Friendly Advice or Misleading Guidance? Navigating Estate Agent Overpromises – Trick No.5

“It’s time to call out some ‘Slim Shady’ tactics, as the great Eminem sang about! Yes, the great tricks of estate agency.

Trick NO. 5 – Going with the flow, let’s be friends?

So, Mark, have you had another agent round before me?

Oh yes, mate, I had the chap from Tortoise Property round in June who showed me that a home similar to mine sold for £270,000. I really wanted £280,000. I wasn’t ready to go to the market then as I had a holiday and needed to clear up a bit.

I went back to him today to say I’m ready to market my property, and he said that the interest rates have gone up since June. Also, the last sale at the end of August for the same style of property had been agreed at around £260,000! £260,000, I may as well give it away. The numbers just do not work for me at £260,000, and I want to sell quickly as my mortgage deal ends soon.

Ok, Mark, what do you want to do? How can I help?

Well, mate, I have seen loads of 3-bed houses on the market for £290,000. I get it; they have different floor plans, but they all have three bedrooms with an ensuite, bathroom, and garden. I need as much as possible?

Sounds fair, Mark. No one can see into the future, and there is always that one buyer who falls in love with your home. And you’re right; there are a lot of 3-bed homes on the market for sale. Let’s test the market and see how it goes.

That’s great, mate; let’s get cracking, and I will have the house ready for viewings this weekend!

I’m off on holiday this weekend, Mark; let’s schedule them for the following weekend. I’m really looking forward to working with you.

Tip NO. 5 – Let’s be professional and not overpromise and underdeliver.

Look at the SOLD data in addition to the MARKETING PRICE of homes on Rightmove. The UK House Price Index shows the average SOLD price in June in the UK was £287,546, where Rightmove confirms that the average asking price in July in the UK is £371,907. Many people looking to sell their home in 2023 will not move due to misunderstanding comparable pricing.

The ones that do move will have understood the 4 fundamentals of moving home:

  • 1. Location
  • 2. Market conditions
  • 3. Price
  • 4. Marketing.

So, Mark, pick up your mic and keep up with me?

I’m Slim Shady, yes, I’m the real Shady
All you other Slim Shadys are just imitating
So won’t the real Slim Shady please stand up
Please stand up, please stand up?

Mike Matthews @TortoiseProperty
Recognised in the Best Agents Guide as one of the best 20% of estate agents in the UK 2019,2020,2021,2022,2023,2024

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