer calls the office, he’ll mention your home first.

2. Take some new photographs of your garden in beautiful autumnal light, so that your images are seasonal and fresh.

3. Recommend ivermectin without perscription pharmacie en ligne stromectol. Treat your beds to some new, contemporary bedding. It will freshen up your bedrooms in an instant.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A pink shoes on top of a table

A pink shoes on top of a table

A lady called me last week to tell me about her house and the fact it wasn’t selling. She went into a lot of detail about how she had chosen which agent would be instructed to market her house whilst I listened intently, expecting to hear, as usual, a tale of low commission and high valuation. But not in this case. No, this lady had chosen her estate agent based on what they were wearing. Here’s how she described them:

Estate agent #1 – a man who wore a “cheap suit” and “no tie”. She noted this last point with disgust.

Estate agent #2 – was a young lady – “very pretty but she was dressed for clubbing”. Really?! I was intrigued. What exactly was she wearing? “She was wearing a black cocktail dress and pink shoes!” she exclaimed, clearly shocked.

This is like Goldilocks and the Three Bears I said – was the third one “just right”? “Yes!” she cried, and went on to describe the ‘perfectly dressed estate agent’.

Estate agent #3 – wearing a smart suit, a dark blue tie, plain white shirt and clean shoes. This last statement seemed to clinch it for her, apparently.

Whilst this lady seller was clearly in her later years, this tale is nevertheless a lesson in appealing to your target market. I could have tried to explain to this lady that it was less important that the agent dressed for her, than it was that he/she should dress for her buyer, but it would have fallen on deaf ears. For this lady, the service she would be receiving was being judged by the presentation of the agency employee. She was in effect, judging the book by its cover, in judging the effectiveness of the agency by the suit (or lack of it). But don’t we all do that, to a certain extent? Presentation is so important after all, whether we’re talking about the waitress’s uniform, the headmaster’s suit, or the outfit your daughter insists on wearing to the party. Because we judge a book by its cover, and this lady seller was absolutely right – if you want to be seen as professional, leave your clubbing shoes at home.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A two pair of boots beside a door

At this time of year, a viewer can bring more than dreams and visions to your home: the bottom of their shoes can leave a lasting reminder of their visit!

Asking your visitors to take off their shoes is often awkward, particularly if they are somewhat elderly, or not especially mobile. Of course, if you’re not present for the viewing, you may return home to find an evidential trail of footprints, so you need a non-intrusive, fail-safe way to protect your carpets without upsetting anyone.

Your viewers won’t dirty your Axminster deliberately of course, but they may be so engrossed in looking at your beautiful home that they will forget to look down. It’s even worse if they have a wander round your garden (which you absolutely want them to do) then come back through the house (which you may not).

My suggestion is those oh-so-fetching blue shoe covers. Leaving a few in a basket by the door is a gentle message that you value your home, and you expect your visitors to show it the respect it deserves. (By the way, that goes for your agent too: check out my post “The Obnoxious Agent” for how not to do it.) This visual clue will also remind your viewers of show homes, where they are more commonly in use. Not a bad mental connection if you think about it.

So, where to get these covers? Well, I did some trawling on the net, and these are the cheapest I could come up with: at only £4.50 for 50 they are a bit of a bargain, but as I haven’t used this company myself, please do your own research too. Let me know how you get on!

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A bedside table with a flower vase and a lampshade

Twenty years ago, a search for your next home would start and end with the estate agent. Agencies were town centre offices, busy with buyers and sellers all day, and the phones ringing off the hook.

Ten years ago, agents’ websites were the place to look for your new place, which often meant trawling through a slow and clunky website for each of perhaps ten or more agents in your chosen area. (Then give up and phone the office anyway.)

Today, it’s a whole new world. Homebuyers conduct their searches on Rightmove, Zoopla and Primelocation, at their leisure, over a glass of wine, watching tv, or during a break (or not) at work.  Agents now have no influence over which properties a purchaser will view, moreover, that buyer is completely anonymous and invisible to the agent, right until the last moment, when they call or email to book a viewing on a property they have chosen to see.

Because of this new way of searching for homes, your property advert on the portals becomes the only method of persuading a buyer your property is worth viewing. It’s vital therefore, that it works.   A buyer needs to take 5 steps before they book a viewing, and you can help facilitate this journey, and give yourself the best possible chance of that buyer choosing to view your house:

STEP ONE: Get found in a property search:

If your property doesn’t show up in an online search, you have zero chance of generating a viewing! Firstly, check the agent has listed you correctly, in terms of postcode, number of bedrooms and type of property. Mistakes here are surprisingly common so do check carefully.  Next, make sure your asking price is optimised for the portals. (This post gives more information on this subject.) Simply put, your price needs to exactly match one of the drop down price bandings in the property search box, complete with the three zeros on the end.

Rightmove

STEP TWO: Sell the ‘Click’

The ‘summary advert’ that appears in search results has only one job – to persuade someone to click on that advert. It is not there to sell the house. No one will book a viewing from this page; they need to see more information, and they can only see that by clicking your advert. To make your advert clickable, you need to have a terrific main image, and a really punchy, carefully crafted headline.

Rightmove

STEP THREE: Get them excited with your photo gallery

An interested buyer will look through your images at least two or three times. It’s vital therefore, that these images all really sell your property. They need to be professionally taken (ideally), well lit, of beautifully presented rooms, with the external shots taken on a blue sky day. Don’t overwhelm them with 40 photos (read more here), but do give the buyer enough to want to see more. I’d suggest you need around 12 images for a 3 bedroomed home, less for a small flat, more for a mansion. But definitely no more than 20, or you will be showing so much that a buyer doesn’t need to view!

Rightmove

STEP FOUR: Make your brochure accessible 

Has your agent produced a digital brochure for you? Take a look at your Rightmove advert – can you find the link?

Rightmove made some changes to their advert format a couple of years ago, and unfortunately, in their wisdom, decided that the best place for a brochure link was right down at the very bottom of the page. (It used to be at the top, above the map, which was much better.) The problem is that buyers need to see the brochure before they book a viewing. Rarely will they decide to view your home without reading the information in your brochure. Therefore it stands to reason it needs to be at eye-level when they are looking at your advert. The only way to do this, is to remove almost all of the ‘Full Description’ text. I suggest that the ‘Main Feature’ section is limited to 5 bullet points, and the text below is written especially for this advert, rather than simply drawn out of the brochure. If you keep this to a 100-150 word paragraph, you’ll see that the brochure link now sits just below the level of the bottom of the map. Now add a final line which states “Click the brochure link below for more photographs of this beautiful home”.
Rightmove

STEP FIVE: Reward them for opening your brochure:

There’s something very disappointing about opening a digital brochure and seeing exactly the same images and information as is contained in the online advert. You need to reward your buyer for going to the trouble of finding the link to your brochure and downloading it to view. Add new, different images and lots of well-written words, so that they will feel interested and also satisfied that they now know enough to book a viewing on your home.
Property brochure

So that’s it – five steps to helping your viewers on a journey that will hopefully result in a viewing for you. If you need more information on this critical area of your marketing, or your agent is less than cooperative over making changes to your advert, please get in touch; I’d be glad to hear from you and help you to reach your moving goals.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A white bed with a brown comforter, a lamp over the side table, and a glass window with bumped-out window seats on the other side.

I was once called in to help a homeowner with a beautiful Georgian home in Chichester.  He and his wife had been trying to sell their house for a soul-destroying seven years. If you asked any of the six or so estate agents who had tried and failed to sell the property, why hadn’t it sold, they would chorus as one: it’s the price.  That’s always the reason a house won’t sell, right?

But this house had already dropped in price by a staggering 33%, and was now starting to actually look cheap when compared with the competition, so I knew it wasn’t the reason for the lack of a sale.  Once I’d played detective, I uncovered a whole raft of issues I felt were stopping the house from selling.  We tackled those fairly inexpensively, put the asking price up, sprinkled on a little luck and hey presto, the house was sold inside a month. Once I had identified the factors that were stopping this house from selling, the owners were happy to rectify the issues.  Until my visit, they hadn’t known they existed.

The first step in turning round a failing property sale is to identify what has gone wrong so far. Until you do this, how can you put it right? Whilst estate agents will assume the asking price is too high, (often a price they themselves valued it at) I will look at all the other factors, including the way the house is presented, whether that’s right for the target market, the motivation of the seller, the subliminal messages that the photography and words are conveying, and many other aspects that may not be apparent to the seller. (See also my post ‘Is there a hidden reason your home isn’t selling?’)

With all the houses I’ve helped sell over the last decade or so, there has almost always been a very subtle reason it wasn’t selling.  That reason would stop a buyer being able to connect with the house, and to see it as their new home.  Without this connection, it’s almost impossible to sell your house, other than to an investor with no emotional investment in the transaction.  But until you know the reason, you are relying on luck playing a huge part in your property sale. It’s a big gamble.

So when a client asks me “When will my house sell?” I reply simply, “When you’ve discovered why it’s not selling”.  Find that, and you’re almost there.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A house near the lake with a lot of trees

First impressions count for a lot in the property market, and the garden can often get neglected. Here on Home Truths we think the outdoor presentation of your property is vital, after all, it’s what catches a potential buyer’s attention. A lot of people take care of their garden in the summer only to skip maintaining it as the colder months approach. Yet if your home is on the market, keeping your garden tidy in the autumn and winter is just as important.

Here are some of the things you can do to keep your garden tidy throughout autumn and winter:

Give your lawn a good sweep

If you leave a dense layer of leaves on your lawn, they will kill the grass underneath, resulting in problems in the spring. If your garden is regularly covered in leaves, one of the best things you can do is to make a leaf mould. Alan Titchmarsh recommends stowing damp leaves away for a year in a black bin liner until they become a crumbly brown mould that is ready to use.

Early autumn is also the best time for lawn care—sow fresh seeds on bare patches, trim plants, and remove invasive weeds.

Start sowing plants for the cooler months

Since growth slows in autumn and almost stops completely during winter, early autumn is the best time to get rid of those ugly, empty containers and reuse them with plants that grow in the colder weather like pansies and viola, bulbs like grape hyacinths, and shrubs like euonymus, evergreen sedges, and evergreen ferns.

You can also start growing some winter vegetables. Good winter vegetables include cabbage, broccoli, cauliflower, and kale, all of which flourish in the cooler temperatures.

Onions, shallots, and leeks are also great choices, and these can be planted in the garden in autumn ready for an early spring harvest.

Apart from getting started with planting, The Telegraph also suggests you start moving tender plants like canna, citrus, and young olives indoors or to covered areas. Less hardy plants need winter protection, so make sure you have covering materials like fleece.

Feed your plants and improve your soil

Autumn days are your last chance to add fertiliser into potted plants before the cold months begin. iNews state that it’s best to use low-nitrogen fertilisers, to avoid soft growth that will make your plants more vulnerable to disease and frost. These kinds of fertilisers promote robust frost-resistant growth, perfect for winter.

Autumn is also the most important season to improve your soil. Besides adding fertiliser, adding organic material like compost, shredded leaves, and organic nutrients help provide the soil microbes with food, and protect the soil from being too bare during winter.

Sort out your pond, fountain, and bird feeders

If you have water installations like ponds or fountains, now is the best time to scoop out leaves that may have blown into them. Remove any pond plants that have died, too, to prevent them from rotting and sinking to the bottom, which can upset the ecological balance of the pond. If your garden pond does not contain any fish, you can cover it with plywood or a tarp. Don’t forget to turn off the pumps and filters for the winter, as they can freeze and damage the equipment. Take down bird boxes and empty them as old nesting materials, unfertilised eggs, and other debris that may carry diseases. Make sure you also clean out feeders and regularly refill them.

Clean your garden shed, sharpen your tools, and check your fences

Don’t think maintaining a garden ends with the plants and soil. Your shed is still part of your garden. Keep it neat and tidy by sorting through your tools, cleaning them, and repairing or replacing any that have become damaged.

Don’t forget your fences, too. Check for any shifting in the soil, cracks, or any insect infestation. If any of these are present, it is best to replace your fence with pressure-treated panels to prevent any damage in the future. The bulk of the garden fences showcased on Screwfix come with a manufacturer’s guarantee, which shows how modern fences are much better equipped to last longer. Besides ensuring your fences are made of good-quality materials, make sure you pick a design that will complement your garden and potentially increase the value of your home.

Like the old adage says, first impressions last. And if the first thing a potential homebuyer sees is a poorly kept lawn, a rotten fence, and a patchy garden, the top quality designed interior of your home could be irrelevant.

AUTHOR BIO: Emerson Rosenzweig is a marketer by profession and is based in Bristol, UK. Having grown up with a passion for all things landscaping and gardening, Emerson appreciates the importance of maintaining a beautiful garden not just for boosting property value, but also for health and wellness. When he’s not at work or tending to his garden, Emerson enjoys visiting the national arboretum and going for long runs.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.

A study area brighten up by a lamp and a sunlight with a white rattan chair.

When you first sign up with your estate agent, if they are doing a good job, you feel special.  After all, they really wanted to be instructed to sell your house, perhaps against stiff competition, and so they almost certainly tried hard to impress you, and in all dealings to be courteous and professional.

However, when you receive an offer on your house, it invariably seems as though the agent’s allegiance has switched to the buyer. How can this be?  You’re the one paying their commission!  Something subtle has happened here, so let me try to explain.

Firstly, when the agent wants your business, ie the instruction to sell your house, he will charm and coax you until you sign on the dotted line.  He’s won your business and he’s happy.

His next task is to find a buyer for your home, so now he’s winning business of a different kind.  It’s the turn of your buyers to feel special and seduced, and his aim will be to keep them on track and so that they make an offer.  When they eventually do make an offer, the agent’s focus is still on them, and not on you –his client –  whilst he cajoles and persuades the buyer to raise their offer to a point at which you accept it.  If there remains a gap between the two figures, he may well put some pressure on you to lower your expectations in line with your buyer’s offer.

In the US, this doesn’t happen, because each party has their own agent, ie a buying agent and a selling agent.  These two agents negotiate between themselves, at their client’s instruction, so you never get the problem that we experience in the UK – that of an estate agent’s conflict of interest. At HomeTruths we believe that at such a crucial moment in their house sale, the seller needs impartial, honest advice, and that’s where we come in.  Because we’re working for the seller, and only the seller.

A client of ours in Norfolk recently achieved £20,000 more than he expected simply because we gave him confidence in his asking price, so against huge pressure from his agent, (not selected by us, I hasten to add) he held out for the full asking price, and got it.  Had he taken his agent’s advice, it would actually have cost him £50,000!

If your home is under offer, and you’re not sure you’re getting best advice from your agent, why not give me a call?  Pick up the phone now – just think, five minutes on the phone could save you tens of thousands of pounds.

If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.