Cheap fees can be very attractive but like with most things in life - you get what you pay for. Take Ryanair for example. They are the cheap option of the aviation industry. They serve a purpose, a cheap product for a cheap price. I once flew with Ryanair to Italy. After a rowdy two-and-a-half-hour flight home, jammed into a tiny seat and staring at the back of the illuminous yellow seat in front of me, I swore never to fly Ryanair again. Pay cheap – get cheap. The customer experience left a lot to be desired.
It’s the same in the estate agency world. Cheap fees can be very attractive; however, often the quality of service suffers as a consequence of the low prices.
To sell your home, you need to attract buyers. The key to this is quality marketing. Your photographs, description and brochure need to be the very best. Your home needs to stand out and the best way to do this is to make sure you have the best marketing available to help attract buyers to your home.
Low costs estate agents usually have very poor marketing. Often photographing the property themselves and putting limited time and effort into the property description. This of course is to keep their costs down. Quality marketing comes with a price tag and low costs agents are reluctant to absorb this cost. This is why full-service agents that put care and attention into their marketing to attract the right buyer are usually more expensive and understandable so. The quality of their service and marketing is of a much higher standard.
Going with the cheapest agent can end up costing you a huge amount of money in the long run when your home struggles to sell. Paying a higher fee for a quality service and marketing will result in attracting more buyers to your home. Ultimately increasing the chances of selling your home in a shorter timeframe.
There is a direct correlation in the price a home sells for and the time it takes. Homes that sell quickly or within the first few weeks of going on the market will achieve a higher price. Homes that take longer to sell, months or even years will achieve a lower price. This is why your property marketing is so important. A cheap agent with cheap marketing will not attract as many buyers to your home and your home could take longer to sell. Eventually when your home sells (if at all), you will get the lowest price possible.
Take care with cheap fees. There are often hidden charges. Again, just like Ryanair, cheap agents are known for advertising cheap fees but customers having to pay extra for fundamental services. The price you see upfront is not always the price you end up paying. If you are drawn to a lower priced agent, check exactly what you get for your money.
Many cheaper agents require you to pay their fees upfront. Whereas, full service agents will ask for payment once they have sold your house and the sale completes. Who do you think is more incentivised to sell your home? The agent that has the money in the bank already or the one that won’t be paid a penny until the sale goes through?
Enthusiasm and motivation go a long way when selling a home. The agent you see in front of you is the agent that your buyers will see. Your agent should be passionate about selling your home. This passionate will rub off on potential buyers. Nobody wants to deal with an estate agent that just doesn’t want to be there. Choose the agent whose passion shines through and that you trust to sell your home. Its not all about the fees. Its about what agent is going to do the best by you and your home and has the experience and expertise to back it up.
So, when it comes to contemplating whether you should instruct the agent with the cheapest fees, we would urge you to think carefully about the impact this could have on your sale and your dream of moving home. Choose your agent wisely. Cheap fees are attractive but your home is not a cheap commodity so why make it appear as if it is.
If you want to see the difference that quality marketing can make, give us a ring and we’ll pop one of bespoke, magazine style brochures in the post for you. You can see with your own eyes the difference professional lifestyle photography, copywriting and bespoke design can make. Call us on 01423 563077, email talk@alexandergibson.co.uk or visit our website at www.alexandergibson.co.uk.
For more advice on choosing the right agent for you see our blog
For extra help on instructing an agent see our handy checklist