The Power of Local Knowledge and Being Local

We recently lost out to an on-line agent who reckoned this apartment was worth £350,000, after we said it was worth £285,000.  Of course, the owner went with the £350,000 agent, who wouldn’t?   However, having paid her fee upfront with the on-line agent, the apartment lingered on the market for 4 months and the price was reduced three times to, guess what, £285,000. 
At that point we were instructed and sold the property in two weeks for £275,000.  
The value given by the on-line agent was so out, in fact 20% out, that it stood out like the "proverbial sore thumb".  The agent either did not know the market, or did not know his/her job, or perhaps both?  Suffice to say USE A LOCAL AGENT, someone who knows the local market and one that you pay at the end of the sale and not at the beginning, because he will be keener to sell it to receive his fee! 
Week 1
Belvoir starts marketing
Week 2
Positive viewing Monday and offer accepted Thursday


And now we have have let it out for the new owner!