Some 85% of vendors trust local estate agents to value their home accurately rather than the plethora of online, digital – and increasingly AI-based – tools and platforms being offered to them.

So says industry giant LRG after polling some 317 vendors across England and Wales.
It also found that half of all vendors chose which agent to instruct specifically because they believed their advice on the ideal asking price.

Three-quarters of sellers listed their property at their estate agent’s recommended asking price, demonstrating ‘remarkable trust’ in professional judgment, with most others testing only slightly higher prices, it is claimed.

“What we’re seeing is that sellers understand the difference between an algorithm and genuine local knowledge,” says Kevin Shaw, National Sales Managing Director of LRG (main image).

“An online tool can tell you what similar properties sold for, but it can’t tell you that the house three doors down only achieved its price because of planning permission or that the area is about to benefit from a new school, for example. That context is everything.”

LRG says this explains why sellers continue to rely on agent guidance, especially during market shifts.

LRG says this explains why sellers continue to rely on agent guidance, especially during market shifts.

“Following stamp duty threshold changes in April, 55% of sellers received recommendations to reduce their asking price, with nearly half following this guidance – further evidence of the trust sellers place in professional expertise,” it says.

“The Government’s proposed reforms recognise this reality.

“The consultation on mandatory qualifications and a Code of Practice for estate agents acknowledges that property transactions require expertise that can’t be replicated by technology.

“Sellers navigating chain complications, local market nuances or strategic timing decisions need someone who knows their specific marketplace inside out.”

Shaw adds: “Algorithms work with averages and comparisons, but they can’t factor in the dozens of variables that experienced local agents consider instinctively – from the best dog-walking routes and which parks the locals use, to transport links, upcoming developments and seasonal patterns specific to that town or neighbourhood.”