Low-Fee Agents: Why Sellers Should Beware of Rock-Bottom Deals
In this two-minute read, we look at why low agent fees don’t equal top selling price.
Unless your name is Elon Musk, selling your home will probably be the biggest transaction you make in your lifetime. So, who will you entrust to get you the best deal?
Option 1: You go for the agent with the lowest fee. This agent is a doppelgänger for Del Boy, but you love the idea of saving yourself a few hundred quid in fees.
Option 2: You go for an agent who makes properties look and sound A-M-A-Z-I-N-G. The fee is a little higher, but they have a reputation for achieving sales that are above asking price.
Do the maths
The agent in Option 2 offers the best value because they will put the most money in your pocket.
When an agent cuts their fee, they’re cutting back on the time and money they invest in marketing a property.
They might sell your home, but they won’t get the best possible price for it.
Here are five ways to tell if an agent will offer you good value.
1) Images
Top agents use quality photography to capture properties at their best. Grainy, shadowy photos taken on a smartphone are a turn-off for buyers.
2) Property descriptions
Look at how agents market properties online. Do the descriptions create an aspirational picture? Or are you reading a list of measurements, plug sockets, and radiators? Good agents will also include a floorplan in listings.
3) Bringing a property to market
If an agent brags that they can have your property on the market by tomorrow, run for the hills because they’re cutting corners. The best agents have a tried-and-tested launch strategy that takes more than 24 hours to implement – but adds thousands of pounds to a sale.
4) Long tie-ins
An agent who is confident that they can sell your home doesn’t need to lock you into a lengthy tie-in (some agents push for 20 weeks’ exclusivity).
5) Social media
Even if you’re not on Instagram or Facebook, many buyers are, so go with an agent with a strong social media presence. Look for engaging posts that cover more than properties for sale. Community content, mortgage updates, and video sneak peeks are big winners.
We all love a bargain (that’s why Poundland exists), but with a low-fee agent, the person who lands the great deal is the buyer, not the seller.
If you’re thinking of putting your home on the market, get in touch with us here at MILLBANKS. We’ll exhaust every possible avenue to secure the best price for your home.
COPYRIGHT Millbanks of Attleborough, Norfolk, 2021.