The UK property market is complex and confusing. Common misconceptions about estate agencies can make it even more difficult.
- All estate agents are the same
On first glance, it might seem that estate agents provide similar services. If you dig deeper, there are distinct differences. Some agents excel at handling the complexity of luxury homes, while others are better with modest properties. There are vast differences in experience, local knowledge, and training.
Many agents also offer value-added services, like property management and rental services. This makes them an all-in-one solution for diverse property needs. The unique approach of each agent, based on his or her background and expertise can provide a distinct advantage to clients.
- Estate agents overvalue properties to secure listings
Overvalued properties often remain on the market for a long time, leading to a price cut later.
Agents base their evaluations on thorough market research and consider aspects such as property condition, location, or recent sales of similar properties. A lengthy sales process caused by an overpriced property can also be detrimental for both the seller as well as the agent. A quick and efficient sale can lead to positive feedback from clients, which is vital for agents. For Gloucester Estate Agents, visit https://www.mwea.co.uk/
- Sell your own home and save money
DIY is a great way to avoid agent fees, but it has its own pitfalls. The property transaction involves many stages, ranging from legal formalities and advertising to staging. Even the most experienced DIY enthusiast may overlook important details that agents handle effortlessly.
Estate agents are also trained to understand the market and how to price a property appropriately. A home that is overpriced, or underpriced, could result in financial losses or missed sales opportunities. This can be far more costly than the commission saved.
- Estate agents are only interested in their commission
Although commission is a part of the agent’s income, they are motivated by providing excellent service. Estate agents are able to build long-lasting relationships that often span multiple transactions and years. Client satisfaction is crucial to their reputation and business growth.