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HOW TO SELL YOUR HOUSE FAST FOR OVER THE ASKING PRICE
16 CRUCIAL QUESTIONS TO ENSURE YOU
CHOOSE THE BEST ESTATE AGENT
PERRY POWER
02 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
16 CRUCIAL QUESTIONS TO ASK WHEN SELECTING AN ESTATE AGENT
Estate agents on the whole, tend not to have the best reputation.
All too often, property owners make the important decision of which
estate agent to instruct, after having simply spent a couple of hours
inviting them round to give their opinions, and then basing their decision
on what they hear during that time. In my experience, property owners
ask very few questions and if they do, they are usually the wrong ones.
This is probably why 50-60% of property owners end up needing
to change estate agents before eventually selling their property.
Unfortunately, many owners are also advised to reduce their original
asking price by up to 20%, in order to sell. No-one wants to buy the
house that no-one else wanted to buy… unless it’s cheap enough!
My aim is to ensure that you as a property seller do not fall into the
trap of choosing the wrong estate agent in the first instance, therefore
avoiding having to change estate agents, reduce your home’s price
and costing yourself thousands of pounds and months of wasted time.
To begin with, I think much more research and time should be invested
when considering which estate agents to contact (you can find my
tips and suggestions on this in my ebook: “Which Estate Agents
Should You Call In”).
Once you’ve made your shortlist, you can then begin to ask each
one a number of very important questions. Many sellers restrict
themselves to the usual: “How much is my property worth?” and “How
much will you charge me?” My suggestions however, will give you a
more detailed and in-depth insight into their respective services and
approach – much more useful information which will help you to make
the right decision from the outset.
PERRY POWER
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ON AVERAGE, WHAT PERCENTAGE OF THE ASKING PRICE DO YOU ACHIEVE?
Why: Unfortunately, many estate agents will purposely over-value
a property, in order to win the client (you can read more about
my thoughts on this tactic here). If they are able to demonstrate
impressive statistics regarding final sale prices compared to original
asking prices, then they will want to shout about it. However, if
they are unable to give you this figure, then I’d advise you to be
concerned. I’ll guarantee that all agents you interview WON’T know
the answer to this question, but you will, see my super tip below.
On average, properties in the UK sell 5% lower than the asking price.
1
WHAT’S YOUR AVERAGE TIME TO AGREE A SALE?
Why: If an estate agent replies with a vague answer, typically:
“normally quite quickly”; then again, alarm bells should be ringing.
The average time for a property to remain on the market in the UK
is 66 days. Any figure considerably longer than this should see
you striking that agent off your list, any quicker, they COULD be a
good option.
If they say 4-6 weeks yet their contract length is considerably longer,
the alarm bells should start ringing (see question 3 below)
2
SUPER TIP:
BEFORE ASKING THIS
QUESTION, FIND OUT
THE ANSWER YOURSELF
BY VISITING GETAGENT.
CO.UK, SCROLLING TO
THE BOTTOM OF THE
PAGE, CLICKING ‘UK
ESTATE AGENTS’ AND
SEARCHING FOR THE
AGENTS YOU WILL BE
INTERVIEWING.
PERRY POWER
04 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
ARE YOU PREPARED TO AGREE TO A 0 WEEK ROLLING SOLE AGENCY AGREEMENT WITH 24 HRS NOTICE?
This is a big one. Typically, estate agents will make you sign a 12, 14 sometimes 21
week contract. TERRIBLE. It’s basically a licence to be dishonest and lazy. When
you sign it, it’s like a new employee making an employer to sign to say they have a
guaranteed job for 21 weeks whether they arrive on time and do a good job or not.
As I said in question one above “Unfortunately, many estate agents will purposely
over-value a property, in order to win the client”... because they can and then tie you
in, reduce your price and get a fee costing you wasted time and money.
An agent who know they can deliver and give a good service and so don’t need
long contracts, are a SAFE bet.
3
WHAT PERCENTAGE OF SALES YOU AGREE EXCHANGE/COMPLETE FIRST TIME?
Why: This is probably one of the most important questions that you need to ask
potential estate agents. They should want to demonstrate that they carefully
consider how to agree each good quality sale and aren’t tempted to simply close
the deal as quickly as possible.
On average, national statistics show that a massive 36% of agreed sales fall
through before completion. Therefore, you need to think carefully about the
potential cost to you in terms of time, money and stress if your sale falls through
in two months’ time.
4
PERRY POWER
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HOW MANY ‘COMPETING’ OFFERS DO YOU ACHIEVE PER SALE
This is pretty crucial. A quality agent will understand that it is their job
to get you, the client, the ‘best possible outcome’. That doesn’t mean
sell your property for the full asking price to the first buyer who views it.
Competing offers achieve 2 things:
1. The best possible price
2. Give you the opportunity to choose the buyer who is best placed to
help you achieve the ‘outcome’ you desire. So if you want a quick
sale, the buyer offering the asking price but who has a 4 link chain
behind may not be the best option vs the chain free buyer offering 5k
under the asking price… options, that a property marketing campaign
needs to create for you.
5
DO YOU OFFER FREE PHOTOGRAPHY, SHOT BY AN ACTUAL PROFESSIONAL PHOTOGRAPHER?
Why: With virtually all buyers turning to the internet to search for
property, it is now more important than ever that your estate agent
presents your property in the best way possible so that it stands
out from the crowd. Estate agents agree that most enquiries are
generated from online marketing, but very few agents actually invest
in high quality photography which presents their clients’ properties in
the best light possible.
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PERRY POWER
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DO YOU TAKE ADVANTAGE OF THE ‘PREMIUM’ PROMOTION PRODUCTS AVAILABLE FROM RIGHTMOVE.CO.UK AND ZOOPLA?
Why: Few homeowners are aware that all estate agents have access to a
heightened level of property promotion on the major property portals such as
rightmove.co.uk and Zoopla - promotion which makes an individual property
more visible to potential buyers. Unfortunately, in my experience, few agents
invest in the premium promotion products available on these portals. Why?
Because it costs them more money and so narrows their profit margin.
7
WHAT IS YOUR AVERAGE RIGHTMOVE.CO.UK CLICK THROUGH RATE?
Why: The click through rate is the conversation rate between how
many times your property appears in a property search and out of
those searches, how many people click through to see the full details,
pictures and floor plan. If the estate agent is investing in professional
photography and premium promotion on the major property portals,
then the click through rate will be impressive.
Tip: In my agency, we have a 6% rightmove click through rate and
if we notice drop on a certain property, changed get made to bring it
back up.
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PERRY POWER
07 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
IF MY PROPERTY ISN’T UNDER OFFER WITHIN THE FIRST 4 WEEKS, WHAT WILL YOU DO?
Why: This is a super crucial question. Most estate agents will ask you
to sign a contract which allows them to act as sole agent for your
property, for at least three months (see question 3 above). Statistics
from rightmove.co.uk however, indicate that 70% of interest in a property
comes in the first 2 weeks of marketing. It’s imperative therefore, that
your estate agent has a longer term sales plan and will actively keep
your property ‘fresh’, rather than allowing it to stagnate.
9
DO YOU ACCOMPANY ALL VIEWINGS?
Why: Many property owners are happy to or even prefer to carry out
viewings themselves. This is never advisable for the following reasons:
● Firstly, you are paying your estate agent for their service. Buyers will be
attracted to your property (if you follow my guidelines) so you shouldn’t
even be expected to carry out a viewing.
● The estate agent is the trained sales expert and should know precisely
how to pitch a property to a viewer.
● Buyers will be honest with the estate agent who is an independent
third party, but may feel obliged to be polite to you as the homeowner.
They may say all the right things to you, so as to not be rude to you
about your house - but then inform the agent that they didn’t like it.
If you were expecting an offer to be made, this can be very deflating.
Continued…
10
PERRY POWER
08 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
DO YOU ACCOMPANY ALL VIEWINGS? Continued…
10
● Your estate agent will know what the viewer liked about the property
in order to make that first enquiry, so will focus on that when showing
them around.
● Property owners tend to say too much. I have witnessed owners
literally talking their way out of an offer. A first viewing is an experience
which usually appeals to the buyer’s emotions, with logic playing a
more significant role in subsequent viewings. Often, the only question
a buyer will ask themselves during a first viewing is: “Can I see myself
living here?” The last thing they want or need is the property owner
regaling them with every detail about the house - right down to the
dustbin collection day.
● Your estate agent will be the person who negotiates with the buyer on
price, if they choose to put in an offer and the viewing acts as that
crucial first stage in the negotiation. Your estate agent, as a trained
professional, will automatically pick up on specific things mentioned
during the viewing which they should then use when negotiating.
For example, during the viewing, the buyers may have declared:
“This is the biggest garden we have seen at this price”. However, they
might then offer £10,000 under the property’s asking price.
Immediately, your estate agent can agree to forward the offer but
remind them that the property has a very large garden, compared to
other properties valued at the same price.
● A good estate agent will want to give exceptional service.
This naturally means that they will want to see all viewers personally.
PERRY POWER
ARE YOU OPEN/DO YOU ACCOMPANY VIEWINGS OUTSIDE OF NORMAL BUSINESS HOURS AND ON SUNDAYS?
Why: Put quite simply, the busiest time for estate agents is when other people
aren’t at work, which naturally means evenings and weekends. If your agent
isn’t able to accommodate late or weekend viewings, then buyers are likely to
instead choose an agent who can, meaning your house attracts less viewings
and will probably sell at a reduced price.
11
WILL YOU ACTUALLY BE MY AGENT THROUGHOUT THE PROCES AND DO YOU LIVE LOCALLY?
Why: Many larger estate agencies have complex structures, with someone
purely responsible for carrying out valuations or launching properties onto
the market. Others may be responsible for selling them, whilst someone else
progresses the sale through to completion. The issue here is that you may
well have based your choice of estate agent on the personality of the person
who came to visit you initially, a person who now knows all about you, your
house and the reasons why you want to move – all important information for
an estate agent. Instead, you could find yourself having to liaise with the office
junior, who is given the task of carrying out the viewings and negotiating the
sale. Perhaps you may not like or trust this person as much. It’s also equally
important that your estate agent is a local person so they know the area well
and have in-depth knowledge of local schools, restaurants and transport
links. It’s vital that they can confidently answer viewers’ questions relating to
the locality.
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PERRY POWER
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DOES YOUR AGENCY ANSWER TELEPHONE CALLS 24/7, 365 DAYS PER YEAR?
Why: Let’s assume your estate agent’s office closes at 6.30pm. What then
happens if someone calls to enquire about your property at 6.33pm? Usually, the
estate agency will have an answering machine. PROBLEM: 69% of callers hang
up rather than leave a voicemail. Let’s face it, in today’s technologically-advanced
age, we’ve become impatient and expect information instantly. It’s therefore unlikely
that a potential buyer will leave a voicemail and you run the risk of them not calling
back at all, or maybe enquiring about a competing property in the meantime. Your
property, among the thousands of other properties on the market, may not get a
second thought. The solution is simple. Just make sure you choose an agent who
answer telephone calls 24/7, 365 days per year, so an opportunity is never missed.
Another Reason Why: 7 out of 10 callers hang up after 3 rings!
13
WILL YOU ALSO ACT AS MY ‘BUYING AGENT’, TO HELP WITH MY NEXT PURCHASE?
Why: Your estate agent is the property expert, the professional, and has a whole
host of ‘insider’ tools and knowledge which they used effectively, in order to
successfully negotiate an excellent purchase price for your house. In my opinion
however, that’s only half of their job completed. The other half comes in helping you
to get the keys to your next house. This includes supporting you with negotiations.
By placing your estate agent between you and the person selling the property you
want to buy, I can assure you there will be benefits, not least the potential of which
can be significant cost savings. Continued…
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11 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
PERRY POWER
ARE YOU ON ANY 3RD PARTY REVIEW WEBSITES, SUCH AS RATERAGENT OR CHECKAPROFESSIONAL.COM?
Why: An agent who openly joins a 3rd party review website is an agent who is
assured about their service and ability. If they are willing to showcase their reputation
in the public domain where anyone can leave either a positive or negative review,
this shows they are confident and transparent about what they offer.
Tip: Search for the agency on social media, especially twitter. Social media is now
a part of our everyday life. We use it to both rant and praise, so be sure to research
an estate agent’s online presence on these sites. My advice is that if the agent
isn’t on Facebook or Twitter, it’s maybe a sign that they haven’t caught up with the
modern world and should be avoided at all costs.
15
WILL YOU ALSO ACT AS MY ‘BUYING AGENT’, TO HELP WITH MY NEXT PURCHASE? Continued…
This task involves the agent drawing upon all their knowledge and skills to help
you negotiate the best possible price and terms for your next house - those same
skills they used to secure the best price for the property which you sold.
For more information and my own personal tips on using an estate agent to
search for your next home, click here.
14
PERRY POWER
11 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
HOW YOU INTEND ON PROMOTING MY PROPERTY ON SOCIAL MEDIA? FACEBOOK, TWITTER AND INSTAGRAM?
Why: Let’s face it, social media is HUGE. Your property needs to be promoted
using it…. SIMPLE.
16
SUPER TIP:
THIS IS A DIFFICULT
ONE BUT I STRONGLY
AGREE YOU TRY AND
STICK TO IT.
DO NOT ASK THE
ESTATE AGENT HOW
MUCH YOUR PROPERTY
IS WORTH OR HOW
MUCH THEY WILL
CHARGE.
Firstly, the value of your home isn’t determined by the estate agent’s opinion. It is
determined by the buyers, so you should choose an agent who you think is going to
maximise the value of the property and discuss the marketing price with you, based
on everything I’ve mentioned so far.
Secondly, the fee is (or should be) irrelevant. As long as you choose the estate
agent who you trust and feel will do the most to help you achieve your end goal,
the fee actually becomes less important. REMEMBER: “The cheapest agent is the
one who achieved the highest price for your property, not the one who charges the
lowest fee”
Many clients have told me: “Even though I trusted agent 1 more and could see their
marketing was of a higher quality, I went with agent 2 because they charged less
and I thought it may save me money”. Ultimately, these same clients were forced
to change agents and reduce their price costing them additional time and money.
An estate agent who operates in the way in which I’ve recommended is worth their
weight in gold. They are most likely to achieve the highest price possible for your
property, and sell in the quickest time. Unfortunately, this all costs the agent more
money, which is the reason why so many don’t bother.
Agencies offering the lowest fees can’t afford to provide this kind of service or
property promotion, so are likely to cost you time and money. In my experience,
the cheap estate agent will usually simply advertise your property online with no real
quality. They may miss enquiries and then expect you to accept an offer as soon
as they receive one, simply because they need to make a profit quickly.
CHOOSE YOUR ESTATE AGENT VERY WISELY.Everything mentioned in this guide is how my estate agency
operates so I know that this approach works. We achieve
an average of 102% of the asking price within 19 days of
marketing a property, regardless of market conditions.
I have simply adapted my business to the changing world.
AND FINALLY...Did you know: On average, 60% of property owners end up
having to change estate agents before eventually selling their
property with the average property selling for 21% below the
original asking price.
I have helped hundreds of home owners successfully navigate
the challenges of selling. With over 13 years experience in the
industry, I am now using that experience to help you avoid the
common pitfalls via eGuides, my website forum, Podcasts
and Webinars. It’s all FREE!
Happy interviewing… tweet me at @power_perry to
let me know how you get on.
13 / PERRY POWER / 16 CRUCIAL QUESTIONS TO ENSURE YOU CHOOSE THE BEST ESTATE AGENT
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