Purgatory – The Feeling You Get When….

Purgatory – The Feeling You Get When….

Purgatory – The Feeling You Get When….

…. your home is on the market, but no viewings, no offers, no interest.  Whatsoever.

Nothing.

Half-way to Paradise?  It might well be the Road to Perdition.

Def: Purgatory:  a place or state of suffering.

Purgatory

Choosing an estate agency, though, seems easy.

As Seth Godin says,

“choosing without deciding.”

Choosing without considering the consequences.

Seduced by the ‘cheap as chips’ fee and the promise that they are the same as high-street agents.

Or, by the higher valuation.  That often works.

We’ve said it before.  It’s your fault.

If you can’t decide, don’t.  They will still all be there when you’re ready.

There are homeowners that might have done some research, asked some questions and did decide.  They decided to use a low fixed fee agency.  The eMoov, PurpleBricks, House Simple and YOPA’s of this world.

Those vendors we categorise as never having enough money to do it right, first time.  But they always have the time and money to do it again.

The lure of a cheap fixed-fee.  Vendors still reap what they sow.

There is an enough evidence on social media, on the poor performance of these cheap agencies. If you’re inclined to look.

@PurplebricksUK “Hello, who do I talk to about arranging a refund of the £1583 I paid you? You failed to sell my property.”

Read the contract.  Do some research.  Before you get seduced.

It’s a common scenario.

The recent BBC Radio 5 Live investigation featured the PurpleBricks CEO.  Interviewed by Adrian Goldberg, he attempted to defend worrying claims.  From a market analyst, that they only sell 51% of homes listed.

Lee Wainright claimed the figure was 78%.  In itself still worrying based on the fact that 22% of sellers must pay whether they sell, or not.  A game of Russian Roulette.

As a homeowner, are you happy to risk a thousand pounds on the possibility that your home will not sell?

It gets worse.

PurpleBricks claim they sell 78% of the homes they list, but this includes a big chunk of homes that are only ‘sold’.  Subject to contract. 

As any half-decent estate agency will tell you. Many sales fall through from exchange to completion.

PurpleBricks claim.

To sell 78%.

May be one of those half-truths.

The issue of whether an agency sells 51% or 78% of homes listed is not the point.

The point is this.

The traditional % commission model, so derided by the fixed fee agencies.

Offers zero risk.

And in my humble opinion, a better quality of service.

Estate agency, as a service industry, ranges from the visionary to the clueless.

There are those agents that will tell you they ‘go the extra mile’.  That shouldn’t be enough to convince.  Let’s hear some examples.

There’s nothing worse than having paid a fee.  Or contracted to pay a fee.  If your property doesn’t sell.

The traditional high-street agency model, with a few exceptions, allows you options.

To walk away and choose again if you got it wrong first time.

When you’re waiting in purgatory for your home to sell, there’s time a plenty to wonder why you’re there.  The choices you made. And where you would like to be.

We’re happy to help.  If you need any advice, do get in touch.

[email protected]

www.agencynegotiation.com

Thanks, as always, for reading.

Chris.