H&H King says more realistic valuations get results

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A Cumbrian property group has issued advice to people marketing their houses after an article in a national newspaper claimed that estate agents overvalue homes to draw in the seller.

Sellers are then forced to reduce their asking price further down the road in a practice known in the industry as the Bait and Switch.

Peter Hull, a director at land and property group H&H King, said his company placed great emphasis on providing its customers with a realistic valuation, which shows in its 95 per cent achievement rate.

Peter said: “It has become apparent that there is a view that many sellers believe their agents overvalue properties to get the signature on the dotted line – a practice known in the industry as the Bait and Switch.”

This sees the buyer forced to reduce their selling price when the initial guide price doesn’t bring in viewers and/or offers.

Peter added: “As a company we have a 95 per cent success rate of achieving at the point of sale, on or above the guide price figure, that we give to our clients as a valuation. Our integrity is of the utmost importance and is what we are renowned for.”

The suggestion of over-valuing will probably strike most transparent agents as widely off the mark or a pretty broad generalisation, he added.

“We provide customers with accurate property valuations, and pride ourselves on achieving over and above the figures agreed with our clients at the point of forming the sales contract,” he said.

“When valuing a property, all of our highly-experienced negotiators are there to help and support the vendor; they complete detailed research into current market value and ensure that their guide prices are both realistic and achievable from the beginning.”

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