Do I have to reduce my asking price by 2% to get my re-listed house the top spot on Rightmove?
Our buyer requested a 15% reduction in our agreed sale price. We said no as we needed the money to be able to complete on the property we wanted to buy. When we instructed our estate agent to put the property back on the market they told us that because of new online listing rules, the only way they could re-list our property with Zoopla and Rightmove was if we were to reduce our asking price by 2%. Is this really our only option?
Portal juggling is the practice by some agents where they purposely remove and re-list a property to make it appear to be a new listing. If a home is removed and re-published, it now shows the ORIGINAL publication date to prevent this practice from deceiving would be buyers.
You say ‘The agents told us that, because of new online listing rules, the only way they could re-list our property with zoopla and rightmove was if we were to reduce our asking price by 2%’ – this is factually incorrect and I wonder if there has been a misunderstanding between the agent and the client?
The portal rules do dictate that a property will be ‘refreshed’ as a new listing and will be sent out via their email alerts system if it is reduced by an amount greater than 2% of the asking price. But there are no rules and restrictions on re-listing having to be on the basis of an accompanying mandatory reduction. For an agent to say so is simply not true. If the client feels misled here they should consider a complaint to the Property Ombudsman.
Speak to your agent and ask for other marketing suggestions beyond lowering the price. They could offer to re-take photos or add new ones onto the listing or pay for a premium listing feature to highlight the property. You are after all paying the estate agent commission to market the property. Make sure your agent is maximising your home#’s exposure with the guide Rightmove, Zoopla and the rest: which is best?