Date Published 10 October 2023
One of the first things anyone thinking of selling their property expects from an estate agent is for them to explain what their property is worth in the current market.
Some agents call this giving a 'valuation' while others offer a 'market appraisal'. Although essentially two terms for doing the same thing, there is actually quite a difference in the way that various agents will go about reaching a figure to give you.
For some, market appraisal is simply seen as an old fashioned way of saying valuation and they really do go through the same process with the same degree of effort and experience.
In other cases, no matter which term is used, an estate agent with less experience or attention to detail will give you a far less personalised result.
Land Registry
The Land Registry is the official body which registers the ownership of land and property in England and Wales. It's a non-ministerial department of Government and one of the things it does is make a record of what price property actually changed hands for, as opposed to what the marketed asking price was.
The general public can see some of this data through various websites and industry professionals have access to more recent information.
However, this only ever gives a snapshot of what happened in the past and although it can be used to help form an idea of current values, it doesn't take into account current market conditions.
It might be a surprise to find that some agents use this data as the sole basis of their 'guestimate' valuation of your home, especially if they rely on automated online applications.
Hyper local effects
This year the term 'hyper local' has been much in use when it comes to the property market.
Essentially it means that even in the same postcodes and neighbourhoods there can be a large discrepancy in property values. This might be because one road is outside of a school catchment area for instance, or one side of the same street falls under a different council borough administration.
This is where a local estate agent with genuine knowledge of the area can take everything into account and give you an accurate sales figure for what your home will be able to achieve under current market conditions.
Highs and lows
The price you get from one agent might not always be the same as one you will get from another agent. Why is this? Sadly, the plain and simple answer can sometimes come down to honesty.
It's easy to understand that some estate agents might desperately need new business and therefore will promise you that your home is worth more than others tell you it is, in the hope you will choose them.
The fact is that overpriced properties often need to be reduced in price after weeks or even months of being on the market.
The opposite is also true. Far from being a 'stale' property through being underpriced, some agents will price deliberately low in order to achieve a quick sale. This is good for their turnover of properties, and if you are looking for a swift move it can work in your favour.
However, most people would feel put out if they were to learn that with a little more hard work and effort from their agent they could have achieved a significantly higher sales price.
How we do it
We pride ourselves on being straightforward and transparent and so by using our extensive local knowledge we always give all of our prospective clients an honest valuation reflecting current market conditions.
You might have seen a neighbour's property on the market for a certain amount of money but the truth is that every property is different and needs to be assessed on its own merits.
Some people want to buy a home and move straight in and unpack. Others may want to buy a property with the express intentions of making major changes and alterations.
As part of our valuation process we give you an impartial view from a buyers' perspective. This can only be done by treating everything on a unique individual case by case basis. That's where our attention to detail merges with our experience and allows us to really achieve the best price for your property.
If you'd like to know more about what makes us stand out from other estate agents please get in touch. The fact that we've been successfully serving the local community in Goring, Ferring and around Worthing for more than a quarter of a century must mean we're doing things properly - talk to us and find out how we do things better!
