Estate Agents, House Buyers & the fixation on asking prices

Me from the TwentyEA blog :-

It seems to us at TwentyEA that this is less than half the story – what about what happens after the listing is won? 

Let’s take three agents; 

Agent 1 on average “over values” (and we know that the idea of fair value before a sale is something of an abstract one) by 10% and then discounts by 20% to sale. The vendor gets less than fair value. 

Agent 2 also routinely over values by 10% and then typically discounts by 5% to get the sale. Here the vendor gets appreciably more in their pocket after the house is sold. 

Agent 3 values at fair value and sells the property for that price. 

There might be reasons why Agent 1’s strategy is a good one – perhaps a super quick sale needed – but in the main Agent 2’s strategy would be the one that most sellers would prefer. 

What about Agent 1 versus Agent 2? Harder to call – for every buyer that “over pays” there is a seller on the other side who might be a customer one day. 

In our data we can see agents who are typical Agent 1s, 2s and 3s.  


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