We find most vendors don’t realise they are tied to their estate agent for months, sometimes as much as 6 (5 months plus a 28 day notice period). That can be an awfully long time, particularly if you are not getting the results or service you expected or were promised.
So why do agents do it? It used to be justified by saying that advertising, particularly newspaper advertising, needed to be booked so far in advance that a length of time was needed to book it and see a response. Given that nobody really uses newspaper advertising to market properties any more (don’t confuse this with advertising of the brand and services) that’s is no longer the case. Marketing and response can be instant now. They might also argue that it’s so they can see a return on the investment they make in your property in getting it to market. However, the real reason is that it’s always been done and it’s useful because it stops clients leaving them if they aren’t happy.
When we started Grays & Co one of the first things we decided is that we didn’t want to operate that way. We wanted the transparency that came with not tying clients in. Most clients don’t really read the agreements properly anyway and why should someone who is not happy with what you are doing for them have to stay with you? Our approach means that we work very hard to look after our clients; we can’t just over value a property, make rash promises and then sit back and wait for something to happen-we have to deliver! Not all houses will sell in a few weeks or months, some will take years potentially to find the right buyer if they are unusual or remote, but we carry on making sure we keep them up to date and working as hard for them as we did at the start.
Our no tie in approach guarantees no complacency, an honest transparent relationship and means our vendors retain control over what happens with their property sale. Put simply:
We give you the freedom to leave so you have the confidence to stay.
You can guarantee though that this potentially very important point is rarely discussed before a vendor puts their property on the market or vendors just think it will never be an issue. I generally point out though, that until you are on the market you really can’t be sure of the service you are going to receive so why would you commit to remain with an agent all that time.
If you are in an unhappy relationship with your agent the chances of them getting you the best price is going to be reduced; almost inevitably you get to the point where you may accept something just to break the cycle. Equally if your relationship is broken are they likely to proffer the advice that you need? Even if they did would you take it at face value? We’re talking about your home here, your family’s home, probably your biggest financial asset in what can be an incredibly complicated and protracted transaction. Do you want to go through all of that with an estate agent you wouldn’t instruct given your time again?
Retain control, value transparency and agree to a balanced relationship.
If the agent you’d like to use has a tie in, tell them you will only use them if they remove it.
If they won’t just ask yourself why and contact another agent-or Grays & Co, we’ll only ever do no tie in.
Don’t get me started on sole selling rights, ready willing and able purchaser clauses…