Why do sellers switch estate agents in 2023?

We have all heard the statistic that six out of ten instructions will end up selling with the second (or third) estate agent.

For the last few ‘covid’ years, the reality of that statistic is that it’s been closer to 15% (not 60%) but with the consistent interest rate rises, and with prices starting to level out, more and more sellers are considering switching agents. In fact, in 2023, it’s already closer to 30% of vendors that are switching.

So why do they do it? And how can you maximise those opportunities in your own market?

1. Poor Communication.
   Communication is crucial when selling a home. The seller needs to be kept informed of the status of the campaign, feedback from potential buyers, and any offers that come in (or don’t!). If the agent fails to communicate regularly or is unresponsive, the seller may feel neglected or frustrated. This can lead to a breakdown in trust and a decision to switch agents. Here’s a simple example of dialogue you can use to search for and highlight this pain point with your pool of on-market sellers in your local area.”As your agent, I will keep you informed every step of the way. I understand how important it is to stay in touch with my clients, and I will provide you with regular updates on the status of your property, feedback from potential buyers, and any offers that come in. I’m available to answer your questions and address any concerns you may have. If you aren’t getting the same service from your current agent, I would welcome a call about how we can work together.”
2. Lack of Results
   Ultimately, the seller wants to sell their home for the best possible price in a reasonable amount of time. If the agent is unable to deliver results or is not meeting the seller’s expectations, the seller may seek out another agent who they believe can do better. Here’s a simple example of dialogue you can use to search for and highlight this pain point with your pool of on-market sellers in your local area.”I have a proven track record of selling homes in [TOWN NAME] for the best possible price. My marketing strategies and negotiation skills are unique in [TOWN NAME]. If your current agent is not getting the results you expected (or they promised), it may be time to consider switching to an agent who can offer you a proven strategy. I would welcome a conversation about how we can work together.”
3. Lack of Marketing
   Effective marketing is critical when selling a home. It’s so much more than going on Rightmove and Zoopla.
   If the agent is not doing enough to market the property, or is not using the right strategies, the property will not receive enough exposure to attract potential buyers. This can result in a longer time on the market, lower offers, and ultimately, a decision to switch agents. Here’s a simple example of dialogue you can use to search for and highlight this pain point with your pool of on-market sellers in your local area.”Effective marketing is key to selling your home in an acceptable timeframe and for the best possible price. As your agent, I will use a variety of marketing strategies, including professional photography, social media, and targeted local and wider-market advertising to ensure that your property gets the exposure it deserves. If you aren’t getting the same service from your current agent, I would welcome a call about how we can work together.”
4. Personality Clash
   The relationship between seller and agent is crucial. If the agent’s personality or working style does not match the seller’s, they may feel uncomfortable working with them and will not trust them enough to listen to any advice they are offered (whether it’s the right advice or not). Ultimately, this can lead to a decision to switch agents. In our opinion, this is one of the main reasons why people switch and is not talked about enough. Here’s a simple example of dialogue you can use to search for and highlight this pain point with your pool of on-market sellers in your local area.”It’s crucial to the success of your move that you have a strong working relationship with your agent. As your agent, I will take the time to listen to your needs and concerns first, before recommending any strategic advice regarding the marketing or pricing of your home. While it may not always be what you want to hear, it will be the facts of the market which will enable you to make the most informed decisions. Decisions which I will always support 100%. If you aren’t getting the same service from your current agent, I would welcome a call about how we can work together.”
5. High Fees
   The fees charged by the agent is another factor that can influence a seller’s decision to switch agents. If the seller feels the fees are too high for the service (or lack of) they may have been receiving, they may seek out an agent with lower fees or try to negotiate a lower commission with their current agent. This is particularly true of ‘online’ only agents who traditionally charge would-be sellers upfront, thus having no financial motivation tied to the resulting sale. Here’s a simple example of dialogue you can use to search for and highlight this pain point with your pool of on-market sellers in your local area.”I understand that every penny counts when selling your home. That’s why I offer competitive fees and a transparent pricing structure. You will always find [AGENCY NAME] as a no sale, no fee agent. We pride ourselves on earning every single pound of our fee and make sure that our results mean you come away with more money and a smoother move than had you used any other agent in [TOWN NAME]. I will work with you to ensure that you get the best possible value for your money, and I’m always happy to discuss fees and commission structures with my clients. If you aren’t getting the same service from your current agent, I would welcome a call about how we can work together.”

To bring it all together, more and more sellers are now seeking out the RIGHT agent to sell their home, not necessarily the cheapest or the one that valued them the highest. This is particularly true of sellers who are already on-the-market and have had a poor experience thus far.

Ultimately, sellers want an agent who can sell their home for the best possible price in a reasonable amount of time while providing excellent service and communication.

Tick those boxes and you will start winning more and more second hand, motivated instructions.