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Groundhog Day.
Groundhog Day.
And it's been going on for my 24 years in the business. The market hasn't necessarily changed in those fourteen days. Sometimes the optimism has simply worn off.
At Cantell & Co, we prefer to spend more time talking about where a property will actually sell, rather than where we'd like to market it to win the instruction. Those are often two very different numbers.
The results are worth looking at.
Based on the latest Rightmove price reduction figures for the past 12 months in Richmond, TW9 1 and TW10 6, the numbers make interesting reading. Across 11 of the main estate agency brands in our comparison, around 33.5% of listings have had a price reduction.
At Cantell & Co, our figure is 11.5%, with seven reductions across 61 listings, that's quite a difference.
We're not suggesting we're perfect. We're not. No estate agent gets everything right. market sentiment can change, buyers can become hesitant and, to be frank, sometimes a property doesn't do what you expect.
However, there is a difference between getting something wrong occasionally and building a business around an optimistic price followed by a series of reductions.
Are we always 100% right? No. Do we think there's a better way of doing things? Yes. The point isn't that every property should sell at its asking price, or that a price reduction is always a failure. It isn't. We’re of the belief that sellers deserve an honest conversation at the beginning, not a difficult one two weeks later.
Perhaps, rather than another article telling people to tidy up their homes, turn the heating on and explaining how buoyant the autumn market is, we should be talking about what makes a difference when selling a property.
Just a humble opinion.
David Cantell