Choosing The Best Estate Agent | Ep2 - Season 3 (Move iQ Property Podcast)

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Thanks for the video, Phil and Chris. Useful info!
Do you have a preference between local independent estate agents and national or larger regional chains? From my experience the local independents tend to have lower commission rates.
Do you lose out on much by not going for a national chain?

Assuming that it's not a fire-sale and the seller is ok with the process of marketing to completion taking 4 -6 months, you market at roughly 3-5% more than you want to achieve to allow some negotiation room. So the buyer gets a price reduction and is happy while the seller gets the price they were wanting to achieve. With luck they may get the full asking price. If they get no takers they can reduce by 5% and still hope to get close to what they originally wanted. (If you do have to reduce the asking price, there's no point reducing by less than 5% or you won't come to the attention of new potential buyers).

You ask an Agent how many viewings you'll get in the first 7-10 days and you'll be told what they think you want them to say. How many 'hot buyers' there are will depend on your location, your price bracket and the state of the general market.

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