Andrews estate agents, with 80 sales and lettings branches in the south of England, has admitted on its Chief Executive’s blog page, that their approach to house pricing has been one of over valuing and then asking you to reduce the price down the line.
‘A good estate agent…’ says author of the blog Michael Robson, ‘…will aim to get the best possible price and as such the price that the property comes onto the market at is typically slightly high’.
But, apparently, you can ‘retain the initiative’ with your first price reduction. (!?) Really…
Our view, in total contrast, is that prices should simply be accurate in the first place and in tune with comparable sales nearby based on evidential research into the local market. SOLD prices are the barometer, not over optmistic asking prices.
If High Street agents are typical of Andrewss approach (which in our extensive experience they are) then High Street agents across the land are acting wholly unprofessionally in giving false hope to sellers and misleading them as well as potential buyers on a pricing policy that is frankly, dishonest.
No WONDER Rightmove now say that 70% of all the properties listed on their website this year have failed to sell.