System wrong not the agents

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Thursday, March 04, 2010
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This is Exeter

HAVING read John Twyford's column this week, I feel obliged to offer him a word or two from my own experience, HIPS operation hasn't helped my house to move, Gazette, February 23.

I have been through the house 'buy and sell' mill many times and have worked out a few truths for myself about estate agents and house sales.

Yes, I agree that many agents will opt for the turnover, rather than the business, by over-stating the property's worth on the open market.

But many, many sellers go for the 'highest bidder', rather than do their homework first (as to what their house may actually sell for, not the same as the value the owner thinks it ought to sell for).

So the estate agent who overvalues (initially) is likely to get that property on their books — only to reduce the selling price later to nearer the real value.

In contrast, the estate agent who suggests a more realistic initial value often fails to get the business.

So, if you were an estate agent, then what would you do?

If you overvalue, you get to sell the house at a smaller value, if you don't overvalue the house you don't get the business.

As to all those viewings — here is the rule: If you get no viewings, then the offer price is too high. If you get lots of viewings, then the offer price is reasonable. If lots of viewings result in no offers, then there is something wrong with the presentation, and the owner should seek assistance in the correct presentation of the house.

The simple fact is that owners tend to believe that their home is worth more than the comparables, and many of them fail to see their own property from an outsider's point of view.

Ergo, they overvalue, and then under present.

BERESFORD LAWSON Withleigh, Tiverton

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