Kieran Ryan Shares Why Vendors Change Estate Agents
The question of why vendors change estate agents is a common one. A potential vendor dropped in recently at our Kensington Estate Agents, prompting me to share my perspective on this matter. Let’s delve into the reasons behind this intriguing phenomenon.
The Audition Process
This journey often begins with a property valuation – think of it as an audition for the real estate company. During this phase, they’ll provide their pricing and fee structure. Vendors are savvy; they usually call in two or three agents to audition. It’s akin to a casting call, with each agent showcasing their strengths.
However, it’s well after this process, typically when the vendor is locked into a ‘Sole Agency’ agreement for several weeks, that they start to wonder why their property hasn’t sold.
The Usual Suspects
In most cases, the culprit is pricing. This is a classic scenario where the agent who gave the highest valuation is selected. It’s hard to fault the vendor for wanting to maximise their return.
Another common issue is a lack of feedback. Vendors crave insight into what potential buyers are saying about their property. It’s a big turn-off when this information is scarce.
Agency Protocol Matters
The professionalism displayed by an agent when showing the property can also influence a vendor’s decision. Answering questions appropriately and being transparent is vital. If an agent doesn’t know the answer, honesty is the best policy.
The Silence of Empty Viewings
Perhaps the most disheartening scenario is the complete absence of viewings. It’s not a good sign when potential buyers aren’t interested.
In all these scenarios, vendors can find the process frustrating. Moving homes is a significant, often stressful endeavour, and they’re eager to get things moving. A well-trained agent should have all these bases covered.
Seeking a Better Fit – Changing Estate Agents
After the sole agency period concludes, it’s only natural for a vendor to explore other options. However, it’s essential to debunk the myth that bigger estate agents are always better than independents. The true measure lies in the quality of the staff, not the name on the door. Unfortunately, vendors often can’t gauge this quality until they’ve already signed an initial contract.
Independent agencies, aware of the competition posed by larger firms, often work harder to serve their clients’ needs. At the end of the day, it’s not about the size of the agency; it’s about the dedication and expertise of the team!
In the end, the decision to change agents is motivated by a desire to achieve results. Vendors want to ensure their most significant investment – their home – is in the hands of professionals who will deliver. This process can be challenging, but it ultimately leads to a more satisfying real estate experience.
Kieran Ryan – Managing Director – Rickman Properties