Does the lowest fee always mean the right price?

Times change. Technology changes. We get that, because our business model is always evolving. And right now, when we are faced with varying market conditions almost daily, it really matters that we can do that.

One thing that does remain constant is the world-class service that we provide. This is what makes people come back to us time and time again to sell their properties.

What should you consider when choosing your estate agent?

There are so many options available to you when it comes to selling a property in St Neots. Gone are the days when all the local estate agents would be positioned on the same High Street or maybe all advertising in the Hunts Post. Indeed, some exist only online.

Let’s look at some of the key questions you may ask when choosing an estate agent:

• Does the estate agent accompany viewings?
• Have they sold similar properties in the immediate area?
• Do they have the property available that you would like to buy?
• Do they offer the lowest fee?

Let's look honestly at how choosing the agent with the lowest fee could be a false economy.

Your expectations of your estate agent

Selling a property can often come down to your expectations. You may already have a ‘guide’ to your property’s value, and you may also have an understanding of what to expect from an estate agent in terms of the service offered. Many, if not all, of the agents will be advertising your property on the major property portals but selling a property is not about adding it to a portal and expecting it to sell overnight. It’s takes more than that.

When you are faced with a buoyant property market, activity and viewings are practically guaranteed.

In tougher times, agents need to dig deep and use their experience to ‘market’ the property properly. The goal for many agents charging lower fees is often to simply get to the end point; the sale.

Our ‘end point’ is not the sale itself; it’s the exchange of contracts and completion.

Agreeing a sale on a property is just one part of the bigger picture. There is much that happens behind the scenes of a sale that some sellers may not be aware of.

Who is chasing your buyers mortgage offer? Who is liaising with your solicitors to ensure that everything is running as smoothly as you would like and on time?

In many cases (and often seen in our experience with agents charging lower fees), we have found that this responsibility can fall into the lap of the seller.

Do you have the time or expertise to see your own sale through to exchange?

In recent years, we have seen more and more estate agents starting to charge lower fees. It’s a fact of life in business that there will always be competition so, the question is; what service is being offered to the client for these lower fees?

Is it simply a numbers game, or not?

It is not about attracting a high number of viewings hoping that someone will offer on the property. It’s about generating the right level of quality viewings. We have all heard of the stories when sellers have been getting lots of viewings and not receiving any offers.

At the same time, a quality viewer will be one who shows interest, they are pre-qualified and then submits an offer. Is the estate agent earning their fee, or is it just luck?

Quality over quantity is something we emphasise to our clients when selling.

Selling a property in one thing but seeing it through to a successful exchange and completion is another. This takes time, experience and patience.

The role of the estate agent is not just finding a buyer. It’s about providing an all-round service. Something that can easily become forgotten during the process and especially to those agents who are charging lowest fees.

Ultimately, it’s your decision and we respect that but in choosing an estate agent, for financial reasons, could end up costing you more!

The false economy

Back to the main topic! We appreciate that sometimes a lower fee will be attractive to those who may be selling for matrimonial or financial reasons. However, if choosing the agent with the lowest fee means that you (and your property) are not getting the high level of service needed, this is where a false economy becomes apparent.

You may not only find yourself being encouraged to reduce your asking price but, worst of all, not selling at all over a much longer period of time!

We must say that we respect the decision any seller makes when it comes to selling their property in St Neots. We would be more than happy to help discuss this with you in more detail as and when you are ready.

We have developed a successful business model that is proven time and time again.

Communication, commitment and community are the three core values at the heart of Giggs and Co.

We do not envisage this changing because our clients tell us that it is working.