An Estate Agent Being Honest............

For once, in estate agency, let’s all just be honest…

Over the last couple of weeks, I’ve stepped in and out of more than £20m worth of people’s homes.

Different properties. Different circumstances. Different sellers.

But one thing has struck me repeatedly: there is still a huge appetite for honest advice within the estate agency industry and, in my view, not enough of it.

It is something I’ve thought about a lot since founding Mi Homes. Why, in an industry built around one of the biggest financial decisions people will ever make, do estate agents sometimes seem reluctant to tell clients what they actually need to hear?

Perhaps some agents worry that challenging a seller’s expectations could cost them the instruction. Or perhaps, in an industry that has historically placed so much emphasis on winning listings, the pressure to secure the business can sometimes overshadow what happens afterwards.

Whatever the reason, I think we need to talk about it.

Telling sellers what they want to hear

We have all seen properties come to market at figures that simply don’t stack up.

The seller is delighted. The agent has won the instruction. Everyone is happy…. at least initially.

Then the reality kicks in.

The first couple of weeks pass without meaningful interest. Viewings are limited. Feedback starts to point towards the price. The seller becomes frustrated. A reduction follows, then perhaps another.

Suddenly, the property has been on the market for several months and buyers are asking themselves an entirely different question: what’s wrong with it?

That is the danger of overpricing.

A property’s launch is its moment in the spotlight.

Get the pricing strategy wrong at the beginning and you can spend the rest of the process trying to recover from it.

Honesty doesn’t mean being negative

In my opintion, being honest with a client does not mean talking their property down. It means explaining the market properly.

If the kitchen needs updating, I say so. If the asking price is ambitious, I explain why. If there are five competing properties nearby offering more for less, the seller needs to know.

Our job at Mi Homes is to use our experience, market knowledge, negotiation skills and evidence to help clients make the best decision possible. Otherwise, people would just be able to sell their own properties!

We don’t hide from the truth……

Over the years we have found that for many sellers, the biggest frustration with their agent isn't actually the price…..

It is the silence.

Calls that aren't returned. Feedback that isn't passed on. Updates that have to be chased. Promises made at the valuation that seem to disappear once the instruction has been signed.

There aren’t really any excuses because communication costs nothing.

A seller may not be happy to hear that there have been no offers, that buyers think the property is overpriced or that a transaction is becoming complicated but most reasonable clients will accept difficult news if it is explained properly and delivered honestly. The difference is having the experience to offer a better soluation to any one of these issues.

People can cope with bad news. What they struggle with is not knowing what is happening… or worse, finding out there’s a problem after the fact!

Ultimately, clients remember how you treated them. That is how reputations are built.

It is also how recommendations are generated.

Estate Agents are all the same.

Estate agency has spent decades dealing with a reputation problem. Some of that criticism is unfair. Some of it is deserved.

But as far as I'm concerned, the industry has an opportunity to change it.

Not through another gimmick. Not through promising the highest valuation. Not through simply adding more properties to a portal.

It starts with doing the basics exceptionally well.

Give honest advice.

Price properties intelligently.

Communicating properly.

Qualifying buyers.

Negotiating effectively.

Managing expectations.

Most importantly, keep working after the sale is agreed.

For me, being an estate agent means accepting that sometimes the most valuable thing you can tell a client is not what they want to hear.

It is what they need to hear.

Because ultimately, our job isn't to win the listing. It is to help our clients gain the best possible price in the shortest amount of time.