Nans bugalow been on market for 2 years..whats wrong with it?

Tassotti

chickmug wrote: »

Staff get a bonus for taking on new houses, then they get a bonus if they persaude the seller to reduce. The sooner and bigger the reduction the bigger the bonus!

IS THAT TRUE?!?!?

Can't believe that. Why would a bonus be paid for a loss of sale fees?

pookienoodle

I would agree with everyone else.
take it off the market,spruce up the garden and make sure the next EA takes better photos.
also could the fact that it is a probate sale be putting people off?
we dropped out of buying a house a few years ago as the executors were a nightmare and we were just not getting anywhere.
Make sure the EA knows you're ready to proceed quickly if needed.

Ian_Griffiths_Halifax

chickmug wrote: »

This could be true for independents like me (which it is) but i suspect the bigger EA's are playing a numbers game. Staff get a bonus for taking on new houses, then they get a bonus if they persaude the seller to reduce. The sooner and bigger the reduction the bigger the bonus!

A few years ago, a very large estate agency, linked to a Bank, were slated because they had a competition running to incentify staff.

The prize was a bottle of champagne.

The competition was to see which branch could get the most money knocked off their asking prices!

When the EAs were linked to the Lender, it's no wonder that the lender wanted the asking prices reduced. Not only did it encourage more sales, but it reduced their exposure in the event of a forced sale.

Estate Agent need regulating NOW! Good ones don't need to worry. It's the cowboys who do.

dopester

I was just trying to find out how Devon fared in the last crash (still researching) and came across this Daily Mail article of last month.

I'm sure they're referring to SquatNow at the end, but have toned it down a bit.

THE ESTATE AGENT
Take the case of a smalltown agency in Devon, selling a home that at the end of last year was valued at £320,000 and which has since languished on the market, the price drifting down and attracting only one derisory offer of £215,000.
He now recommends a cut in the asking price to £275,000, a drop of 15 per cent in six months. He blames 'a media-fuelled climate of suspicion and caution', but negative Press played no role in the sudden credit freeze.

THE MAN ON THE STREET
The web is full of chatter about house prices and where they are heading. In one chatroom, a miserable vendor begs advice. One reader's guidance is blunt, but practical. 'Drop the price. Drop it again. And keep dropping it until you get an offer.'

RHemmings

Tassotti wrote: »

IS THAT TRUE?!?!?

Can't believe that. Why would a bonus be paid for a loss of sale fees?

Perhaps because the management of that Estate Agency believe that typical sellers are over-valuing their houses and they won't get sales at all unless they are prepared to lower their expectations.

A higher percentage of nothing is nothing.

RHemmings

Ian_Griffiths_Halifax wrote: »

When the EAs were linked to the Lender, it's no wonder that the lender wanted the asking prices reduced. Not only did it encourage more sales, but it reduced their exposure in the event of a forced sale.

That's a very interesting point, and one I hadn't though of before.

moanymoany

As said several times - the back garden is a shocker - and it is too expensive.

Interestingly a branch of my family are trying to sell a dead relatives bungalow. It too has been on the market for about a year. They were told it was too expensive and their response was - but we need the money. :rolleyes:

I think this is a greedy price and like my family, you are being greedy. The bungalow is clearly not worth more than £150,000. You may not agree with me, but clearly the buying public do. If you do not bite the bullet, get the garden sorted and get that price down you will be posting next year - and then it will only be worth £120,000.

chickmug

Tassotti wrote: »

IS THAT TRUE?!?!?

Can't believe that. Why would a bonus be paid for a loss of sale fees?

Yes it is true -- trust me I am an EA!

Seriously it is true and as an EA find it repungenent but perhaps I am a bad loser when I see somehwere I have valued go on sale, with such agent, for a silly high price then a month or so later start being reduced.

Loss of sale fees?????????? AS an EA you are better offering a keenly priced property where the sale is quick and you get your commission quick.

Prived well at £200,000 at 1.5% £3,000 and recovering commission quickly
Over priced at £210,000 at 1.5% £3,150 but taking longer to sell and incurring more selling costs

Sorry but good business sense is the reaching turnover

chickmug

Ian_Griffiths_Halifax wrote: »

Estate Agent need regulating NOW! Good ones don't need to worry. It's the cowboys who do.

Totally agree with you as I am fed up defending my position, as a decent one and MNAEA & MICBA), amongst the cowboys out there.

Davesnave

I inherited a similar property a couple of years ago and realised that, with a new development going up alongside, I had no option but to completely refurbish or sell out quickly to a developer. Trouble is, these aren't really developers' favourite properties anyway. As the market was going up, I decided to refurbish.

Even with a virtually new bungalow, it took nine months of marketing to get it sold. I had loads of old grannies wanting it, most of whom lived in knackered larger properties which they wouldn't put on at sensible prices, so they stayed unsold. Meanwhile, I was paying council tax, insurances, gas, electric etc etc. Eventually, a cash-wielding granny from out of the area arrived and put us all out of our misery.

So, if I had trouble in a buoyant market with an entirely renewed property, I can see why you are struggling with yours. Older people want to move right in with no worries and, yes, that garden would scare them. Can't see the bathroom, but if it is any way original that will put them off too. Is the conservatory an asset or a liability? No picture suggests the latter.

I agree with the poster who said terminate your agreement, get out the magnolia paint, put in some neutralish carpet, then find a new agent to take some summer pictures of the 'tamed' garden. Then think hard about price. This isn't 2006 any more, and prices will be going back to 2003 levels at the very least. I only had myself to argue with over a marketing strategy, so if there's more than one of you, get the 'others' to check out this board, but warn them you only get tough love on here!

Good luck!