DELIBERATE OVER-VALUING IS A CURSE THAT AFFECTS EVERYONE
Today, we’ve had a buyer who was rather keen on two of our customers properties who has had to stop looking for the time being because the agent they chose, over-valued their home by £100,000, so their moving plans have been temporarily scuppered.
They had spent several hundred pounds travelling down to Cornwall, booking accommodation etc for a number of visits to view homes. All of that time and money, wasted.
They had also raised the hopes of people trying to sell (our customers, amongst others).
So congratulations to the agent who over-valued that buyers property. You got the instruction on your books, you got the for sale board outside their home and another one to brag about to other potential sellers. Did you achieve a sale for them? Did you give them good advice? Do you sleep at night?
If you haven’t nodded off reading this yet I would add the following: We, as agents, do, occasionally, make mistakes, we do, occasionally, get carried away with a valuation or, have good comparables that show a property SHOULD sell at a certain figure but, for some reason or other, it just doesn’t. It happens. But, if you are having an agent out to value your home and the price seems remarkably high PLEASE, challenge that agent and don’t allow yourself to fall into the trap of going for the highest valuation. Chances are, it will cost you more than it earns you.
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About Chris Wood: Chris is an estate agent with over 25 years of property experience. His business, PDQ Estates Ltd is based in Penzance and Helston, West Cornwall. He has worked with all sizes and types of businesses from single office independents to the management team and board of RBS and Tesco. A former President Elect of the NAEA and board member of NFoPP until he resigned in 2009, Chris has always championed the highest professional standards forestate agents in the UK. No stranger to the media, he has appeared on various programs including BBC, News 24, ITV, independent and BBC radio and is a regular contributor to trade journals, local and national Newspapers. Chris is on KloutLinkedIn Ecademy Facebook and Twitter In his spare time; Chris likes to keep fit and was previously a long-standing member of the Territorial Army. In 2010 he mobilised for a tour of duty in Afghanistan with 1 Rifles as part of 3 Commando Brigade.