West Midland Vendors – Be Wary

If you are looking for an agent to help sell your home in the West Midlands, it is vital that you choose the most effective agent. There are many different factors to consider in choosing your ideal estate agent, but the price will always be a factor. The cost of the agent is one matter to focus on, but you will also look for the agent who promises you the best return on your home.

Vendors are advised to obtain a few quotes from estate agents, and then form an opinion based on these findings. However, some agents have been known to state an inflated price for a property, in the hope that this influences the decision made by the vendor. After all, if one estate agent promises you a higher sales price, you are likely to be attracted to this offer. However, not all agents can live up to the amount they state, and a recent study has shown that some of the biggest firms in the industry routinely overprice property.

The Times investigated 200,000 properties which were listed online, looking for the agents who overvalue homes most regularly. The study found ten firms who overvalue homes by twice as much as the firms who charge the least. Firms like Chancellors, Foxtons and Hamptons International were thrust into the spotlight of the investigation.

Some estate agents over-value a house to gain instructions

While there are often reasons why firms overstate an initial value, the National Association of Estate Agents has spoken out on the matter when pressed for comment. A spokesperson admitted that there are some "unscrupulous agents" who request an inflated property price because they are looking to win instructions from clients.

The study found that close to 60% of the property listed by Foxtons were reduced in price. The national average is 32%, so it is fair to say that the firm has a track record in this behaviour, and as the company charges a three per cent commission, which is more than double the national average, it is easy to see why some people feel the company has acted in an exploitative manner. Foxtons have responded by saying; "We always price properties competitively in partnership with homeowners."

Focus on the agent who represents your needs

While the thought of selling your home for a high price is appealing, it is best that homeowners consider whether the agent is acting in their best interests. Sadly, some agents focus on their needs more than the needs of their client, and this can work against buyers. When a house price is lowered, some buyers become suspicious, holding concerns about the quality or standard of the house. Therefore, if the house fails to sell for the initially high price, dropping the price may not facilitate a sale.

If you're looking for a reliable standard of service from an estate agent in West Midlands, Innovate is here to assist you. We are pleased to say we have helped many clients sell their house, and we have a strong track record and positive reviews. For peace of mind and dependable estate agent services, call on us, and we will be more than happy to help.