Local estate agent David Jones of Allan Morris & Jones gives some timely food for thought to those thinking of selling their homes this spring.

You may have heard of something called ‘The Pareto Priciple’. Originally this was a theory emanating from an economist in Italy who put forward the idea that 20% of the people owned 80% of the country’s wealth. In the modern business world the theory is still considered relevant. For example a company might find that 20% of it’s customers are responsible for 80% of its orders. You may wonder why this should be the case, and why most things in life are never perfectly equal?

The question is just as valid when selling your home. The top handful of estate agents in most towns usually handle the majority of the property sales. So the first thing you need to know when putting your property on the market is which are the top firms in your area. Nothing is more important than this. Employing a lesser outfit is not much better than pinning a postcard in your local newsagents window. Why would you settle for doing that when you get someone else to do the job properly?

The bottom ranking estate agents in any town are nearly always those offering temptingly low fees. There is always a good reason for things being cheap, and the old saying has it that if something sounds too good to be true then it probably is. The first sign that a business has nothing of any real value to offer its clients is the brash banner proclaiming their cut-price fee.

Of course, there will always be those who will choose the cheapest possible estate agent, in the same way they may choose to buy the cheapest possible clothes, food, furniture, or anything else where the ‘bargain bin’ is seen as the first port of call. We all like to buy things as cheaply as possible, but most of us also learn not to be surprised or disappointed by the results when we choose this option.

So how sensible is this approach when something as important as your house is at stake? Canny sellers choose their estate agent on the basis that great contacts, extensive marketing, polished presentation, well-developed negotiating skills, experienced management, prominent offices, high calibre staff and a long history of success may well result in a higher price for their home and a successful, stress-free sale process.

Strangely enough, the agents offering these advantages are usually the most successful in their area, not because they are cheap but actually because they are good. Simple as that.

Cut-price estate agents seem to have just one real selling point – they are cheap. Of course, sometimes cheap can be okay, for instance when buying a throwaway pair of sandals to take on holiday. But cheap is rarely the best answer if you are choosing a plastic surgeon, dentist or parachute manufacturer! You should add estate agent to this list. To handle the marketing and sale negotiations of your most valuable asset wouldn’t you rather hire the best possible people rather than the cheapest people?

The choice is yours but do remember what the famous oil-rig fire fighter, Red Adair, once said: “If you think it's expensive to hire a professional to do the job, just wait until you hire an amateur”!