Low fees? What’s more important?

• Just 11% of sellers include ‘lowest fee’ in their top five reasons for choosing their agent. Only 6% of vendors choose their agent solely for this reason.
• The 2023 Property Academy Home Moving Trends survey revealed: Across all ages and household types, factors like ‘being liked and trusted’ and ‘good market knowledge’ are more important to vendors than the fee they charge.
• When asked what the most sought-after attributes were when establishing trust in an agent, respondents answered thus: Firstly, ‘Listening to and understanding needs’ (73%). Secondly, being ‘Courteous and professional’ (72%). This was their top two.
• When whittling down their shortlist, we discovered that: Firstly, 31% of sellers ask just one agent to value their property. Secondly, 31% ask two agents to value their property. Finally, 31% reach out to three agents. Younger, less experienced sellers are more likely to seek multiple valuations. Source: Dataloft (https://dataloftinform.co.uk/), Property Academy Home Moving Trends Survey 2023

Are these percentages surprising?

Jukes Estate Agents Harlow co owners Geoff Flewers & Lee Venables are not surprised at all.

“We have always said that whilst an agents fee is always important, it isn’t as important as many people think” says Lee.

He continued, “To be fair, most agents charge around about the same”. “However, we are delighted that so many people list listening & understanding needs as the most important thing”. “It is so vitally important that an agent listens to their clients”. “This is the only way to fully understand the seller”.

Geoff takes up the conversation: “Being professional, polite and courteous should be a given, and yet we hear horror stories that suggest that it isn’t a given at all”!

When you dig down into the survey, there are other factors that are not shown above.

Valuation

There is no doubt that the number one problem is over valuing. Slowly but surely people are starting to realise that usually it is not the right decision to go with the agent who says that their property is worth more than any other agent says.

It is vital that any valuation given is backed up with facts and NOT opinions.

If an agent is saying “let’s try it at this and see, If it doesn’t sell in a couple of weeks, we can reduce it” WRONG, WRONG, WRONG!

Far too many properties are undergoing a price reduction. Rightmove state that properties that have undergone a price reduction not only have a 10% less change of EVER selling, the ones that do go on to sell achieve 3.8 -5% less than the NEW ASKING PRICE!

Marketing

A personal crusade of Jukes Estate Agents Harlow’s co owner Geoff Flewers. “Why do estate agents ‘skimp’ when listing a property”? “It can surely only be one of three things (or indeed all three)”.

1. No time to take care of the listing, pointing out things other agents miss and making sure they do not include the ridiculous things other include. “viewing strongly advised” is perhaps Geoff’s pet hate!
2. Don’t know how! “Some people simply cannot write a description that waxes lyrical about a property” says Geoff. “if that’s the case, then for goodness sake find someone who can”!
3. Simply can’t be bothered! Unfortunately it would seem that in some cases, this is certainly the case!

Geoff continues: ” In Harlow where we are based, we know that 85% of people buying Harlow property are moving out of London to a much more affordable area”. Doesn’t it make sense then, to make sure you highlight all that Harlow has to offer”? “As Harlow Estate Agents, we have an obligation to Harlow as a place, not just our clients”>

Whilst there is currently no data on this, perhaps the fact that Jukes Estate Agents Harlow have the shortest selling time of any Estate Agent in Harlow is testimony to this fact?

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