Why you shouldn't choose the cheapest estate agent when selling your property?

Why you shouldn't choose the cheapest estate agent when selling your property?

What’s the difference between an estate agent and a great estate agent?

I’ll tell you. 3-5% of your asking price. It is. Honestly. According to extensive research, the average estate agency achieves just 90% of the asking price whereas great agents achieve 95-100%. On a €500,000 house, that 3% difference equates to €15,000 more for your house... that’s alot of money. So we can agree that choosing a great estate agent is crucial yea?

As with anything good, great, extra-ordinary or premium service, it’s slightly more expensive but BETTER VALUE overall. How many times have you opted for the cheaper option, only to have to return and buy the quality option. As the saying goes, buy cheap, buy twice.

Estate Agents are no different, there are the good, the bad, the ugly and the remarkable. A bit like surgeons... some surgeons have carried out lots of procedures and so have more experience and knowledge, some have only just started and could more easily make a mistake. When it comes to estate agents and negotiation, it’s no different.

Picture this... You have a house which you’re planning on marketing at €500,000. Agent 1 is offering to sell it for 3% but does not offer extensive advertising neither has any negotiation plan and agent 2 is offering to sell it for 5% but offers extensive advertising and when offers come in he knows how to react on them rather than simple translating them..... which is the cheaper agent? Agent 1 right? No. No. No.

Agent 2 is because they’re more likley to achieve you €15,000 more for your house and at a much fster time but only charge you €10,000 more so you’re not only €5,000 BETTER OFF at the end but you will manage to sell much faster... that’s what it’s all about... the END amount of money in you’re left with.

Christos Nikolaou

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “Why you shouldn't choose the cheapest estate agent when selling your property?” and is a certified advance negotiator.


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