If you ask your estate agent why you haven’t yet sold your house, he’ll blame either your asking price (too high) or the market (too slow) or both. So what’s his answer? Drop your price. This strategy, he assures you, will combat a sluggish market and bring previously hidden buyers out into the open. He is persuasive, after all, there is no other answer. It’s a sale at any cost.
But wait it’s a sale at your cost! If you drop your asking price by 50,000 (and let’s remember that’s more than twice the average annual wage in the UK) what is your estate agent going to lose in commission? At 1.5% the company will lose only 750. And what about the sales negotiator? If they are on 3% of sales commission, which is about average, that’s only 22.50 to lose.
So, let’s get this straight: your sales negotiator is putting pressure on you to drop your asking price by 50,000 so you can sell, but his only stake is a loss of commission of 22.50. Is that fair?!
Don’t be the biggest loser do everything you can to protect that most precious of commodities your asking price. After all, if you don’t think your house is worth it, how can you expect your buyer to?
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Thanks toCore Architectsof London for this lovely image
What to read next:How to Test Your Estate Agent Can you Handle the Results?!
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