Estate Agents told to stop over-valuing homes to gain instructions

PUBLISHED: 2nd Nov 2022

The Head of the UK’s biggest Estate Agency referral site, Martin McKenzie has called for more to be done to stop the practise of over-pricing homes to win instructions.

McKenzie specifically calls for Estate Agent trainers to stop teaching unscrupulous practises after it was found that at least one industry trainer advocates over-valuing as a deliberate strategy to win new instructions.

This comes on the back of an allAgents report highlighting that almost half of valuations are inaccurate.

Estate Agents who charge the highest commission fees are among those accused of overvaluing homes to lure sellers.

The National Association of Estate Agents has previously admitted some ‘unscrupulous agents’ try to win business by quoting a higher asking price.

McKenzie commented “this is completely unacceptable and must be stopped. Up until now, it was thought that overvaluing to win instructions was simply a tactic by unethical agents but the fact that valuers are being taught this as part of their training is quite simply wrong.

“The industry already has an unfavourable reputation with the public and hearing about these unprofessional practises simply helps reinforce this.

“Consumers should work with reputable agents that can provide comparable evidence to support their valuations. Consumers can also view statistics of previous valuation accuracy on their allAgents profile page”

David Phillip Estate Agents have 100%  sales valuation accuracy on the All Agents web site (this has been voted by our clients) – this is the highest of any Estate Agent in North Leeds (take a look on @allagents at our competitors rankings which are lower).

Data taken from the @allagents website – sales valuation accuracy in LS16 – David Phillip Estate Agents has 100% accuracy (they also have 100% in Sales fee satisfaction and 100% recommended too)

This figure is backed up backed up by the small number of price reductions by David Phillip on Rightmove.

David Phillip commented “I have been valuing properties successfully in North and West Yorkshire for over 30 years, so I am not surprised that we have the number one position at 100% sales valuation accuracy.

When conducting Market Appraisals, I am often astounded at the price other agents over-value properties -  This price however is often quickly followed by a price reduction on Rightmove and a property frequently left hanging on the market – I completely agree with the comments made by Martin McKenzie - it is purely based around winning the instruction and therefore trying to achieve more commission, which doesn’t feel right – and not helpful to the vendor”

If you are considering selling your home and would like a free, ‘accurate’ market appraisal with David Phillip FRICS, please call  01134 676 400

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN. W: davidphillip.co.uk

Covering Bramhope, Pool-in-Wharfedale, Adel, Cookridge Otley and Huby.

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If you are considering selling your home, choosing the right Estate Agent is key.
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86 Leeds Road,
Bramhope, 
Leeds, LS16 9AN

T: 01134 676 400
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