Why you shouldn't sell your property privately!
Fri 18 Oct 2013
Yesterday we exchanged contracts on a flat in Marylebone. As presented, it really wasnt very nice; scruffy, dilapidated and needing a substantial amount of tender loving care. The sales manager adopted the 'Roy Brooks' method of marketing by describing the flat as "the worst flat in a wonderful building" adding"this is the worst flat I have seen in a long time". He signed off his description with the old adage "the best investment is the worst property on the best street".
I tweeted this marketing initiative and twitter lit up for us! The majority of the responses were positive, interested and supportive; however one or two commented that they would fire their estate agent "if he was so rude about my property".
Heres what happened during the life of this sale:
Our client asked four agents to value his flat. The valuations were all much of a muchness, however as we had just opened our new Marylebone office and were running a 0% campaign, he (perhaps not surprisingly) asked us to act for him in the sale with an asking price of 1.6 million.
Our marketing started immediately, as it always does, with a launch to all our local offices. And thats when the fun started. Buyers were excited and intrigued to be viewing a horrible flat on a great street and it was shown over 40 times during the first two weeks, by negotiators from five of our local offices.
It became evident fairly quickly that we would achieve more than the asking price for our client and we asked for best and final offers the following week. Six potential buyers put their best foot forward, with the successful bidder agreeing to pay nearly 20% more than the asking price.
Some sellers may be thinking its easy to sell property at the moment in the current active market and to a certain extent they may be right. HOWEVER, as Ive reiterated many times, its not our job just to sell property, its our job to sell it for more than anybody else can.
In this instance, I can quite imagine a private seller accepting the first offer at 1.6 million, jumping for joy and thinking they had escaped without paying an estate agent a fee.
What an expensive mistake that would have been!