I'm moving house - how do I decide?
Emma Vigus
Driving Growth for Startups & Scaleups | Advisers to Founders and CEOs | Business Development Leader | PropTech | Residential Property | Insurance and Risk
Given my headline, you might think this edition of my blog on home moving is about trying to choose the right house to buy. It's not, it about how I chose the Estate Agent to sell my property.
The first step was simple as I knew I was going to consider using the Agent who sold me, my house 6 years ago. Why? Because they were great. They kept me updated and they were a pleasure to deal with. There was no danger of forgetting them because their boards are often up in our village. Interestingly, I haven't received a single marketing communication from them since I purchased my house.
Who else to choose? I didn't want to invite lots of Agents to an appraisal because I'm short of time and, to be honest, I was expecting them all to have a similar pitch. I also have a good idea of what my property is worth so I wasn't going to be wowed by an Agent telling me they'd get 10% more than other Agents. I did want an Agent with a proven track record of selling properties similar to mine; namely, mid-price, character properties in rural villages. A little research showed there weren't many to choose from so I picked one, well known local Agent with a high profile in this area.
Both Agents responded promptly and politely to my request for an appraisal and the appraisals took place within 2 working days. Both Agents have worked in the area for a long time so their local knowledge was really good and whilst I was expecting that, I was impressed. Both, valued the property at a similar level; made suitably appreciative noises about my Interior Decoration (we all love a compliment) and both Agents asked similar questions. I also liked both Agents and yes, for me, that's really important. I have to feel that I can engage with someone if I'm going to do business with them.
So how did I decide? I sent each Agent the same set of questions. I asked about commission level; whether they offered 'virtual viewings; how they'd recommend we market the property and how many London buyers they had on their books.
Here's why I asked questions 2-4. We live in a part of the Country that is already benefiting from an influx of buyers moving out of London but we're a good two hours from the Capital so I felt that virtual viewings were important as they'd allow someone to get a good feel for the property without having to travel.
Question 3 - my house has an annex which used to be the village hall (a very small village hall) and my Mother lives in the adjoining Cottage. We share an Entrance Hall but other than that, the properties have their own kitchens and have a very different feel. The entire property could easily be turned back into a 5 bedroom house or it could continue to exist as it does, today. It can either be marketed as a 3 bedroom property with a 2 bedroom annex or as 5 bedroom property. Both approaches present a challenge due to the way Rightmove listings work. It's cheap 5 bedroom house and an expensive 3 bedroom house. Would people bother to scroll beyond the first screen on Rightmove to see what the property really offers? I know that this is a problem because I'm searching for a similar property and it's really hard to identify them on Rightmove (note to the portals - allow people to search for properties with an annex as I think they are going to be increasingly popular as more of us adopt multi-generational living).
Finally I asked the question about London buyers because I think that's where our Buyer could come from (it's where I came from). Yes, I know that the portals give every Agent an international reach but there's a difference between a buyer finding a property and being contacted as a warm lead on an Agent's database.
Both Agents quoted 1% commission. That's .25% lower than when I last sold, 6 year's ago and then I had to negotiate down from 1.5%, and the cost of operating has increased since. In terms of the profitability of Estate Agency businesses, that worries me.
Neither Agent was enthused by the idea of virtual viewings. One said they tried them year's ago and they didn't work. Note to Agents - technology moves on as do the needs of your buyers and sellers however, I have seen some virtual viewings and they're bloody awful. Both gave the same advice on marketing the property as a 5 bedroom house. One Agent said they have London buyers on their database and the other said, 'no, the portals give us the reach we need.' As a Sales person, I find the last response a bit worrying as that's like a business relying solely on (in the world of B2B) Social Media and never contacting a prospect database. But, I also know that it's the response that a lot of Agents would give.
Now this is where 'gut instinct' comes into it and this is why, I think Agents have such a tough job in terms of marketing their services. In the end I chose the Agent that I, personally, liked and that I felt most engaged with. My head told me to go with the other Agent but I followed my heart and no, this is definitely not a declaration of romantic intentions, but we did have things in common and that meant we had a good chat after the business end of the appraisal was over and my Mother liked him!
How on earth does an Agent convey the 'personality' of their team in marketing messaging? Well, forget about marketing, for the moment, and just make sure that the people you send out to do appraisals can get on with the people you are most likely to be selling, on behalf of. And, yes you can tackle the marketing challenge - allow your team's personalities to shine a little. For example, put personal profiles of your team on your website and let them talk about what they do outside of work. Encourage your team to become ambassadors for your brand by using social media well - you could publish tips from one of your team on Facebook or let them talk about the work they are doing to support the community or their experience of buying or renting a home.
People really do buy from people and that's not only important when I come to choose my Agent; it plays an important role in helping to sell a house.
Collaborative team builder creating effective project delivery and capacity to develop solutions to complex problems
4 年Thanks Simon for the question and Emma for the post. Good background info for anyone to use for personal move or for anyone whose family is planning a move.
Experienced and successful commercial leader across both new client acquisition and existing customer growth.
4 年Great read Emma Vigus , if COVID has taught us anything it is the importance of listening to and responding to the ever changing needs of our customers/vendors. Who knows what the future may look like, what we do know is that it will always be the customer that matters most!
Non Executive Director , Recruiter ,Mentor , Business Consultant (Various)
4 年Interesting read , thanks for sharing
Land and Estate Agent and a few other things...
4 年So Emma, did they pitch the PIQ to you and how that accelartes the sale and gives certainty, especially where a sales progression tool adds transparency to all involved?