Agents urged not to panic sell amid turbulent times

Agents have been warned against “panic selling” when seeking an exit amid the tougher economic conditions.

Lucy Noonan, founder of property sector acquisition adviser Atomic Consultancy, said she has seen cases of agents rushing to sell due to rising costs, which she warns can leave them with a poor deal.

Speaking in an exclusive video interview with Estate Agent Today’s Lee Dahill, she said: “There is a lot of scaremongering going on.

“I have been through a recession before in my estate agency career and a lot of people I have seen in the past few weeks are looking to panic sell as they are worried about interest rates.”

Noonan, who was previously head of mergers and acquisitions for The Lomond Group and has also worked in senior roles with LSL and Belvoir, said demand for snapping up agencies hasn’t diminished but funding is tougher to find.

She said lettings value is still holding strong but estate agency value has decreased, adding: “Some agents are panic selling, you wouldn’t sell your house to a neighbour if they just knocked on the door.

“Don’t just sell to one person giving you an offer, work with someone like us who will value you the right way but also approach the right buyers who will maximise the sale price.”

Noonan, who launched the brand in October 2021 and has now reached 50 deals, said it is important to find a buyer that aligns with an agency’s culture.

She added: “You will never get 100% of the purchase price upfront as a buyer will always keep some money back to make sure what they have bought is all there.”

“I have seen a few businesses in the industry that have panic sold who I think if they had come to me they would have got another £100,000.

“There is still huge demand, we are going into turbulent times but don’t panic sell.”

Watch the full video interview below: