The priciest estate agents are most likely to overvalue

United Kingdom – Big estate agencies more likely to mislead sellers about property values.

Homeowners could be tricked into paying higher rates of commission due to expensive agents misleading them over their properties’s values.

The estate agencies most commonly overvaluing properties (saying they’re worth more than they really are in order to win business) are also those that charge the highest rates of commission, according to an investigation by the Times.

The research claims that homeowners who use estate agents that have overvalued their properties end up reducing their asking prices – but still pay higher fees than they would have with other firms.

Discover the easiest way to buy or sell your real estate across South Africa with Property Angels

Below, Which? takes a closer look at the research and explains how to choose the best estate agent and check the true value of your property.

Property sellers pay the price for overvalutions
The Times’ analysis of Zoopla data found that homeowners who list their property with any of the 10 estate agents that overvalue the most would pay on average double the rate of commission charged by the 10 agents that overvalued the least.

It also found that the largest estate agents were most likely to overvalue sellers’ properties.

The asking price on a third of properties was reduced by an average of £23,400 (6.9%), according to the Times.

The findings reiterate an investigation by Which? in 2017 that found estate agents that overpriced properties cost sellers £4.3 billion, as the initial asking price of one in five properties sold in England and Wales between September 2015 and 2016 had been reduced by at least 5%.

Overvalued properties can also take longer to sell, as potential buyers can be put off by the asking price or might miss seeing the property altogether if they filter their online search by price.

Author – Chloe Cheung
Original source – Which?

Property Angels is an online property website portal that promotes residential property for sale across South Africa. You can buy, sell, list and find South African properties online. Find houses for sale in Johannesburg, Cape Town and Durban which are the three biggest cities in South Africa.

Some of the top property websites in South Africa are Private Property, Property 24, My Property, Property Fox, PropertyCoZa, Remax, Pam Golding, LeadHome, SA Hometraders, Gumtree and Property Angels.

Whilst most online property brands offer online visibility for Estate Agents South Africa, Property Angels offers online visibility for Attorney Realtor Agents South Africa.

Whether you have a property for sale or you are seeking a house to buy in the southern suburbs, Northern Suburbs, Eastern suburbs or Western suburbs, Property Angels is your best attorney realtor property website South Africa. Sell your property onlinewith Property Angels and an Attorney Realtor will call you back today or the next business day.

Whether South Africa is in a buyer’s market or in a seller’s market, contact Property Angels today for quick and efficient online and face to face service.

List your house for sale with Property Angels. You can also find property to view, property selling tips and many other useful property and finance blog articles and property products that are bespoke to your needs. Buy and sell your private residential property through Property Angels. Allow Property Angels to become your chosen property website portal for your choice of homes to sell and homes to buy.

Find below the various provinces, towns and cities across South Africa from where you can sell property or buy property or list property for sale with Property Angels.

Property for sale Eastern Cape: Alice, Butterworth, East London, Graaf-Reinet, Grahamstown, King William’s Town, Mthatha, Port Elizabeth, Queenstown, Uitenhage, Zwelitsha

Property for sale Free State: Bethlehem, Bloemfontein, Jagersfontein, Kroonstad, Odendaalsrus, Parys, Phuthaditjhaba, Sasolburg, Virginia, Welkom

Property for sale Gauteng: Benoni, Boksburg, Brakpan, Carletonville, Germiston, Johannesburg, Krugersdorp, Pretoria, Randburg, Randfontein, Roodepoort, Soweto, Springs, Vanderbijlpark, Vereeniging

Property for sale Kwazulu Natal: Durban, Empangeni, Ladysmith, Newcastle, Pietermaritzburg, Pinetown, Ulundi, Umlazi,

Property for sale Limpopo: Giyani, Lebowakgomo, Musina, Phalaborwa, Polokwane, Seshego, Sibasa, Thabazimbi

Property for sale Mpumalanga:  Emalahleni, Nelspruit, Secunda

Property for sale North West: Klerksdorp, Mahikeng, Mmabatho, Potchefstroom, Rustenburg

Property for sale Northern Cape: Kimberley, Kuruman, Port Nolloth

Property for sale Western Cape:  Bellville, Cape Town, Constantia, George, Hopefield, Oudtshoorn, Paarl, Simon’s Town, Stellenbosch, Worcester