I have a strong suspicion that if most High Street estate agents were asked why they are relevant in today’s on-line trading world, they would make a “forceful argument” for being best placed to achieve “optimum market value” in selling the prized assets for the great British public.
Furthermore, their argument I suspect would largely be based upon their in depth knowledge of local buyers, pricing, and market activity…….Not to mention expert advice on how to prepare your home for sale, which could not possibly be replicated by either an online estate agent or a member of the public selling privately.
Their argument being that, to sell your home elsewhere would put you at a competitive disadvantage and lead potentially to you underselling your most valuable asset. Put plainly, they argue that the saving in professional fees from going elsewhere is likely to be a false saving if your home is naively sold below its true market value.Of course, as a former High Street estate agent myself of over 30 years, you would of course expect me to concur with this view, and I do unreservedly and without apology!
However, more importantly than what I think, National statistic’s confirm that the majority of the house selling public would agree with this viewpoint and still vote with their feet into the offices of the High Street Estate Agent. The property website Rightmove has accessible house sales data to support this fact. Most house sellers would still rather see their most valuable asset sold via a High Street Agent purely because (for the moment at least) they see the validity and logical reasoning of the High street estate agent’s argument.
Of course, this is all very interesting, but I highlight this to simply draw attention to the schizophrenic behaviour of High Street estate agents when it comes down to them selling their own businesses. Would it surprise you to learn (with recourse to what I have written earlier) that the majority of independent High street agents either sell their businesses “off market” or through an internet based business transfer agent who often has no specialist knowledge of estate agency?
Believe me, the irony of situation is not lost on me given that I have personally have experience in both buying and selling two independent estate agencies in recent years. As a former estate agent myself, I absolutely do understand the need for a business to be:
1) Prepared properly for sale
2) Valued on the basis of
a) Office prominence/location,
c) The overall quality of its existing operations & future potential, in addition to just solely the last three years profit and turnover.
So, not unlike selling a house for a client, selling a business requires both expert knowledge and preparation if market value or a premium is to be achieved. It is of course not “rocket science”, just good old fashioned common sense. But food for thought I suspect to anyone thinking of trading their business with a view to either retirement or a career change….in time to come.
For more information, please contact Peter Nicholls on 0333 9398010 or go to www.ideologyconsulting.co.uk .