In short
Not necessarily. An estate agent doesn’t decide what your home sells for – buyers do. Choose the agent whose figure is backed by the best evidence, and whose marketing, experience and service you trust. An inflated valuation can cost you time, and sometimes money.
When you invite several agents to value your home, it’s natural to feel drawn to the one who suggests the highest price. It’s flattering, and it’s the number you want to hear. But it’s worth pausing before you sign up.
Why do valuations differ?
Valuing a home isn’t an exact science, so some difference between agents is normal – perhaps a few per cent. Honest agents may simply weigh things slightly differently: a view, the condition, or how strong the local market feels.
A much bigger gap usually needs explaining.
“Buying the instruction”
Some agents quote a high figure to win your business, knowing they can suggest a price reduction later. It’s sometimes called buying the instruction. It isn’t in your interest:
- your home goes on the market at a price buyers won’t pay;
- it attracts fewer viewings and goes stale;
- reductions follow, and buyers start to wonder what’s wrong with it;
- you may end up selling for less than a realistic price would have achieved.
If the agent has also tied you into a long contract, you can find yourself stuck with them while all this happens.
Questions to ask every agent
- What evidence supports this figure? Ask to see recent sold prices of comparable homes.
- How quickly do you expect it to sell at this price?
- What would you do if there’s little interest after four to six weeks?
- How long is the contract, and what’s the notice period?
- Who will actually be handling my sale?
What matters more than the number
The price your home achieves depends on how well it’s presented, how many of the right buyers see it, and how well the sale is negotiated and managed through to completion. So compare the agents on:
- their marketing: photography, floorplans and portal listings;
- their experience with properties like yours;
- their fees, and what’s included;
- how straightforward their contract is;
- whether you’ll have one point of contact who knows your sale.
From experience
We’d always rather give an honest, realistic figure – even if it means not being the highest – than an inflated one to win the business. A well-priced home, marketed properly, is the most reliable route to the best price.
The bottom line
A valuation is an opinion, and the highest opinion isn’t necessarily the most accurate one. Pick the agent you trust to get the best price from real buyers – and whose reasoning makes sense to you.