The age-old practice of asking three estate agents to value your home before instructing one of them persists, although 15% of those quizzed only asked one, new research by Zoopla has revealed.

Of 1,000 vendors polled by the portal, 49% said they get three valuations before deciding which agents to use, while 54% of agents said this was a good idea.  But 15% of homeowners choose just one agent to value their property.

WORD OF MOUTH

Local presence of an estate agent is more important than the fee quoted, according to 20% of vendors, which was the most popular answer.

The agent being ‘well known locally for their property expertise and experience’ i.e word of mouth, came second (13% of respondents).

Agents had a different view to homeowners and believed the most important factor was confidence that the agent would negotiate the best price (11%).

RECOMMENDED

When property owners were asked how they found the agent that sold their property, a significant 30% said they had used them before, and 14% said they were recommended by family or friends

Support with mortgages and financial services ranked in last place for consumers, indicating that it’s not a key factor for them when choosing an estate agent.

It highlights that local presence, expertise, and reputation are far more crucial to consumers.”

Rich Hayes, Chief Operating Officer at Zoopla, says: “Our latest research powerfully highlights what’s driving vendor decision-making in today’s market and underscores the pivotal role of a valuation.

“It highlights that local presence, expertise, and reputation are far more crucial to consumers, and it really is about building trust with vendors from the outset, not just promoting low fees,” he says.

“Agents that are growing the fastest are shifting their mindset, and leading with marketing, data, and service to justify a higher fee.”