Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
Estate Agent Warns Against Overvaluing Homes to Win Instructions
Jamie Carr, director and Community Engagement Officer at Accord Sales & Lettings in Romford, has urged estate agents to avoid the practice of overvaluing homes in order to win instructions. Carr shared his perspective on social media, highlighting that inflated valuations remain a common issue in his local market and are likely familiar to agents across the UK.
Carr stated that while it may be tempting to provide sellers with higher valuations—especially in competitive markets—asking prices not supported by market evidence rarely benefit either the client or the agent. He pointed out that buyers now have access to sold price data, comparable listings, and other market information, making it easier to identify overpriced properties.
According to Carr, the consequences of overvaluing include fewer enquiries, reduced viewing numbers, longer periods on the market, and eventual price reductions. He advocates for realistic pricing from the outset, which he believes gives sellers the best chance to generate competition, attract genuine buyers, and achieve the strongest possible outcome.
Carr also noted that while honest, evidence-based advice may not secure every instruction, it helps build trust, protects an agent’s reputation, and delivers better long-term results for both agents and their clients.
This advice is particularly relevant for UK letting agents and inventory clerks, as accurate property valuations and transparent communication are essential for maintaining trust and efficiency in the property market.
Source: Property Industry Eye