When selling a property it’s really difficult to know what to do and whose judgement to trust. Ultimately there’s one person that it ends up costing and that’s yourself, the customer.
So let’s look at an all too familiar timeline of a property sale I see:
- Valuations: Seller goes with agent that quotes highest figure solely for that reason. Agent was confident could get the price. 9/10 bad sales start this way.
Any half decent salesman can appear confident in achieving a totally bogus result that’s out of their capability. That’s their job.
Day 1: High price + bad marketing. This is the worst starting point for any property sale.
Day 2-6: You have a few viewings. Really positive feedback. Someone REALLY likes your home but has to sell first. You feel confident that you made the right choice.
Day 7-14: Fewer viewings this week. Agent cites a reason why that sounds good. Still positive, but wondering why none of the REALLY positive people haven’t offered to buy. Agent says this is normal and it takes a little time whilst people sort themselves out etc.
Day 14-21: Still a few viewings with more positive feedback. Communication has slowed from the agent. You have a little doubt but want to remain positive. You’re still getting viewings.
Day 21-28: You start asking the agent a few questions. How’s the lady getting on with selling her property that was really keen? She’s on the market and hers should sell quickly they say. You’re still positive, it’s not even been a month yet. “I wonder where that lady lives?” You wonder.
Day 28: Things have really slowed down now and you’ve seen a few properties you liked the look of. “Maybe we were a little optimistic with the price and perhaps should lower it a bit?”. Agent agrees it’s a good idea. Price comes down to near where other agents quoted. Agent VERY confident they’ll get it sold now.
Day 35: Lowering price has little to no impact. Feedback non existent from agent. Communication this week been terrible from them. I wonder what other ideas the agent has?
Day 42: Start resigning self to house not selling. Must be one of the many reasons the agent gave.
Day 49: Still the odd viewing, but confidence in moving disappearing.
Day 56: We’re now two months in, I wonder if we could switch agent? You speak to your current agent about options. They recommend you lower the price again? Unfortunately you’re still in contract so can’t switch agents, even though you’ve now met a few you’d much rather work with.
Day 62: 9 weeks in, you’re wondering if you should just lower the price. You bring it down again.
Day 62-69: Now the price is where the other agents quoted, you start getting better viewings. You get a second viewing. The buyers like the home but are nervous as they have seen you’ve been trying to sell for a while without success. They put in an offer that’s way lower than you’d hoped for.
It’s at this stage that I see people either give up and take their property off the market or take the low offer.
It’s not so much just the financial issue that these types of sales bring up, but the emotional toll too. It’s stressful selling. It’s even more stressful not selling and not knowing why. The agent isn’t going to say “Well actually I never thought we’d actually sell your house at that price, I just told you whatever you wanted to hear to get the listing.”.
If this is something you’re currently going through or feels familiar, give me a shout. I’ll happily guide you in the right direction. Even if you’re in Newcastle, I can still help with some very simple, straight talking advice.
Simon Ward
MDMr Green Estate Agents
