The other day, I went to see someone about their house. No names, no pack drill, no information that might give them away.
We had a long chat about their situation. They’re hoping to move out of Bristol, to another county, and they have seen a house that is absolutely ideal for them. Therefore, they are keen to sell quickly so that they don’t lose the property they want to buy.
We chatted about how quickly we would be able to put the house up for sale. I said that if they gave me the go-ahead there and then, I would have the property on Rightmove within two hours, and would be trawling our database of potential buyers that afternoon to line up viewings.
We then had a talk about the price I would recommend. I pointed out that a house a few doors down the road had been on the market since the beginning of March for £?75,000, and remained unsold. In a hot market, this clearly suggests the price is too high, so I would recommend we don’t go there. Considering they want a quick sale, let’s advertise the property at a lower “Guide Price” with the idea of gaining lots of interest, loads of viewings, plenty of offers … and then we can invite sealed bids. Therefore I would recommend a Guide Price of £?25,000 to achieve offers of at least £?30,000.
They then said that £?30,000 was the figure that they had decided would be the least they would need in order to buy the house they wanted. Result! Or so you might think.
No. Not a result. Having had four agents in, it turns out my “valuation” (hang on a minute, £?25,000 was NOT a valuation, that was a guide price to attract interest and viewings and… oh, never mind, what were you saying?) was the second lowest. So they have decided to go with an agent who suggested a price of £?50,000.
Great. Good luck with your quick sale then. Especially as I notice the house just a few doors down the road has now been reduced to the same price.
I do try to offer advice that is in the best interests of the potential client. I really do.