3 Things your agent might not be telling you about your Rightmove(tm) report.
If you are selling your home with an estate agent who advertises with Rightmove, the chances are, you may receive a report like the one to the left here. (If you haven’t, it may be time to change agents)
These reports can be a useful tool for good agents to advise clients on property interest, identify problems and develop new marketing strategies if required.
Many agents, however, just send them out to clients with no explanation or follow up call to explain what each of these lines and number actually means. At PDQ, these charts, along with other useful information, gets fed back to all of our clients once every week when we make our weekly progress and review calls.
- “Does a drop in interest mean I’m less likely to sell?” – Not necessarily. The golden fortnight is the first two weeks of marketing will give a good indication of whether a home is likely to sell with your current marketing plan. However, as long as the ‘property views’ line is at or above the line for the ‘similar properties’ (homes like yours on with other agents on Rightmove) it suggests that your home has a certain something that makes it special. This may be price, good photographs, a good description or a combination of factors.
- “My home is below the line for branch average, does this mean the agent is doing a better job for other home-owners on their books?” If your home is below the branch average, it may just mean that the other properties are of a more popular/ sought after type than yours (e.g. there may be nothing wrong with your home but the agents other properties may have a real ‘wow’ factor that means more people click on them). However, it may also mean that a review of your properties photographs and description might be in order (e.g. did your home receive a Friday afternoon write-up, with the photos taken by the board man?).
- “My home is receiving incredible interest, way above average, but no one is viewing? I don’t understand!” A nice problem to have but it spells trouble. If a home is receiving lots of views but no one is booking viewings it almost always means one of two problems – The property is overpriced – the agent isn’t converting enquiries into viewings (possibly a combination of both of these issues). People usually have a written or mental ‘yes’, ‘no’ and ‘maybe’ pile when house hunting. If a property looks gorgeous but people aren’t booking viewings or asking for more information, it suggests that they are clicking through to look at the property (triggering the data spike on Rightmove) but then discarding the property into the no or maybe pile. Why? It looks great but, when they look at the property in more detail, there is a mismatch between how the property is described, its size, location and/ or its price. In blunt terms, it doesn’t represent value for money. However the problem may be that your agent is receiving email and phone enquiries but is failing to convert these to viewings, either because they are failing to contact the interested buyer back or, are somehow managing to put them off when they do call. If you suspect that your agent isn’t converting leads, you may wish to ask a good friend to secret shop the agent posing as a potential buyer using the Rightmove link and, also, a phone call to the office.
A good agent will always talk through issues or perceived problems with you honestly and should be like your best friend who tells you what you need to hear and not necessarily what you want to hear.
If the agent is at fault, a good one will own up, apologise and work to find a solution. If the problem is with the property or its pricing, they will work with you to find a solution that will help your home sell at the best price it is likely to in the current property market. Most homes that sell, find their buyer within the first couple of weeks. That is not to say that they all sell within that fortnight but that is when the peak activity is likely to be.