OVER XUBERANCE:

When following up on a Valuation/Marketing Appraisal after spending two hours trying to convince the potential seller to appoint his firm Oliver felt he was more than in with a chance. He drank the potential seller’s coffee, they ran through all the costs involved for moving, they even introduced him to their parents that were over visiting from Cyprus.

He followed up making the call along the lines of:

“Hello Mrs Jones- it is your favourite Estate Agent!  Have you arrived at a decision as to which agent you will appoint?” As Olivers heart raced in anticipation of the response.   The response was not quite what Oliver was looking for as the potential seller said

“Yes, Malcolm we would like to appoint your firm as our agent!

OVERVALUING

When first starting out Oliver can recall feeling frustrated at the lack of opportunities he was getting to value property. Being in an office 12 hours a day could take its toll and he felt that he had at this stage proved his worth.

The day finally arrived when Oliver got the nod from his Manager to say he would be valuing his first property! It was a three-bedroom property in a central location. The price could pretty much be pre-determined prior to turning up within £5,000 (It was a totally different era then!)

Whenever a member of staff left the office for a valuation, The standing joke was;

“Don’t come back unless you get it on the market at a decent commission agreed too”

Oliver was nervous yet confident and two hours later. He had agreed and taken his first property on to the market. Not only this, Oliver had agreed a reasonable length of time to act as the selling agent as well as agreeing with the seller that they would pay the companies top/full fee!

Oliver skipped away feeling pretty pleased with himself knowing that his Manager would be happy.

On return to the office Oliver slapped down the agreement on his Managers desk and waited for the praise to wash over him.

Oliver saw his Manager’s face change but instead of being flushed with happiness it appeared to be red with anger – Oliver had valued and taken on to the market a house that he felt was a very reasonable price and so he could not understand his Managers body language.

He said, “Oliver can I speak with you in private” and Oliver knew something was not quite right.  It transpired that Oliver had valued and given a price for a house when in fact even though the lay out was identical to a house- it was in fact a maisonette. Not only this- it had a short lease! Oliver had taken on to the market a property that was at least £75,000 overpriced.

No wonder the Seller had agreed to pay our full fee. They would have agreed double the commission.