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Lancashire
Tuesday, June 18, 2024

Penwortham estate agent returns £1.6 million more to sellers as it celebrates third anniversary

Michael Bailey Estate Agent, one of the top five per cent in the UK, has collectively earned its clients £1.6 million more by selling homes at an average of 104% of the asking price in the three years since it launched.

That’s according to official figures from Rightmove, which compiles accurate market and transaction data.

Michael, who now operates with a team of three, said it’s all about pairing local knowledge with the right valuations, slick marketing, and expert negotiation skills: “Lots of sellers choose to list with us when they see the marketing materials we produce to help attract potential buyers.

“They also pick us because we’re honest with the valuations we recommend. It’s not uncommon for some estate agents to propose unrealistically high valuations in order to bag the listing, but those sellers invariably then have to reduce the price at some point in order to get a sale.

“We do the opposite. By pricing to sell, and then showcasing homes the way we do, we generate much more interest among potential buyers. The competition that creates often then leads to above-valuation bids as people seek to secure the house they want to make into their next home.”

Since inception, his firm has only had to reduce the price on 3% of the homes it’s sold. Compared with a local average of 203 days, properties listed with Michael’s agency are on the market for an average of just 138 days. It also completes 90% of transactions where a sale is agreed, compared to a national average of just 66%.

Michael puts it all down to his team, with colleagues Ben Hardwick and Gillian Bevan responsible for expertly negotiating property sales and looking after clients, while Dayna Batemen ensures that both sellers and buyers are kept constantly updated throughout the conveyancing process.

In his career, Michael has sold more than £500m of property, including over £40m since launching his own business in the autumn of 2019.

“The past three years have been a bit of a rollercoaster when you consider that the Covid pandemic struck just six months after we launched, making it difficult for people to buy and sell properties given all the social distancing restrictions.

“I’m really pleased we’ve come as far as we have in spite of all the challenges we’ve faced, and that we’ve been able to deliver so much extra value for the local residents that have trusted us to sell their homes for them across Preston, South Ribble and Fylde.”

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