Top three tips for a successful valuation - Part 1

RAT (Rawlings agency Tip) 153 - Avoid valuations!

When it comes to securing an instruction, many listing agents approach the task from the wrong perspective with, apparently, the wrong objective in mind. You can tell this because they say “I’m going on a valuation”, or they invite the homeowner to “request a free valuation” or they tell the client they’ll “confirm their valuation by email”.  You see the rogue word here? Valuation!

Alongside the fee issue (or non-issue for many agents), the “valuation” is the one other element of the homeowner meeting that causes problems. As you know, go in too high and you risk not selling the property and eventually losing the instruction; go in too low and the seller may not be impressed enough to appoint you, especially when they are speaking to other agents who are prepared to quote a higher asking price.  We’ll briefly look at how to address these issues in a future article (or subscribe to AgentMasterclass for a series of advanced training videos on this topic).

In the meantime, the problem is in the terminology, not the figure itself, but this can easily be overcome. May I suggest you ban the word “valuation” from your marketing, in the office, among colleagues and certainly with clients. The valuation must not become the focus of the exercise. From your perspective, the objective is gaining a saleable instruction. From the seller’s, it’s choosing the right agent. Who mentioned value?

If you call the client meeting a “valuation”, guess what you are inviting the seller to judge you on? Your suggested asking price! And as we know, this is the wrong message.

So I’m going to suggest that in future, you don’t call that meeting a valuation, or even a market appraisal. I prefer a “Marketing Proposal Meeting”. After all, this is a meeting during which you will be discussing your proposals regarding the marketing of the seller’s property. A proposal is a two-way thing… it demands a response! It legitimises discussion of many aspects of the seller’s moving plans, each one being a vehicle for you to highlight a relevant key message and build rapport.  It also makes it easier to close, and you should use a few trial closes before even discussing price. 

Ideally the meeting should get to the point where the seller has already decided to instruct you, subject to agreeing a suitable asking price. 

Summary: It’s not a valuation, it’s a "marketing proposal meeting". Focus first on helping them move, rather than on fixing a price.

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