Why Choosing The Wrong Estate Agent Can Seriously Affect Your Wealth! See the data HERE!
The idea that all estate agents are the same is a common misconception, and one that is easy to believe when looking from the outsider's perspective. But this couldn't be further from the truth! In fact, the sale price you achieve and the likelihood of you selling your property vary dramatically depending on the estate agent you choose!
It's easy to believe that all estate agents are the same. From the outside, it looks like they all take pictures of your property, draw up a floor plan and then place it on websites like Rightmove and then sit back and wait for the phone to ring. When you look at it from this perspective, its easy to believe that the only difference between estate agents is the fees they charge.
This couldn't be further from the truth!
In reality, independent data shows that choosing the wrong estate agent can seriously affect the sale price that you achieve for your home and reduce your overall wealth by tens of thousands of pounds!
In the latest data from TwentyEA - property market data experts who track almost every inch of the property market, shows that in Bassetlaw, choosing the right estate agent is critical when it comes to your home's sale price!.
On a £350,000 house, they found that the average final sale price achieved across all estate agents in Bassetlaw was £339,819.62, but that the average sale price achieved by Nicholsons was £348,357.65 - a £8538 increase or 2.5% more!
They also found that many agents in the area achieved sale prices that were considerably below average and that 3 out of the 5 bottom performers were low-cost fixed-fee agents.
In fact, by choosing the worst performing agent in the area, you would be over £35,000 worse off than if you were to instruct Nicholsons
Why is this?
The best performing agents have several things in common.
- A team of high-quality estate agents trained to get the best possible price from every negotiation
- Outstanding marketing, including presenter-led videos & virtual tours and targeted social media advertising
- A consistent marketing strategy that they apply to every property
- A database of qualified buyers who can be automatically matched to your property and then actively monitored in real time
- A large social media presence
Using a low-cost agent may look attractive on the surface, but in truth, it's a false economy. Because of their low fees:
- Low-cost estate agents don't have the budget to employ the best people or invest in training their existing team.
- They can't afford to buy the best equipment or employ a production and marketing team to produce the best marketing for your home.
- They can't afford to invest in the best software to match your home to the right buyers or monitor those buyers effectively to make sure their sales team are making the most productive sales calls.
- Because they have to constantly chase the next listing and fee, low-cost estate agents just don't have the time or the staff to look after you and your property effectively.
How is this data calculated?
TwentyEA monitor every agent in the area and compares the price of each agent's listings to their automated valuation model. TwentyEA then monitor the final sale price of each property registered at the land registry, and this gives them the data to calculate each agent's performance on sale prices achieved.
In summary
Choose the right Estate Agent to sell your home carefully, as making the wrong choice could seriously reduce your sale price and the chances of your selling - see our related article HERE. Choosing an estate agent based on their fee is a false economy! Using an agent with a higher fee, who has a proven track record of delivering strong sale prices, actually offers better value for money! The increased sale price that you'll achieve for your home will cover the difference in fee and can also cover other moving fees like such as solicitors, removals and stamp duty.
Want to speak with an estate agent that achieves sales prices that are £8500 above average prices achieved in the area? Click on the banner below to book a valuation with us or click on the WhatsApp icon to start a conversation.
Data source: Data source: Twenty EA Applied Filters: Postcode District is DN10 DN22, NG22, S80 & S81, Listing Type is Sale, Time Band is 01/01/2024 - 12/08/2025 Trigger is New Instruction
During the sample dates and monitoring all exchanged sales and based on a listing
price of £350,000, Nicholsons Estate Agents would on average achieve a sale price of £348,357.65. During the same time, across all agents in the area, an average price of £339,819.62 would be achieved. At this listing level, the average client would achieve a sale price of £8,538.03 with Nicholsons than with an average performing agent in the area.
