How often do sales fall through in St Albans? The Secret Estate Agent shares some stats
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Let Hertfordshire’s Secret Estate Agent answer your property questions and give an insight into the world of estate agency...
Do estate agents make more effort to sell their more expensive properties than their cheaper ones?
I would like to think that each client is treated the same and every effort is made to sell every property on their merits as they can all lead to further recommendations and referrals further down the line.
However, the more expensive properties can be head-turners and create even more enthusiasm to sell - that is human nature. We are fortunate as an agency to handle a large number of prestigious homes.
I was lucky enough to have some involvement in selling the most expensive house in St Albans a few years ago. It was a real feather in the cap and the commission was not to be sniffed at!
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What’s the easiest sale you’ve ever made? And the most difficult?
There are occasions where we have introduced a buyer to a property on a one-off basis which is not technically not on the market but it is a good fit for both the buyer and seller and good estate agency.
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The easiest sale is where we can identify a property swap. As an example, an owner of a large house downsizing locally selling to a local upsizer going in the opposite direction and the solution staring us in the face.
The most difficult was a chain of six parties where no one would agree to break the chain and where we had to renegotiate on two occasions where we had survey issues, personality clashes, a divorce, a non-communicative solicitor and a lot of egos. Took six months to finally get through and I remember on the day of exchange everyone had a simultaneous personality transplant and became rather pleasant.
What proportion of accepted offers make it to completion?
We term it as a cancellation rate and I would say 90 per cent of offers agreed successfully exchange so we work on a 10 per cent cancellation/fall through rate. We carry out thorough checks and due diligence when we agree a sale, but there are a number of reasons out of our control why sales do not proceed to exchange, although very rare they do not complete after exchange.
I just pulled out of a sale because I’m worried about the market falling. Have I made a terrible mistake?
Yes, if you were buying through us. But then you do not know who I work for. But I will look for you, I will find you...