Vendors can get the maximum asking price for their property if it sells within 12 days, according to analysis by the HomeOwners Alliance.
The campaign group used its EstateAGent4Me comparison tool to assess how the eventual price paid for a property changes over time.
Agents with an average selling time of 12 days achieved 100.89% of their stated price, compared to those with a selling time of four weeks which achieve 98% of the original asking price, according to the research.
Based on an average UK property prices of £218,000, a 12-day sale will net the owner an additional £1,940 on top of their asking price, the HomeOwners Alliance claims.
In London, where the average property changes hands for £482,000, sellers will get an extra £4,290. After three months on the market, sellers will receive an average of £13,603 below their asking price, and more than £30,000 in London, the data found.
The HomeOwners Alliance says the figures are based on data from more than 5,000 estate agent branches using the EstateAgent4Me tool.
The tool is said to be used to grow conveyancing business for ULS Technology, which has a one-third stake in the Alliance.
It was initially launched by ULS Technology in 2015 before the HomeOwners Alliance claimed to have “rebranded and improved it”.
Comments (7)
You were probably correct first time PeeBee…many here are suffer terminal online revulsion…haha
Shhhh…. don’t let on – I really did it on purpose!
;o)
Oh… I love this old nugget of wonderfulness!
I’m surprised it’s been a while since it was last rolled out – it’s actually quite overdue.
What’s even more surprising is who the roller was! It seems to go against the rub of the cloth that HOA are (in a fashion) actually praising Estate Agents for a job well done. Sort of. Ish.
And not a squeak about ‘The Online Revulsion’.
OOPS – I meant ‘Revolution’. Sorry – slip of the digit.
Where do they get their figures from? They have that we charge 1.5% on there!! Try 1%.
Also it should say ‘a property that sells in 12 days has been priced properly for the market’
It has nothing to with the average time an agent sells all their stock in which is more like 40-80 days. houses in..
home.co.uk is closer to truth.
#fakenews
Twaddle. Sometimes you have to wait for the right buyer who will pay the right price. Its not about some crazy statistic. Quoting such rubbish is a great way for weak negotiators to try and seduce their sellers to taking any old crappy offer they get.
PROPER agents, will stand firm for their sellers. Buyers lie every day and pathetically weak agents believe them. Whatever the “final, final final price” a buyer says, there is always a little bit more. It could be £5 it could be £5000!!! If they want it badly enough you can always get a little bit more. But you have to press them for it.
But what is really working in the present climate are the thousands of properties being undersold, not by just a few quid, but by tens of thousands, because weak and desperate negotiators don’t even try.
Who said on-lione? Actually this is an epidemic in the industry. It is far from just the online agents failing their clients in this regard. Management an owners need to train their staff to be tougher negotiators. Otherwise we will eliminate the real reason why sellers should use proper agents.
Well said Typhoon – real agency. As any vendor.
A. we can sell your home in a day
B. We may take a few days or even weeks. But we can increase the odds of doing better in finding a stronger buyer and likely better price.