The big estate agency conn revealed

Posted: 24/2/2017

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Estate agency is a competitive business. When someone decides to sell their home they usually get a few valuations. But a valuation is a chance for an agent to get your business. So how do they shine above the other agents? Simple, give the home owner the highest valuation. Research has shown that sellers are more likely to place their property on the market with the agent that provides the highest valuation. Agents know this and that leads to them deliberately over-valuing your property. Placing a property on the market at too high a price does a great dis-service to home sellers. The maximum interest that almost all properties receive is in the first few weeks of marketing, and even if later reduced, the interest levels rarely exceeds that initial peak. Don't take our word for it, just look at PropertyPal.com graphs. This over-valuing reduces the amount of interest a property receives and this usually leads to achieving a lower price. This is a deliberate tactic employed by many agents to obtain your business. It often leads to properties being reduced after being on the market for months. This is borne out by research carried out by HouseSimple which showed that over 30% of properties were reduced from their initial marketing price. And while yes, this is an unethical practice by estate agents it is successful because home sellers believe, or maybe want to believe, that their house is worth that bit more. So long as home sellers think this way, there will always be estate agents to take advantage of them. At Key One Property we believe in giving true valuations. Frankly, we don't want your business if your house is over-valued and takes a year to sell. If you are thinking of selling your home and want an honest valuation then simply or go to http://www.keyoneproperty.co.uk/valuation/

NB: Photograph is of local actor John McAteer who potrayed the very real to life character Gary Greedy (see Gary Greedy Estate Agents on Facebook).

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