Over-ambitious pricing can kill any chance of a property sale – DM & Co. Homes
Unscrupulous estate agents and homeowners guilty of wishful thinking are all too often combining to kill any chance of a property sale, the managing director of Solihull’s leading independent estate agency has warned.
Dominic Murphy, managing director of DM & Co. Homes, said: “Obviously every agent relishes the opportunity to sell a fantastic family home in a prime location, but in today’s market it really does pay to be realistic.”
DM & Co. Homes is currently Number 1 in the B91 postcode for sales in the 2023 year to date.
Mr Murphy cited a recent case where right from the first meeting with a potential client, they had spotted a big issue.
“Various family members had differing price expectations. The family wanted to list the property about 10% higher than what we believed would attract the right buyers, given our knowledge of the market.
“We chose to take this property on because, at that time when the market was not so volatile, the difference in expectation and the price we believed it would sell for, was not sufficiently different to kill interest – so we ploughed on and took it to market.
“Over the course of a few weeks, we carried out many viewings and received multiple offers that matched the price that we had suggested and expected the property to achieve.
“However, our client was sure that the property was worth more. I am a believer in doing what is right for the client, and with differences of opinion at polar opposites, we agreed to part ways amicably.”
Fast forward a few months, and the family reluctantly accepted an offer BELOW the offers that DM & Co. Homes had received and put before the client.
Mr Murphy added: “The consequences of not taking our pricing advice had become evident.
“There are plenty of people that have an opinion on pricing, whether it is parents, grandparents or friends down the pub – but please take our advice and listen to those that are in the market, day in, day out.
“This is not a case of ‘I told you so’. I just want to emphasise how crucial it is to understand the local property market. It has never been more difficult to price the market and it is not made easier by agents continuing to try and drive prices higher than the market is prepared to pay.”
He said that working as a property professional in the current economic climate requires more than an order taker sitting on the end of the phone.
“It’s about crafting effective sales strategies to get the best results. Anyone can talk the talk, but executing the right strategy is what helps to achieve the best price, and ultimately achieves what we are both aiming for – to agree a sale!”
He said it was important that potential home sellers should first listen to a knowledgeable agent with a thorough understanding of both the local market and the current economic conditions.
“We welcome your input and respect your perspective, but please keep in mind that making the wrong pricing decision today can end up costing you tens of thousands of pounds further down the line.
“Some of our best success stories have been when clients return to us, realising that we might not have listed their property at the highest price or had the lowest fees, but when they come back and say, ‘We’re still not sold and are starting to think that we made the wrong choice’ – we’re always here to help!”
He pointed out that DM & Co. Homes has a team of sales people that are responsible for selling hundreds of properties a year.
“I am proud of our open, honest and transparent values and that is what guides our staff in all our business dealings, both with sellers and potential buyers.”
Ends (639 words)
For further information, please contact:
Dominic Murphy, Managing Director, DM & Co. Homes
T: 01564 777 314 E: email@example.com
Unit 2, Forest Court Shopping Centre, Dorridge, Solihull, B93 8FG
DM & Co. Homes is a local, independent estate agent covering Solihull, Dorridge, Lapworth, Tanworth-in-Arden and the surrounding areas.
The company has traditional high street offices at The Forest Shopping Centre, Station Road in Dorridge and at The Pavilions, Cranmore Drive in Solihull, along with a recently launched Land and New Homes division that is quickly growing.
It has made a major investment in its head office, based on Cranmore Drive, where its land & new homes, lettings, financial advisors, sales progressors and administration teams are based.
DM & Co. Home’s media team also operates from the Cranmore Drive offices, providing photography, video and content planning that attracts more than 100,000 views a month via YouTube, Facebook and Instagram.