Phil Spencer on Dealing with Estate Agents
Phil Spencer, the guru of the property investment world, is back at it again; sharing his advice and tips on how to get the best returns on your property investment. As a frequent contributor to This Morning and host of Location, Location, Location, Spencer enjoys giving people sound advice on how to buy, rent and sell property properly.
This month, his shares his expertise when it comes to dealing with Estate Agents, giving his followers tips on how to avoid their tricks.
Pressing hugely on valuations, Spencer explains that we should not focus too much on the asking price an agent promises to secure for us.
“When you’re selling your home, it’s vital to choose an estate agent you’re happy to work with.
He added: “I would also be wary of making a decision based purely on the asking price of the property.
“Quite often I see properties that don’t sell simply because the asking price was too high from the outset. It’s off-putting to buyers.
“As time goes by, the house doesn’t sell and buyers assume there’s a problem with the property. In these instances, the house is sold for less than if it had been realistically priced in the first place.”
Encouraging people not to fall into the trap of choosing an agent based on price, Spence says it is essential that you get 3 separate valuations before making a decision. It is also worth doing some digging into the agent’s reputation and success rate in your local area.
“Some agents have been known to quote a high initial asking price, in order to win your business, but will then urge you to start dropping the price soon after you’ve signed up.
“Getting several different valuations will give you a truer picture of the current market value of your home and what potential buyers are likely to pay for it, which will later help you judge whether to accept an offer.”
Let us know what you think, do you think an Estate Agent plays a huge role in how well a property does on the market or does the property speak for itself?