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June 20, 2024
PI Global Investments

House-buying secrets that estate agents use themselves

Bates’ own home in north London, however, was listed very much in plain sight and languished on the market for almost a year. His wife Eloise, an interior designer, initially expressed interest, but the £3.75 million price was well above their budget. It crept down to £3 million, “but it was never, ever going to get that,” says Bates. A call from the agent eventually seeking offers led to the couple sealing the deal at a more palatable £2.215 million. 

“There’s a herd mentality with buying – people take reassurance when someone else wants a house too, because it validates their own interest,” he says of the psychology. In this scenario, due to its inflated price, the house wasn’t snapped up in the halo period of eight weeks, after which many prospective buyers discount a property on the assumption that there must be something seriously wrong with it.  

Patience paid off for Bates, but what can others do to get their hands on a property out of financial reach? 

Like Russell, he suggests a personal touch, such as trying to build a direct rapport with the seller or writing a letter explaining why you love the house. “I am not suggesting that a client will sell substantially under market as a result,” he says, “but it certainly helps, especially for families that have made their equity already, and know it is going to someone who will cherish it as much as they did. Ultimately, it could help to sway them.”

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