Beyond the Numbers: Why Opting for the Highest Valuation Can Backfire
the allure of the highest valuation often masks potential pitfalls. Discover the nuanced factors that truly impact the value of your home and why prioritizing a thoughtful approach over a lofty figure can lead to a more successful and rewarding sale
Knowing Your Local Area
Valuing your home takes into account a multitude of factors. One of these factors is researching similar properties to yours that have recently sold in your area – these are known as comparables. All estate agents have access to these properties and should be able to come to similar figures.
A key factor of what separates the good from the bad is knowing the local area like the back of their hand, knowing which neighbourhoods and streets are more desirable than others. This fluctuates the price of a property and if the agent doesn’t know the area may end up resorting to guessing.
Honesty
Some estate agents earn their commission simply by getting a property on the market, not by selling it, and this means some will do what they can to attract you as seller. This includes giving you an inflated valuation but with no means to achieve it leading to the property being on the market it for months and having to do multiple reductions – not only wasting your time but putting you in a worse negotiating position with buyers.
Better Marketing Strategy
When the estate agent visits your property, you should be asking the question how they intend to sell your property for most value not just the price they think you can achieve.
Without a clear marketing plan put in place it can again put you, the seller, in a poor position when it comes to negotiating offers from prospective buyers.
A simple way to find out an agents marketing plan – just ask them. Many will advertise on the main portals such as Rightmove and let it sit there and hope that someone will want to buy the property. More proactive agents, like ourselves, will use their database of buyers to match your property to the right buyer, actively making calls and getting feedback on what’s turning people away and acting accordingly to mitigate them which ultimately puts you in the best position to get the most value for your home.
