Date Published 26 April 2017
How much could your estate agent actually make for you?
New data released by EstateAgent4Me has shown that appointing the right estate agent can net those selling their home up to £36,000 above their original asking price.
According to the research, currently the UK`s best-performing agent is Roy Brooks of East Dulwich, achieving an average sale almost 6% above asking price over the past six months and netting clients £36,064 on average.
Other successful agents have bagged their customers bonuses of over £20,000 compared to their original estimates, showing the value of thoroughly researching and appointing the right seller for your home.
At the other end of the spectrum, however, some agents are having to settle for prices which are dramatically lower than clients expected. Many estate agents who operate in prime Central London areas have had to agree sales at around 10% lower than their original asking price – meaning reductions, in some cases, of more than £700,000.
The findings were compiled using data from EstateAgent4Me, a unique online tool from HomeOwners Alliance which allows homesellers and buyers to check the vital statistics of estate agents in their area.
By searching using their postcode, prospective sellers and buyers can investigate local agents` success rates, sale speeds and how likely an agent is to achieve or exceed their asking prices.
The five best performing agents in the country (in terms of added value for clients) all hailed from London and the surrounding South East, where property prices have remained buoyant over recent months.
However, there are agents in all areas of the country which regularly exceed their asking prices and earn their clients thousands. In Bristol, top-rated agents netted homesellers over £12,000 more than their asking price, while in Birmingham the best performers raked in an extra £5,700.
Paula Higgins, Chief Executive of the HomeOwners Alliance, said: `We all know that choosing the right estate agent can have a big impact on the success of a home sale, but few would have predicted the financial difference it can make. An extra £36,000 may well be the difference between securing your dream home or having to make do with your second choice. Alternatively, it could pay your renovation bill once you`ve secured your move.
When listing your home on the market it may be tempting to instruct the agent which gives you the highest valuation. However, by using the EstateAgent4Me tool, sellers can find out which agents are prone to over-valuing properties and which are successful in achieving or exceeding their asking price.`
Felicity Blair of estate agents Roy Brooks said: "It`s great when an independent body affirms that you are doing a good job, and this news from HOA is exceptionally rewarding. Thank you for providing a tool to help sellers identify agents that are most accurately determining values, as we believe this is key to a successful sale.
Launching a property at the right price brings the right people with the right budget through the door, and with luck, you can be in the enviable position of having more than one offer, choosing the buyer with the best buying position, occasionally, choosing from good quality offers in excess of the asking price.`