Sellers who switch estate agent are 34% more likely to sell than those who reduce their price, research suggests.
The estate agent prospecting tool, Spectre, has crunched the numbers on sellers with property on the market longer than eight weeks.
The analysis focused on listings between 2017 and the end of 2022.
Its findings suggest that sellers who chose to switch agent instead of reducing the asking price - a tactic increasingly common in today’s market - are 34% more likely to achieve a sale.
The data also showed sellers who switch estate agent achieve 12% more on their sale price than those who reduced asking price.
Heather Staff, co-founder of Spectre, said: “This is highly valuable information for agents, when looking to persuade sellers to switch over to them and highlights the importance of quality property marketing.
“These first few weeks of the year are prime time for agents to win over sellers from their competitors, who failed to secure a sale in 2022."
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New agent calls out again.
New agent refreshes portals listings (treated as a new listing).
New agent changes photos.
Almost all these things can be done by the original agent except the portals… which says something.
What's to say the second agency will be any more successful?
Vendors aren't able to make a sound judgement because they aren't told the full story. They don't understand why one agency is apparently 'better'.
No vendor knows how good an agent will be until they have instructed them
Not always the case, Janet.
Agents that embrace transparency allow a vendor to find affinity. It's a relationship from there, not the toss of a coin.
This 'insight' was derived from data taken from a rising market, when properties received a dozen offers and sold within two weeks for over asking price. No surprises then that any properties that didn't sell within eight weeks went on to sell with the second agent - they or the valuer put too high a price on the property and the market eventually came up to that price.
If your property isn't selling there is something wrong with the price or advert, or your property is very niche.
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