Our neighbour sold for £675,000. Why are you suggesting we list at £500,000?

Christopher Watkin
Property Stats Ghostwriter /Journalist for UK Estate & Letting Agents

When a seller says:
“Our neighbour sold for £675,000. Why are you suggesting we list at £500,000?
That doesn’t make any sense.”
This is where most estate agents lose control of the room.
They start debating. They start defending. They start explaining the market.
And the more they explain, the more the seller digs in.

Do not argue I say, do this instead.
“Great question. Before I answer it Mr Vendor, can I just ask you something?”
“Is your goal to price the property based on what a buyer was willing to pay twelve months ago… or based on what buyers are willing to pay today?”

Then stop.

Do not fill the silence.
Let them answer.
Once they respond, move to the comparison calmly.
“Let’s just make sure we are comparing like for like.”
“How big is your home?”

They will say (or you will to inform them), “1,600 square feet.”
Then show them the neighbour’s details.
“And that one was 1,900 square feet. So we’re looking at roughly a 300 square foot difference. That’s nearly a 20% size difference. Would you agree that size is one of the first things buyers anchor to?”

Pause.

“And specification wise, let’s look at the brochure. They had replacement windows, a new kitchen and bathroom”
“Are you planning to chnage the windows, kitchen and bathroom?”
Pause and wait for the answer (which in this scenario is a no)
Then ask the question that lowers resistance.
“I completely agree you have a lovely home. But when buyers are searching, they first anchor to size & condition before they even step through the door. Does that make sense?”

Now you bring the fire, but calmly.

“If we come onto the market at £675,000 because that’s what the neighbour achieved, here is what will happen. We will sit on the market for months and months. Buyers will compare the square footage and condition instantly. Theirs sold for £355 per sq.ft.

The 18 four bed detached house within a half mile radius that have sold or currently sold in the last year has sold between £310 and £360 per square foot
Your buyer will see 1,600 versus 1,900. They will see your windows and kitchen need replacing. And they will decide before viewing that it doesn’t stack up.”

“And once a property sits, it doesn’t look premium. It looks problematic.”

“If I could guarantee you £675,000, I would absolutely put it on at that price today. I don’t get paid more for being conservative. I get paid for getting you the best result the market will support.”

“But based on the reality of today’s buyers and the 1,600 versus 1,900 square foot comparison and condition , what feels more realistic?

Positioning it at £550,000 where we attract strong activity and create competition… or sitting at £675,000 hoping the market ignores the difference in size & condition?”

Then stop again.

Do not rescue them from the discomfort.

Let them choose.

Because this is not about proving them wrong.

It is about helping them see that buyers do not compare emotions.

They compare numbers.

And 300 square feet and £40k of new windows / kitchen at this price point is not a rounding error.

It is the difference between being the obvious choice…

Or the property that becomes “the one that’s been on for months and months and months.”

That is how you hold your ground with the vendor without creating tension.

Not by arguing or making statements.

But by asking better questions

Why? Because in this world …..statements get judged, whilst questions get answered

Christopher Watkin

PS For shed loads of scripts on how to counter cheap fees and overvaluing, reply back in the comments with the phrase “SHOW ME THE SCRIPTS