What You Should Never Tell An Estate Agent.
27th April 2023
27th April 2023
Whether you’re selling your property in Chingford or Canning Town, West Ham or Walthamstow, there’s something you should never, ever do...
Reveal the lowest price you’d be willing to accept to your estate agent.
The estate agent's job is to get you the best possible price for your property, so it's best not to give them any ammunition to work against you.
If they know your bottom line, they may use it as a starting point for negotiations with potential buyers, leaving you with less than what you're willing to accept. It's like
giving a used car salesman a budget and letting them have their way with you - not a good idea!
Recently, I had the pleasure of helping a homeowner in Leyton who was looking to sell their property. The owner was about to sign up with another local estate agent, but made the mistake of revealing their lowest acceptable price. As a result, the estate agent's valuation was only a whisker above that figure.
Luckily, the owner's son recommended me for a second opinion before proceeding.
I was able to provide plenty of evidence from other similar sales in the area to justify a valuation that was £50,000 higher than what the other agent had quoted. After they appointed my agency, we were able to sell the property for the higher amount, making a huge difference to the owner's bottom line.
This just goes to show that it pays to be careful when working with estate agents.
Revealing too much information too soon can be detrimental to your sale. It's important to do your research and get a second opinion if necessary, to ensure you get the best possible price for your property. With the right guidance, you can avoid leaving money on the table and maximise your return on investment.
If your estate agent ever asks you about your lowest acceptable price, don't commit or you could provide them with an outrageous amount and tell them to focus instead on getting the best price.
But in all honestly, the best agents never ask ‘how low will you go.’
I hope this helps!
I am a local property expert, offering my services in Forest Gate, Highams Park & Chingford, Leyton, Tottenham, Hackney, Walthamstow, East Ham, Plaistow and surrounding areas.