In a recent interview, I was asked, why did I set up a property search company?
“Because I was fed up with the estate agents” was my simple answer.
Obviously, they are legally obliged to achieve the highest price possible for the sellers, but there were many other reasons:
- They were not listening to what I wanted
- They were wasting my time with bad and average properties
- Many were poorly informed about the properties they were selling
- They were often very late to viewings
- They tried to employ pressure tactics
- They were clearly more focussed on their commission than anything else
I could go on…
… and while this was all very irritating, it also created opportunities for buyers, which is why I founded Mercury Homesearch nearly 25 years ago.
But I have never sold property for a couple of reasons:
- I feel it would be a conflict of interest
- The good agents are very good at what they do
Several clients have asked me to sell their property and I never have, but I do advise them on which are the best agents to use so that they maximise the price while selling in a timeframe that suits them.
For example, a client had a large apartment in Knightsbridge that I had acquired for him and he wanted to move his family to a house. He had no interest in dealing with the agents and asked me to handle it for him even though he knew I don’t sell.
So, I managed the process for him – I asked several agents to value the property, advised my client what I thought was the right guide price, strategy and agent to use. I then co-ordinated all the viewings, etc. with the agent, so that my client and his family avoided all the wasted time and stress involved in the sales process.
The eventual buyer happened to be someone I knew and my client asked me why I hadn’t just agreed to sell the property myself because I would have made c. £400,000 in fees. But as I pointed out to him, the probability of me finding a buyer who would pay the premium that this gentleman did was considerably lower than with the agent I had recommended.
Unfortunately, most sellers don’t realise the massive difference in ability and results between agents. It is not always the big international firms that are best and even within the same branch, there will be strengths and weaknesses.
As a simple example, they may be very good at selling large houses but be far from being the best agency to sell apartments. However, the weaknesses are often far less obvious.
As we speak to over 220 estate agents every week and have a massive database of who sells which properties and at what price, I know who are the best agents to sell specific properties in each area.
And you need to choose the best agent. Because if you think they just put the properties on the websites and wait for buyers to contact them, then you are mistaken. Yes, the less competent ones do that, but the really good agents will not only find the best buyers but will negotiate strongly on your behalf to achieve a premium price.
Unfortunately, choosing an agent is only one part of selling your property. There are several major pitfalls you must avoid. If you would like to know more, you can request my report, The Seven Biggest Mistakes Owners Make When Selling Property in London & How To Avoid Them.
Simply email me jeremy@mercuryhomesearch.com or call 02034578855 (+442034578855 from outside the UK).
