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Be Suspicious Of Estate Agents’ Valuations Of Your Property

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An EA has posted a guide to things to be wary of when dealing with EAs over on the MSE forum. Some MSE posters seem to have taken offence at the info but, as an HPCer, I found the infom very interesting. Have a look yourselves.


8. Be suspicious of estate agents’ valuations of your property

One of the most common techniques for getting your business is to claim that your property is worth more than it really is. Flattery, in some cases, gets the agent everywhere. So few property owners ask estate agents to show them supporting evidence for their valuation. You don’t need any qualifications in Scotland to be an estate agent. And there’s no magic to valuing a property: it’s based on what comparable properties in the area have sold for. Estate agents do perhaps know more about property and the property market than you do, but don’t make the mistake of treating them as experts on the same level as doctors or quantum physicists! Question them and make them justify their claims. Remember: if your property is over-valued it will sit on the market for a long time and, if you then decide to change agent, you might have to pay a Termination Fee and you might already have paid for photographs and schedules and a Marketing Fee (though not if you follow the advice above!).

10. Don’t choose an estate agent solely on the number of properties the agent has on the market

One of the most common ways of choosing an agent is to pick one who seems to have a lot of For Sale Boards up in your area. And a lot of agents market themselves to potential property sellers on the basis of market share. However, big market share can mean one of two things. On the one hand, they are amazing and everyone in the area loves them. On the other hand, they are not very good at selling properties so they just keep piling up. I’m not saying this because I have any axe to grind about big firms. I’m just saying that, in this context, big isn’t always beautiful.

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