You're selling your property, you need a valuation, so you get three quotes and pick the highest amount - so far so good. But recent allegations of sharp practice by some estate agents have made us all a little more aware of the potential pitfalls.

Practices such as pricing low for a quick sale (and quick commission), at the expense of the homeowner, for example. Or inflating the value to get the instruction, only to recommend the asking price is lowered a few weeks later.

Nick Finn, Sworn & Co, offers some insights to potential vendors. “As this is the biggest single transaction you are likely to conduct it is in your interests to put a little effort into the process. If you’re armed with a few basics you will be able to spot if someone is trying to pull the wool over your eyes.

Spare the time to do a little research, into properties that have sold recently, in nearby roads. How do these compare to yours in terms of space, condition, fixtures and fittings, garden or loft conversion? Get anecdotal evidence from neighbours, ads in local newspapers, and subscribe to the www.chiswickw4.com newsletter, the most extensive portal for properties in W4. Compare asking prices from websites such as www.findaproperty.com.

These sites show asking prices but you can get sold prices after three months using Land Registry data such as www.nethouseprices.com or www.ourproperty.co.uk. But don’t fall into the trap of thinking that your home must be worth more than your neighbours.

Does the agent have a presence in Chiswick? Many buyers target agents located in their area of interest. How accurate is their local knowledge? Do they know the ins and outs of catchment areas for Belmont or Strand-on-the-Green schools for example? Find out how long the agents have been in business and how long in Chiswick. Search online for news and views including the www.chiswickw4.com forum.

The agent should always come to the valuation armed with relevant knowledge about comparable nearby properties recently sold or up for sale. They should know what their competitors have on their books as well. It is up to the agent to prove that they have their finger on the pulse and be able to justify the valuation.
The bottom line is that the market will dictate the correct value.

A shortage of large garden flats at the moment for example, means that several suitable buyers can drive up the price, as they compete against each other. Too low a valuation and more than one buyer will offer the asking price. Too high a valuation may mean a month of wasted marketing because the property doesn’t meet buyers’ expectations. And the vendor may miss out on more suitable buyers because it’s been incorrectly priced out of their range.”

May 30, 2008