Published 29.05.2018
Debunking Property Industry Myths

Myths develop in every industry, and the UK Property Industry has been no exception. From “Don’t rent, you’ll waste your money!” to “Do I really need an estate agent?”, we have heard it all and these myths cause much confusion during what is already a daunting process for many. We would like to take this chance to dispel four of the most common myths that we have come across at Coleman Estates.

 

1. Rent is Wasted Money

Settling down and buying a house used to be one of life’s priorities. Nowadays, however, renting has become a more viable housing option for those seeking the flexibility needed to travel. Renting is also perfect for those who work away from home or require more affordable living options in city centres. It is even perfect for those who do wish to settle down, as a short-term rental property can alleviate stress by offering buyers more time to assess their options and find their dream home. Buying can be a good investment, but for some, renting may be a better option. Our advice is to listen to your own needs, not the myth.

 

 

2. Higher Asking Prices Offer Protection from Low Offers.

Many sellers believe that asking for a higher price will protect them from negotiations. However, most buyers spend time researching the area, and if a property is overpriced then they could be deterred from even considering the house as an option. The property may end up on the market for a long time, and buyers will eventually start asking why it has not yet sold. This could ultimately result in the house selling for less than it would have had it been correctly priced at the start. Remember that negotiations require two parties, and if the price is too high then the buyer simply won’t be tempted to join the table.

 

3. Online agents are the same as High Street Agents except they’re cheaper!

Recently, you can’t even turn on the television or radio without being bombarded by adverts from online agents professing that they are ‘proper estate agents’ that don’t charge ‘commission’ – don’t be fooled; the majority of online call centre based agents charge their full fee (read commission) up front whether the property sells or not. An online agent may charge a lower fee but will they achieve the highest possible price for your property? At Coleman Estates, our valuer and Managing Director Max Coleman has over 15 years’ experience valuing within the local area guaranteeing that we will achieve the highest price for you. The best high street firms strive to give clients the full attention that both they and their property deserve with payment upon completion. We firmly believe that online agents are no match for the quality of service provided by those on the high street, and customers only need to look at the testimonials and reviews left online to see that Coleman Estates provides a service which is second to none.

 

4. Save Some Pennies, Sell it Yourself.

Some people believe that the cost of an estate agent outweighs the value of their service. At Coleman Estates, we combine the highest realistic marketing prices with bespoke marketing. This includes professional photography and floor plans at no extra cost, premium listings across the UK’s largest property portals, Rightmove and Zoopla, as well as cutting edge marketing across Facebook, Twitter and Instagram. Utilising an estate agent’s negotiation skills can also ensure that both buyers and sellers get the best possible deal. Equally important is the service provided by an experienced agent like Coleman Estates after an offer is agreed; we have excellent relationships with local solicitors, mortgage brokers and other estate agents meaning that our current fall through rate is less than half the national average of 28% at just 12%!

Our fees range from 1.0% to 1.5% + VAT and include professional photography, your EPC and floor plan, and your local solicitor’s charges at no extra cost, payable upon completion. Our aim is to make sure our clients are so satisfied with the price we achieve and the service provided that they feel that our fee is more than justified – something we believe our standing as Telford’s best reviewed estate agent.

Whether you are on the first step of the property ladder or half-way up, it can be difficult to know how to proceed when there are so many myths surrounding the property industry. We hope that this article helps to dispel some of the most popular ones, but if you have any other questions, then feel free to come along to our offices and one of our experts will offer their guidance.

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