Solicitor estate agents offer best chance for selling
Solicitor estate agents in Scotland have a higher success rate when it comes to selling properties, compared with other estate agent models, according to the latest data from SPC Scotland.
Following the recently released Jefferies research on Purple Bricks, indicating that the firm may have misled customers, we carried out analysis to see what percentage of marketed properties actually sold in 2016 and 2017.
For ESPC (Edinburgh solicitors Property Centre), in 2016 we found that 94% of properties were sold, and for 2017, 84% properties were sold. Similarly for GSPC, 87% of properties were sold in 2016, and 72% of properties sold were sold in 2017. However for 2017, the percentage of properties not sold also included those that were still under offer.
While other estate agent models offer a fixed fee for consumers which is often paid up front, in comparison to a percentage of the sold price, statistics show that they have a lower success rate in properties being sold.
These stats also demonstrate that in Scotland it is rare for sales to fall through once the offer has been accepted. The Scottish system provides a lot more certainty than the approach in England and Wales.
John O’Malley at Pacitti Jones, a GSPC member firm, says: “We believe that clients significantly benefit from selling though solicitor property centres. Not only do they have a proven higher success rate than certain other estate agents, we are also able to look after our clients all the way through the process, including managing their conveyancing. This provides a far stronger customer bond and helps us provide a superior service to our customers. We cover the whole process and our service does not end once a property is listed online, which is the case with some. A strong regulator also gives clients peace of mind that they will get a professional and trusted service.”
Jenna Spence from Neilsons, an ESPC member firm, says: “Our sales over insertions ratio was approximately 96% in 2017 largely due to the market exposure afforded by ESPC. The overwhelming majority of our buyer enquiries come from ESPC and this just shows the strength of ESPC as the main advertising vehicle in Edinburgh and the surrounding areas for property sales. In addition, ESPC member firms sell properties more effectively and way faster than independent agents do.”
Notes to editors
GSPC and ESPC are part of SPC Scotland, the network of solicitor property centres across Scotland.
ESPC was founded in 1971 and GSPC was founded in 1993 to offer support to solicitor estate agents