Estate Agency’s Facts of Life

The facts of life in the world of property are, like the other facts of life, essential to know for anyone working in the property industry.

There are five facts of life, but today I am only sharing number five because it’s the most relevant (and because if I added all five, there’s less chance you’d read it!)

Why number five? The property market has been impacted by stamp duty incentives, which created peaks and troughs of activity. At any peak, prices get inflated. I believe that, for the rest of this year, accurate pricing and good register management will be important to keep your property registers moving.

So here we go, Fact of Life #5. I hope it resonates with you:

5. A home that is priced realistically and marketed effectively will always sell.

An old saying is that the three most important words in estate agency when a property is being evaluated are “location, location, location”.  Like a lot of old sayings, it is simply untrue.  No matter how poor the location might be, there is a price at which it will sell, and that price will be determined by testing the market.

The two most important words in estate agency are, therefore, price and marketing. Unless the price is competitive, the chances of a home selling are slim to none. Even realistic pricing should be supported by the thorough testing of the market and aggressive challenging of the competition that can be best performed only by skilled professionals.

Bottom line #1

When Realistic pricing is combined with effective marketing, there is a buyer for everything. Given these conditions, any home can be sold in any market.

Bottom line #2

Homes that languish unsold on the market for months and even years ignore these “facts of life” and often causing unnecessary inconvenience and financial damage to their owners and agents.

The market is not always kind, but it is never wrong – and those who believe otherwise pay a heavy price for ignoring these “facts of life in the world of Estate Agency”.

Andrew Benn