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Selling your home? Merrick Binch v Online/Hybrid estate agents.

March 9, 2016

Why choosing Merrick Binch can achieve in excess of over £10,000 more on your eventual sale price.

You may have noticed the increase of low cost online/hybrid estate agents in the Coventry market. Their business models and USPs are very simple. They claim to save you £1000s in fees by offering a very basic service and getting the property owners to do most of the work when selling their homes; such as owners doing their own viewings and post sales chasing.

If a property owner wants further features to increase the marketing or service, then online/hybrid estate agents will then charge for each extra feature. These can include essential items such as:

• For sale boards
• Quality photography
• Floorplans
• Energy performance certificates
• Premium listings on property websites such as Rightmove.com

So at first glance they may seem an attractive proposition. However the following case study shows the difference in the eventual price achieved by Merrick Binch compared to an online/hybrid estate agent.

The owners of Ashington Grove in Coventry invited 2 online/hybrid agents along with Trevor Binch from Merrick Binch to value their home. All agents delivered a similar valuation figure of around £210,000 to £215,000. The online/hybrid agents quoted a fixed fee of £800 plus VAT. However, this did not include a ‘for sale’ board, floorplan, or premium listing on Rightmove.com. The owners also had to undertake all their own viewings as a viewing service was not included in this fee.

Merrick Binch quoted 1% plus VAT which worked out at £2150 plus VAT; over double the fee the online/hybrid agent were quoting.

However, the owners of Ashington Grove understood one key difference that online/hybrid agents don’t really like to mention.
THE MORE DEMAND YOUR PROPERTY GENERATES, THE HIGHER EVENTUAL SALE PRICE THAT IS ACHIEVED.

So although the Merrick Binch fee was over £1350 more than the online/hybrid agents, the owners received the following benefits to massively increase the demand from potential buyers:

• Eye catching ‘for sale’ board.
• Amazing photography with ultra wide angle lens camera.
• Free floorplans.
• A correctly worded description of the property including the important headline to entice potential viewings.
• Free premium listing on Rightmove.com
• Local newspaper advertising.
• Free featured property for the first 2 weeks of marketing on Rightmove.com
• Accompanied viewings by the business owner who knows the property and the surrounding area inside out.
• Free sales chasing once the sale is agreed to ensure the eventual sale goes through to legal completion.

The upshot of this increased marketing resulted in 14 viewings over a 4 day period. All these viewings were accompanied by Trevor Binch from Merrick Binch and were spread at 15 minutes intervals (as one buyer was finishing the viewing, another buyer was turning up to start their viewing).

DUE TO THIS INCREASED DEMAND, THE PROPERTY EVENTUALLY SOLD FOR £225,000 (a full £10,000 over the original asking price).

So although it cost the owners of Ashington Grove £1350 more with Merrick Binch, they were absolutely delighted to achieve an extra £10,000 on the sale price.
This leads to the real problem with choosing the online/hybrid estate agent. At a fee like £800, they cannot afford to market the home properly. More importantly, they do not have the resources to accompany and undertake the viewings on properties. By not generating a high level of viewings, there will be no level of demand created between competing potential buyers. Let’s look at another example. The online/hybrid agent might have generated a viewing on Ashington Grove. That viewer might even have offered the asking price to the vendor. Without the vendor knowing the true potential of the property, they may have believed that the asking price of £215,000 was a great deal.

This is the real difference between the team at Merrick Binch and an online/hybrid agent. We can get a real sense of the demand for a property and ensure you get the VERY BEST PRICE (not just the first price offered).

Make sure you call the team at Merrick Binch on 02476 578888 when getting the initial valuation on your home. We will show you the difference.

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Front shot of Ashington Grove

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Kitchen shot of Ashington Grove

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Lounge shot of Ashington Grove

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Trevor Binch with the happy vendor of Ashington Grove